MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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|
MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Thursday, December 7, 2000 Bounty From Schwab RIAs Challenges Firm Unexpectedly burdened with $3 billion in RIA investments? Most companies dream of this predicament, but Harbor Capital Advisors finds itself now weighing its options. The company was shocked to find that a chunk of its Schwab Institutional assets were in the hands of RIAs, not Harbor's customary institutional clients. Harbor, which has never marketed its products, is trying to figure out what to do with its new client base. According to Warren Berlin, account executive for Harbor, the company had never planned on reaching out to advisors, but is committed to providing them with the level of service it offers its institutional clientele. Harbor will not be expanding its marketing staff of four or bringing on any wholesalers. The company will probably turn to the internet and projects meeting customer service demands with existing staff. While many companies would be eager to expand further into the RIA market, Berlin explained that this tactic would endanger Harbor's policy of strict cost control. Fortunately, several years ago the company invested in systems expansions which now enable it to handle the added load. Harbor handles its own TA, which Berlin said can take double its present capacity. Printed from: MFWire.com/story.asp?s=26014 Copyright 2000, InvestmentWires, Inc. All Rights Reserved |