Advisors who custody assets with Schwab Institutional now have access to Russell Investment Group's managed account program, according to the companies.
   Under a new agreement, the Russell Asset Management Program, a fee-based mutual fund asset allocation product, will be made available to independent advisors affiliated with Schwab.
   The program, according to Russell, offers the same multi-manager investment approach that Russell offers its institutional clients. The program consists of strategically diversified portfolios that can be customized for clients, depending on their risk tolerance.
   The program utilizes three investment strategies, each with a selection of outside investment managers.
   The asset management program also allows advisors to create their own customized portfolios, and also includes automated rebalancing, quarterly reporting, fee processing, management reporting and operational support.
   "Russell's managed account product-which accesses Schwab's open architecture without loss of investment quality control-allows advisors to enhance their service capabilities for a larger and increasingly diverse clientele," says Greg Stark, managing director of Russell U.S. Individual Investor Services.