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Charles Schwab Acquires Family Wealth Alliance

Tom Burroughes Group Editor January 24, 2023


The acquisition is an interesting move at a time when the family offices market, and those institutions serving UHNW clients, has been in growth mode in line with expanding wealth in recent decades.

Charles Schwab has bought The Family Wealth Alliance, a network representing ultra-high net worth clients and wealth managers that was founded in 2003.

The financial terms were not disclosed.

FWA is a membership organization that serves the family wealth community including multi-family advisory firms, single family offices, registered investment advisors, professional services firms, and specialty providers. It provides research and educational content, events and leader roundtables, and curated connections. 

The organization’s founder and CEO, Tom Livergood, president, Rachel Hyman and their entire team have joined Schwab as part of the acquisition, Schwab said in a statement today. 

“The Family Wealth Alliance is a remarkable organization that has curated a thriving member community while also making a significant impact on the ultra-high net worth space and the firms who serve this market,” Jon Beatty, chief operating officer, Schwab Advisor Services, said.

The acquisition is an interesting move at a time when the family offices market, and those institutions serving UHNW clients, is a growth market in line with expanding wealth in recent decades. Other entities in the space include Family Office Exchange, or FOX, as well as organizations such as the UHNW Institute (this publication is exclusive media partner), and membership groups such as TIGER 21 and R360. With Schwab as its owner, there will be debate about the independence of FWA's model. Family Wealth Report intends to scrutinize this point, and will update in due course.

“Joining Schwab opens an exciting new chapter for FWA at a time when the industry is not just growing, but also evolving as new generations of private wealth and the emerging talent who serve them come to the fore,” Livergood said. “Our combination is built around shared values of our members, FWA, and Schwab, and fueled by the desire to serve the family wealth industry at the highest level. Our members remain our priority, which is why we looked for a long-term partner that shares our vision and serves and understands this market like we do. We look forward to expanding the resources and services we can provide and to maintaining a vibrant community for decades to come.”

FWA’s members employ more than 20,000 employees, serve more than 25,000 North American households, and advise on upwards of half a trillion dollars of collective assets.

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