Improvements to help advisors save time and streamline client
communications
SAN FRANCISCO, Oct. 25 /PRNewswire-FirstCall/ -- Next month, Schwab
Performance Technologies(R) (SPT) will roll out the latest enhancements to
PortfolioCenter(R), the portfolio management system used by more than 3,000
independent investment advisors. Advisors attending Schwab Institutional's
annual IMPACT conference next week in Las Vegas will preview the new
release, which is already in pre-release with more than 100 firms. The new
release was developed to support advisors as their businesses grow and
become more complex. Enhancements include improved reporting functionality
such as reports designed for advisors who use separately managed accounts,
support for the Microsoft Vista operating system, and new account transfer
capabilities.
"As advisors continue to experience exponential growth and expand the
kinds of wealth management services they offer, technology will play a
fundamental role in helping firms achieve scalability and maximize
productivity," said Dan Skiles, vice president of technology for Schwab
Institutional.
This release is PortfolioCenter's second of the year and the fifth in
three years.
Improved reporting capabilities
As many advisors oversee various types of accounts for their clients --
such as 401(k) accounts and 529 plans -- in addition to traditional
brokerage accounts, PortfolioCenter will include a summary performance
report that lists all the accounts, their balances and performance, for a
single household on one page, making it easier for advisors to more clearly
communicate a clients' entire investment portfolio.
There are also several new reporting features that will make it easier
for advisors who use separately managed accounts (SMAs) or who design their
own custom portfolios, including a "position roll up" feature that lets the
advisor and client see the total balance in a managed account without
having to list every single position.
"Advisors are increasingly using separately managed accounts as part of
an overall asset allocation strategy and want to reflect these accounts as
a single position for the selected strategy. The new SMA reports enable our
clients to more clearly represent the role each managed account is playing
in their client's overall investment strategy," said Skiles. "This
capability will also benefit advisors who keep their own model portfolios."
Easier process for transferring accounts
Opening and closing accounts can be one of the most time consuming
tasks in an advisor's office. The new Account Transfer Wizard tool in
PortfolioCenter allows advisors to quickly and easily close out positions
in one account and to re-open them in a new account, automatically
transferring the original cost and trade date of each lot. Closing and
re-opening accounts is a common occurrence following changes in advisors'
clients' situations, such as divorce or inheritance. In addition, advisors
with separately managed accounts (SMAs) can use the tool to more easily
transfer accounts from one SMA manager to another.
"Automating the account transfer process is a good way to ensure that
the data in your portfolio accounting system is accurate," said Skiles.
Support for new technology
PortfolioCenter will now support all major versions of the Microsoft
Vista operating system so that advisors can take advantage of the latest
technology improvements from Microsoft and/or use new hardware alongside
existing systems while they upgrade.
Advisors attending the IMPACT conference are encouraged to attend the
SPT educational session on October 29th or to stop by the SPT booth at the
Schwab Center for more information on PortfolioCenter and SPT's services.
Advisors not attending the IMPACT conference can find more information on
PortfolioCenter and the latest release at http://www.schwabpt.com.
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) is a product 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 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 September 30, 2007, client assets
custodied with Schwab Institutional stood at $581 billion. These assets,
managed by the approximately 5,500 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. (1007-1498)
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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