The same Schwab products and services are offered at each franchise, and Schwab does the back-office and compliance work, as well as marketing, and provides infrastructure and customer support.

But the advisor who owns the franchise has the ability to hire and fire employees and build equity in the business that can be sold or passed to a family or staff member when he or she gets ready to retire.

One franchise office has been opened in Las Cruces, N.M., by Jackie M. Edwards, who accidently stumbled into her new role. A former corporate lawyer who then went to a wealth management practice, Edwards was looking for another change. While researching the possibility of starting her own firm, she saw a small add in a financial trade magazine for the Schwab franchise program.

“It seemed like a good business opportunity and at the same time it was a chance to help people create the life of their dreams,” says Edwards. “I wanted to be a business owner who contributes to the well being of the community.”

Edwards is the sole financial professional and she has an assistant, but she says she attends job fairs at the locals university to see if she can spot the right kind of young person who could join her.

Michael Wytiaz opened the third Schwab franchise in Windermere, Fla., near Orlando and says he would counsel any financial professional who feels he wants to be a business owner to take the next step and purchase a franchise without hesitation.

“Within the business model Schwab provides, I own my own business; I am not an employee,” says Wytiaz. “I pay my own bills and have the responsibilities that come with a business.

“I own the equity and I can pass the business on to my family if I want. I have two children in college who are interested in coming into the business. Owning a franchise enables me to create a legacy,” he says.

Wytiaz says he has strong ties to his community and his business has grown to the point where he needs to hire another advisor in addition to himself. His wife and son already work with him as customer service specialists.

The franchise concept is still in its infancy and Schwab is deciding how big it wants it to become, Taucher says.