Particular Appeal for Advisors Transitioning to Independence
SAN FRANCISCO, Oct. 15 /PRNewswire-FirstCall/ -- Schwab Institutional
today introduced a new relationship with national human resources
outsourcing company TriNet to provide healthcare and benefit services for
independent investment advisors and their employees. As part of Schwab
Institutional's exclusive relationship with TriNet, advisors who custody
assets with Schwab will now be able to receive health and life insurance,
payroll services, and company retirement and employee incentive plans from
TriNet at preferred rates. This human resources outsourcing service is part
of Schwab Institutional's GrowthPoint practice management program.
"This new relationship with TriNet enables advisors to offer 'big
company' benefits to their employees without assuming the cost of hiring
additional staff or investing heavily in administrative services that might
otherwise be required," said Barnaby Grist, managing director of strategic
business development for Schwab Institutional.
The new service enables independent advisors to work with a single
vendor to establish and administer multiple services, which may include
medical, dental and vision benefits, long-and short-term disability
insurance, and 401(k) plans. TriNet assumes responsibility for
administering certain human resource functions such as employee benefits
and payroll, worker's compensation, labor and wage compliance, employment
tax filings, and employee files. TriNet also has dedicated consultants to
work with advisors to select the appropriate benefits package.
There are no minimum employee requirements, making the offering
particularly attractive to small firms that may not otherwise have access
to such services. Schwab Institutional also has specially negotiated
pricing to allow independent advisors to benefit from the scale of their
peers.
Big Benefits for New Advisors
Grist noted that while this service is being made available to all
advisors who work with Schwab Institutional, it should be of particular
interest to advisors who are making the transition to becoming independent
investment advisors.
"This service will be of great value to advisors who are in the process
of striking out on their own and being confronted with a host of unfamiliar
issues," said Grist. "Finding quality healthcare and benefits can be one of
the most daunting challenges for a new business owner. Advisors are in this
business because they love clients and investing, not to learn the
intricacies of administering payroll."
Founded in 1988, TriNet delivers outsourced human resources throughout
the United States and Canada. TriNet specializes in serving technology,
financial services and professional services. TriNet serves more than 1,500
companies with a total of 28,000 employees and is part of the General
Atlantic portfolio of companies.
"We're enthusiastic about working with Schwab Institutional because the
needs of independent advisors exactly match the needs of the kinds of
companies TriNet has worked with for the last twenty years," said Mike
Triantos, TriNet's vice president of sales. "Our premium benefits and human
resource services will help advisors to grow quickly and hire
strategically."
Schwab Institutional continues to build out other aspects of its
GrowthPoint practice management program, which provides advisors with best
practices, thought leadership, guidance and resources to help them maintain
and grow their businesses. At the end of the month, Schwab Institutional
will also be announcing a broad set of tools and services to help advisors
manage their human capital, including finding and retaining talent,
training and rewarding staff, structuring their firm, and preparing for
transition. GrowthPoint comprises four offerings: Business Strategy and
Planning, Human Capital, Marketing and Business Development, and Transition
Planning.
For more information on the new offering through Schwab Institutional
and TriNet, advisors are encouraged to call 1-877-687-4085.
TriNet is not affiliated with or employed by Charles Schwab & Co. Inc.
About Schwab Institutional
Schwab Institutional is a leading provider of custodial, operational
and trading support for independent investment advisors. 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 June 30, 2007, client assets custodied
with Schwab Institutional stood at $556 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 306 offices and 6.9 million client
brokerage accounts, 1.2 million corporate retirement plan participants,
212,000 banking accounts, and $1.4 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. CyberTrader(R), Inc. (member SIPC, http://www.sipc.org) is an
electronic trading technology and brokerage firm providing services to
highly active, online traders. More information is available at
http://www.schwab.com. (1007-1462)
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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