As Demand and Adoption Grows, Schwab Advisor Portfolio Connect® Surpasses 1,000 Platform Users
21 May 2020 - 8:00PM
Business Wire
Milestone moves the proprietary solution into
ranks of industry’s top portfolio management tools in less than two
years
Schwab Advisor Services™ announced Schwab Advisor Portfolio
Connect, Schwab’s simplified, scalable portfolio management tool,
has surpassed 1,000 independent advisor firm users, solidifying its
position as a top portfolio management solution for independent
advisors. Since Portfolio Connect became broadly available in early
2019, independent investment advisors have rapidly adopted the
solution into their firms. Adoption to date has been by smaller to
mid-size firms (average firm AUM of $40M) seeking an intuitive
approach to portfolio management that includes performance, billing
and reporting, all at no cost. Schwab also continues to enhance
Portfolio Connect to increase its appeal to larger firms.
“We introduced Portfolio Connect as a solution to appeal to
smaller, growth-minded firms who want an efficient, scalable and
cost-effective portfolio management solution for serving their
clients,” said Lauren Wilkinson, vice president, Digital Advisor
Experience, Schwab Advisor Services. “In fact, the solution is made
automatically available to all newly formed RIAs with under $100
million in assets under management who custody with us. We are
thrilled that over the past year, so many firms have adopted the
solution into their workflows to ease the operational burden and
costs of portfolio management.”
Recently, Schwab has introduced several new and enhanced
features to Portfolio Connect, including:
- Batch onboarding: Enables advisors to easily set up
payment and reporting schedules for multiple client groups or
households in a single step, automating an otherwise laborious
process, freeing up time and reducing errors.
- Data export: Allows advisors to download data from the
portfolio management system to perform custom calculations and
simplifies integration with third-party applications.
- Management View: Provides advisors with an aggregate
view of the firm’s assets under management, including projected
revenue, performance, and transactions.
Later this year, Schwab also plans to roll-out more flexible
user permissions, allowing firms to grant user-level access to
selected client accounts while restricting others.
“We continue to invest in Portfolio Connect to evolve our
technology roadmap to deliver the technology toolkit advisors need
to serve their clients and scale their businesses,” said
Wilkinson.
About Charles Schwab
At Charles Schwab we believe in the power of investing to help
individuals create a better tomorrow. We have a history of
challenging the status quo in our industry, innovating in ways that
benefit investors and the advisors and employers who serve them,
and championing our clients’ goals with passion and integrity.
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Disclosures:
Through its operating subsidiaries, The Charles Schwab
Corporation (NYSE: SCHW) provides a full range of securities
brokerage, banking, money management and financial advisory
services to individual investors and independent investment
advisors. Its broker-dealer subsidiary, Charles Schwab & Co.,
Inc. (member SIPC, www.sipc.org), and affiliates offer a complete
range of investment services and products including an extensive
selection of mutual funds; financial planning and investment
advice; retirement plan and equity compensation plan services;
compliance and trade monitoring solutions; referrals to independent
fee-based investment advisors; and custodial, operational and
trading support for independent, fee-based investment advisors
through Schwab Advisor Services. Its banking subsidiary, Charles
Schwab Bank (member FDIC and an Equal Housing Lender), provides
banking and lending services and products. More information is
available at www.schwab.com and www.aboutschwab.com.
Schwab Advisor Services™ serves independent investment advisors
and includes the custody, trading, and support of Schwab.
Independent investment advisors are not owned by, affiliated
with, or supervised by Schwab. For informational purposes only.
©2020 Charles Schwab & Co., Inc. (“Schwab”) All rights
reserved. Member SIPC.
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Rob Farmer Charles Schwab 415-667-0083 rob.farmer@schwab.com
Sydney Layne The Neibart Group 718-801-8301
sas@neibartgroup.com
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