Schwab Launches Services to Support TPAs' Commission-Based Advisor Clients
16 March 2005 - 12:30AM
PR Newswire (US)
Schwab Launches Services to Support TPAs' Commission-Based Advisor
Clients SAN FRANCISCO, March 15 /PRNewswire-FirstCall/ -- Schwab
Corporate Services today introduced Schwab Retirement Advisor
Services, an offering that enables third party administrators
(TPAs) to serve commission-based retirement advisors via the same
integrated trading and services platform as their fee-based advisor
and plan sponsor clients. Schwab Retirement Advisor Services allows
TPAs to include both commissionable and non-commissionable mutual
funds within the same plan so that retirement advisors can tailor
their fee-collection and payment methods to best meet the needs of
the plans they serve. "Schwab Retirement Advisor Services is
designed to help TPAs grow their businesses with retirement
advisors, who control the majority of assets in the small to
mid-size 401(k) market," said Mark Coffrini, vice president of
Schwab Corporate Services. "Our offering allows TPAs to streamline
their operations by providing the option to consolidate all their
business -- commission-based as well as fee-only -- on a single
trading platform." Schwab Retirement Advisor Services is part of
the rapidly growing Schwab Corporate Services group (SCS), which
provides workplace financial benefit plan services. In 2004, Schwab
Corporate Services posted record performance, bringing in $7.7
billion in new net assets and attracting 28 new TPAs to its
network. Schwab Retirement Technologies, a unit of SCS,
successfully rolled out its new online application service provider
model, which TPAs are already utilizing to serve more than 250,000
plan participants. Through Schwab Retirement Advisor Services, the
individual strengths and expertise of the TPA and the retirement
advisor are provided to plan sponsors through a seamless
combination of relationship management, investment selection,
technology and security. Key features of Schwab Retirement Advisor
Services include: -- Early morning trade verification/ delivery of
price/position/activity reconciliation information -- Continuous
online updating of cash receipts and fund trading confirmations --
Web access to comprehensive mutual fund information tailored to
retirement advisors Participating fund families include AIM
Investments, American Funds, Davis Funds, Eaton Vance, Evergreen
Investments, Federated Investors, Franklin Templeton Investments,
Gartmore Funds, Goldman Sachs, ING Funds, Janus, Lord Abbett, MFS,
PIMCO Advisors, Oppenheimer and Van Kampen Investments. About
Schwab Corporate Services Schwab Corporate Services (SCS) provides
services to retirement plans, retirement plan sponsors and
participants through Schwab Retirement Plan Services, Inc. (SRPS),
The Charles Schwab Trust Company (CSTC), Schwab Retirement
Technologies(R), and Charles Schwab & Co., Inc. SCS also
provides equity compensation plan services and other financial and
retirement services to corporations and executives. SRPS provides
recordkeeping and related services with respect to retirement
plans. CSTC, a California state-chartered trust company, provides
trust and custody services with respect to benefit plans. Schwab
Retirement Technologies is engaged in developing and licensing
proprietary retirement plan recordkeeping systems to independent
Third Party Administrators. Charles Schwab & Co., Inc. (Member
SIPC) is a registered broker/dealer, offering the Schwab Personal
Choice Retirement Account(R) (PCRA), as well as other brokerage and
custody services to its customers. These entities are affiliates of
each other and are wholly owned subsidiaries of The Charles Schwab
Corporation. Total client assets in employer-sponsored retirement
plans at Schwab equaled $131 billion at the end of December 2004.
The Charles Schwab Corporation (NYSE / Nasdaq: SCH), through
Charles Schwab & Co., Inc. (member SIPC), U.S. Trust
Corporation (member FDIC), CyberTrader(R), Inc. (member SIPC) and
its other operating subsidiaries, is one of the nation's largest
financial services firms. (0305-6654) DATASOURCE: Charles Schwab
CONTACT: Lindsay Tiles of Charles Schwab, +1-415-667-3997, or ; or
Hope Heyman of Edelman, +1-212-704-4512, or , for Charles Schwab
Web site: http://www.schwab.com/
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