Intuit Inc. announced today that PortfolioMinder,
their new Web-based portfolio management service, will be available to
independent financial advisors before the end of February.
Intuit is offing a limited introductory setup price
of $495 (a $500 savings off the regular setup price) and $150 monthly
subscription fee.
"PortfolioMinder combines two Intuit hallmarks,
affordability and ease-of-use, to give independent financial advisors a
better way to manage multiple client portfolios, present information in
professional looking AIMR-compliant reports and offer better customer
service," said Intuit spokesman Chris Repetto.
Intuit has made a number of changes to the program
since Financial Advisor reported on an early beta version in November.
When the final version is released, the program will automatically
download files daily from Schwab Institutional. Shortly thereafter,
automated downloads from TD Ameritrade, NFS (Fidelity), and Pershing
will be made available. Other companies are likely to follow.
Initial account setup has been semi-automated.
Rather than manually setting up each account, advisors will be able to
create accounts with data downloaded from their custodians. Manual data
entry is still an option for those who need it.
A concern with the earlier version was the inability
of some advisors to understand the hierarchy of accounts. The new
account creation process, supported by an "account assistant," has
greatly reduced confusion among beta testers, according to Kate Welker,
business manager for PortfolioMinder. The product now creates a "core
portfolio" by default, which eliminates much of the past confusion over
hierarchies.
Intuit has added a customer care site devoted
exclusively to PortfolioMinder. It includes help, frequently asked
questions, online submissions of problem reports to Intuit, and message
forums where users can communicate with Intuit, and each other. One
unique feature of this support site is that it automatically provides
feedback to Intuit about what advisors are asking, so that the firm can
proactively address needs as they arise.
Intuit Poised to Release PortfolioMinder
February 10, 2006
-Joel Bruckenstein
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