FinancialPlanning discusses RIA custody service changes. Sheila Padden weighs in.

A recent article by Jessica Mathews at FinancialPlanning describes a changing landscape for RIAs (Registered Investment Advisors) when choosing an asset custodial service. Charles Schwab, the largest player in the market had some service speed bumps to overcome during its merger with TD Ameritrade:

Advisor Sheila Padden never had a complaint with Charles Schwab, her custodian of five years. That is, until last year.

Padden doesn’t have her own client service team and relies on one of Schwab’s call centers. It has historically been responsive; the company “tends to run a pretty tight ship,” she says. Around November, that started to change.

“I had to just be prepared to be on hold for 45 minutes,” Padden says. “If I didn’t have the time, then I just shouldn’t make the call.”

Read the full article, Small custodians, big business at FinancialPlanning.