Almost seven months to the day after announcing the release of PortfolioMinder, their new low cost, Web-based portfolio management service, Intuit will today announce plans to discontinue the service.

   According Bob Stock, business leader of Intuit's New Ventures Group: "We set out to put in place an easy to use portfolio management service for advisors. All early indications from our pilot program confirmed the platform's ease of use. Testers were able to self load their historical data." However, when the pilot program grew into a full launch, a different pattern emerged.

   No explanation for the discrepancy was offered, but it could be that beta users, as a group, were more tech savvy than the post-beta user group.

   New users had trouble loading data and working with the system. This, in turn, put a strain on Intuit's low support model. Once it became apparent that Intuit's model didn't work, they decided to end the service before any more advisors signed on. "We made a conscious decision to put an end to PortfolioMinder early," Stock said.

   PortfolioMinder, with only very limited advertising, attracted about 75 advisor clients during its brief offering period. Stock says Intuit will maintain the service until October 16, 2006 in order to provide time for current users to switch to an alternate provider. Five weeks leaves current customers with little time to arrange for a new provider.

   Intuit will offer a refund to all current users. In addition, they have arranged with IAS to offer special pricing for those who convert from PortfolioMinder to IAS. PortfolioMinder clients can subscribe to the full IAS portfolio management and CRM modules for $150 per month for the first year and $250 per month for the second year. IAS requires a $1,200 setup fee.

    Intuit has created a special hotline to field inquiries from their PortfolioMinder customers. That number is: 800-843-0012.