As Demand and Adoption Grows, Schwab Advisor Portfolio Connect® Surpasses 1,000 Platform Users

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.

“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.

About Charles Schwab

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Disclosures:

Through its operating subsidiaries, The Charles Schwab Corporation (NYSE: SCHW) 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, 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; compliance and trade monitoring solutions; referrals to independent fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through Schwab Advisor Services. Its banking subsidiary, Charles Schwab Bank (member FDIC and an Equal Housing Lender), provides banking and lending services and products. More information is available at www.schwab.com and www.aboutschwab.com.

Schwab Advisor Services™ serves independent investment advisors and includes the custody, trading, and support of Schwab.

Independent investment advisors are not owned by, affiliated with, or supervised by Schwab. For informational purposes only.

©2020 Charles Schwab & Co., Inc. (“Schwab”) All rights reserved. Member SIPC.

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Rob Farmer Charles Schwab 415-667-0083 [e-mail]

Sydney Layne The Neibart Group 718-801-8301 [e-mail]