New pricing helps smaller advisory firms purchase portfolio management
software
SAN FRANCISCO, May 8 /PRNewswire-FirstCall/ -- Schwab Performance
Technologies(R) (SPT) today announced two offers designed to provide the
choice and flexibility that advisors need from a portfolio management
software provider. The programs include a lower-cost pricing model for
smaller advisors, PortfolioCenter(R) Emerging Practice, and a new service
option, PortfolioCenter Select Service, for advisors who are looking for a
more personalized service experience.
PortfolioCenter Emerging Practice is designed for firms with 50 or
fewer client accounts. Instead of the standard pricing with a one-time
purchase price and annual maintenance fees, firms pay a consistent price
every year. For example, the regular cost for PortfolioCenter is $10,000
upfront, with subsequent annual maintenance costs of $2,000.
PortfolioCenter Emerging Practice costs just $3,000 each year, with no
additional purchase price. Relationship pricing is available for advisors
who custody assets with Schwab Institutional. As the firms using
PortfolioCenter Emerging Practice grow, they can transition to the regular
PortfolioCenter pricing schedule.
"Many smaller advisors have a difficult time making a significant
upfront investment in technology," said Dan Skiles, vice president of
Schwab Institutional Technology. "However, a portfolio management system is
likely one of the most important purchases they'll ever make, and our scale
allows us to offer a great product at a price that makes sense for their
firms' economics."
New service option provides advisors with dedicated team
With PortfolioCenter Select Service, Schwab Performance Technologies
assigns a primary service contact and dedicated team to advisors who want
more customized service. Select Service subscribers also receive exclusive
additional services designed to enhance their proficiency with
PortfolioCenter, including a personal tour of new features and
recommendations on how firms can take advantage of each new release. Select
Service is available for $2,000 per year, regardless of the number of seats
or the assets under management.
"While we pride ourselves on providing great service to all our
clients, some advisors really value working with the same individuals every
time they call," said Skiles. "The Select Service representatives are very
knowledgeable about their assigned clients' business and can quickly assist
with basic questions relating to software applications and maintenance, or
address more complex issues like integrating PortfolioCenter data with
other applications or determining which performance reports are right for a
specific client."
Participants in the pre-release recognize the value of an ongoing
relationship with a Select Service representative. Kathy Williams, senior
vice president of Waddell & Associates explains: "I have 15 years of
investment advisory experience and have used Centerpiece or PortfolioCenter
for 13 of them. So when I do have a support need, I like working with a
senior representative who knows both my skill level and how our firm uses
the program. We can troubleshoot issues quickly and find solutions that are
tailored to our needs."
About Schwab Performance Technologies
Founded in 1985, Schwab Performance Technologies is a subsidiary of The
Charles Schwab Corporation and a leading provider of portfolio management
and accounting solutions to more than 3,000 independent financial advisors
and investment managers. Schwab Performance Technologies develops powerful
portfolio management solutions to help advisors manage their practice and
service their clients. PortfolioCenter(R) and PortfolioCenter Relationship
Manager(R) are products of SPT. More information is available at
http://www.schwabpt.com.
About Schwab Institutional
Schwab Institutional is a leading provider of custodial, operational
and trading support for independent fee-based investment advisors. This
year marks Schwab Institutional's 20th anniversary serving the independent
investment advisor industry. Since 1987, Schwab Institutional has supported
independent investment advisors by offering support and services to help
grow their businesses and help their clients reach their financial goals.
As of March 31, 2007, client assets custodied with Schwab Institutional
stood at $524.5 billion. These assets, managed by the approximately 5,000
independent advisor firms Schwab Institutional currently serves, represent
approximately one-third of total client assets custodied with The Charles
Schwab Corporation. Brokerage products offered by Schwab Institutional are
not FDIC insured, are not guaranteed deposits, and are subject to
investment risk, including the possible loss of principle invested. Schwab
Institutional is a division of Charles Schwab & Co., Inc.
About Charles Schwab
The Charles Schwab Corporation (Nasdaq: SCHW) is a leading provider of
financial services, with more than 300 offices and 6.8 million client
brokerage accounts, 1.1 million corporate retirement plan participants,
151,000 banking accounts, and $1.3 trillion in client assets. Through its
operating subsidiaries, the company 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, http://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;
referrals to independent fee-based investment advisors; and custodial,
operational and trading support for independent, fee-based investment
advisors through its Schwab Institutional division. The Charles Schwab
Bank, N.A. (member FDIC) provides banking and mortgage services and
products. More information is available at http://www.schwab.com. (0507-0699)
Kathy Williams and Waddell & Associates are not affiliated with or
employed by Charles Schwab & Co., Inc.
SOURCE Charles Schwab
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Related links:
http://www.schwab.com/
CONTACT:
Lindsay Tiles of Charles Schwab,
+1-415-667-3997, Lindsay.Tiles@schwab.com
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