Schwab Advisor Services announced a new initiative to support next-generation financial advisors looking to break away from their current firms and to establish their own registered investment advisory firms. According to AdvisorHub, the program,called Schwab Advisor ProDirect, will launch in July and target advisors managing between $50 million and $300 million in assets under management ("AUM").

ProDirect offers a structured, four-phase program over a one-year contractual term to guide advisors through the complexities of launching their independent firms. According to Schwab, the service will cost $5,250 per quarter, or $21,000 annually.

AdvisorHub reports that participants will receive a dedicated consultant, business growth support, vendor selection guidance, and access to Schwab research. The initiative expands on Schwab's existing support services, which traditionally have focused on larger advisors above ProDirect's AUM range.

Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.