Schwab Advisor Portfolio Connect sees growing adoption

Maria Nikolova

More than 1,000 independent advisor firm users have adopted Schwab’s simplified, scalable portfolio management tool since it was made available in early 2019.

Schwab Advisor Portfolio Connect, Schwab’s portfolio management tool, has enjoyed growing adoption, with the number of independent advisor firm users having exceeded 1,000.

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. Schwab also continues to enhance Portfolio Connect to increase its appeal to larger firms.

Lauren Wilkinson, vice president, Digital Advisor Experience, Schwab Advisor Services, explains that the solution is made automatically available to all newly formed RIAs with under $100 million in assets under management who custody with Schwab.

“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,” she says.

Recently, Schwab has added several new and enhanced features to Portfolio Connect, including:

  • Batch onboarding: This feature 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: This feature allows advisors to download data from the portfolio management system to perform custom calculations and simplifies integration with third-party applications.
  • Management View: This feature 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 Lauren Wilkinson.

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