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.
Read More: Healthfully and Paya Deliver Expanded Patient Care and Payments Through New Partnership
“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”
“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.
Read More: GlobalFintechSeries Interview with Brandon Dewitt, Co-founder and CTO at MX
