In short: Worthington names it beside Schwab as the other retail broker that "generate[s] a lot of profits on customer cash," and it faces the identical three-part question: "Will Schwab or LPL or others actually allow third-party agents to come in? Will Schwab and LPL have their own agents that optimize cash and make it a service that they charge for?" — i.e. the agentic threat could become a fee line rather than a lost spread.
LPL is the other big retail platform (it serves independent financial advisers) with the same economics as Schwab: a large share of profit comes from the spread earned on customers' uninvested cash rather than from what the customer thinks they're paying for.
It therefore faces the same three-part question, which Worthington poses as an open debate rather than a verdict: will these firms let third-party AI agents in at all; will regulators permit money that mobile; and — the possibility worth watching — will Schwab and LPL simply launch their own agents and charge a fee for optimising your cash? That last outcome converts a hidden spread into a visible fee, which is smaller but far more defensible.
9:32They have a lot of other services as well. They have, I'd say, a compelling offering for clients. And my view and we like Charles Schwab a lot. We're recommending with a buy. Even if cash is optimized there's always the opportunity for clients to click a button and optimize cash themselves. Firms like Schwab don't have to necessarily open up to agents and allow them to maximize the optimization of that cash.
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