Schwab Advisor Services announced on Thursday that it has surpassed 1,000 firms signed on to use its Schwab Advisor Portfolio Connect portfolio management tool.
The majority of firms using the service, which was launched in 2019, have been small- to mid-sized RIAs with an average AUM of $40 million, according to a Thursday-morning announcement from Schwab that also identified new features that were recently introduced to the platform.
“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 comments released Thursday. “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.”
Since launch, Portfolio Connect has been enhanced with batch onboarding that allows advisors to establish payment and reporting schedules for multiple client groups or households in one step; data export that allows advisors to download the data from the portfolio management system for custom calculations and simple integrations with third-party providers; and a management view providing advisors an aggregate view of AUM, projected revenue, performance and transactions.
This year Schwab plans to roll out more flexible user permissions, which will allow firms to grant user-level access to some client accounts while restricting others.