In the long run, the company hopes to be rewarded with more business, company officials said. "The short-term give-up is well worth it in the longer run," says Schwab Chief Executive David Pottruck.

FPA Announces New Publishing Arm

Financial advisors with a flare for writing now have another place to send their manuscripts.

The Financial Planning Association (FPA) has announced that it has created its own publishing arm, called FPA Press, which will produce books and electronic media related to personal financial planning.

The FPA Press also announced its first book, Creating an Investment Policy Statement: Guidelines and Templates, co-authored by advisors Norman M. Boone and Linda S. Lubitz. The book instructs advisors on how to tailor an investment policy statement for each of their clients.

"We‚re excited to be the first book published by FPA Press and to be a part of this new FPA venture," Boone says. "An investment policy statement provides the foundation for all future investment decisions to be made by an investor. Planning ahead makes it easier for all of us when the investment markets get turbulent."

In another announcement, the FPA named Bob Herbst, formerly of American College and CBS Television, as director of learning. Herbst will oversee the FPA‚s programs in career and professional development and online initiatives.

Custodians Offer New Services To Attract Advisors

Competition in the custodial services industry continues to spur the launch of new services.

The two latest custodians rolling out new features are DATAlynx and Shareholder Services Group, the latter of which is one of the new players in the market.

DATAlynx announced it will use Fiserv Investor Services to provide its advisors with a platform that incorporates full brokerage services. The services will also include Internet-based trading.

The offering will give advisors access to a range of equities, options, mutual funds, fixed income products, unit investment trusts and annuities, according to DATAlynx.

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