He added the breakway brokers have had an average of $85 million in assets under management, down from about $115 million a couple of years ago. In September, Schwab added 25 advisors who managed $2 billion in client assets.

McCool said he expects Schwab to reach a total of 150 so-called breakaway brokers or those that have left major firms this year. Schwab provides custodial services to more than 6,000 financial advisory firms.

McCool acknowledged that the bulk of retention packages have been paid out to big producers at major brokerages, but said he hasn't seen a "trend change" in the number of advisors who are attending Schwab events and considering a move toward independence.

McCool's comments came during the company's fall business update.

Charles Schwab Corp. Founder and Chairman Charles Schwab, speaking to analysts and investors at the event, said the discount broker plans to be more aggressive in its advertising and provide more product offerings to clients.

Schwab said the company's plan to launch more exchange-traded funds is "an important part of our strategy."

Schwab said he believes the company can "make a lot of money on ETFs," adding the investment tools have "proven themselves through up and down markets."

ETFs, which trade like stocks, have gained in popularity over the past year as the investment tools track a particular index, sector, industry or even commodity.

On Monday, Schwab announced the launch of four ETFs, with four more set for December. Schwab said the San Francisco company has $80 billion in assets in ETFs.

Schwab Chief Financial Officer Joe Martinetto said the company expects to waive roughly $100 million in fees on its money market funds in the fourth quarter. That figure is up from the $86 million that Schwab's $200 million forecast for the year had suggested.

With interest rates near zero, Schwab is waving the fees so clients' yields don't turn negative. In its third-quarter earnings report, Schwab said it waived $78 million of the fees.

Schwab, widely known for its famous "talk to Chuck" TV commercials, plans to work on bringing more investors into its branches for consultation with financial advisers and company representatives.

When asked about Schwab's plans to pursue any potential deals, Chief Executive Walt Bettinger said the company doesn't see any acquisitions "on the horizon that make economic sense."

He added that Schwab typically looks at transactions that are "more of a GAAP nature," meaning ones that could add to its earnings under generally accepted accounting principles.

Some investors and analysts have speculated Schwab could potentially be a future bidder for the brokerage operations of E*Trade Financial Corp. (ETFC), which has been hurt by losses from bad loans in its banking unit.

Copyright (c) 2009, Dow Jones. For more information about Dow Jones' services for advisors, please click here.