Schwab’s Face to Advisors Resigns

Matthew Smith

22 May 2007

Deborah McWhinney, president of Schwab Institutional, has resigned effective immediately – she served as head of the business since joining Schwab in 2001. A spokesman for the group told WealthBriefing her decision to leave was “a personal decision that reflected her desire to pursue new opportunities.” She has not announced a new role. Former chief operating officer of Schwab Institutional, Charles Goldman, assumed the role as president. Schwab Institutional is an arm of the US discount broking giant that provides third-party service such as custodial and trading support to some 5,000 independent US investment advisors. In January this year, Schwab Institutional announced a programme to offer advisors loans of up to $500,000 to lure advisors away from the large firms and to start their own businesses. A replacement for Mr Goldman has not yet been announced. Meanwhile Ben Brigeman took over as president of Schwab Investor Services, Schwab’s retail brokerage division, filling a role vacated by Walter Bettinger when he became president of The Charles Schwab Corp earlier this year.