A Charles Schwab & Co. subsidiary that offers technology services for independent financial advisors announced changes today that improve document and portfolio management systems.
Schwab Performance Technologies (SPT), announced NetDocuments, a leading provider of cloud-based document management software, will serve as the document management repository for storing client documents and communications in Schwab Integrated Office.
NetDocuments will allow advisors to store and search for files, and collaborate with authorized parties on those files. Brian Shenson, vice president for advisor technology solutions at Schwab Advisor Services, said NetDocuments was selected because it is available online, is easy to use and can be integrated with Salesforce CRM.
In the coming months, SPT plans to provide a client portal for Integrated Office that will allow advisors to provide their clients with secure access to their performance reports. It will also allow for client uploads, enabling secure, two-way communication between advisors and their clients.
In addition, SPT recently released a new version of its PortfolioCenter portfolio management and accounting system. Among the improvements are a new securities data manager that allows advisory firms to rapidly sort, edit and filter securities. This is expected to noticeably reduce the time spent on administration of the system. In addition, in response to advisor requests, SPT is including a new client presentation report with billing information. Shenson says Schwab will soon begin beta testing an updated billing module capable of average value billing.
Finally, Schwab soon plans to begin a pilot rollout of PortfolioCenter Hosted. The new offering, which Schwab will demonstrate at its upcoming Schwab Impact Conference, will allow advisors to subscribe to a version of PortfolioCenter hosted by Schwab. Advisors who use the hosted version won't need to install and maintain the program and therefore will eliminate those IT costs. Pricing for hosted PortfolioCenter will start at $1,200 per quarter for advisors with up to 100 accounts. There will be no transition costs for advisors who custody assets with Schwab Advisor Services.
"We think this is a very attractive offering," said Shenson. "We think that many clients will be moving to PortfolioCenter Hosted."
-Joel Bruckenstein