Pershing is also developing an AI engine that will allow clients to unlock the value of data and give RIAs the ability to get leading indicators on their clients and plan accordingly,” Pershing says. “For example … an advisor will be able to get alerts on a pending client’s life events and proactively engage the client with an updated goal-based financial plan.”
Charles Schwab
Technology is the surest way RIAs can improve services to retail clients without increasing staff, says Charles Schwab, and the firm is dedicating itself to providing that technology.
Schwab’s leaders recently assured advisors at the company’s IMPACT conference that it is not aiming its retail operations and robo platform at the same clients most RIAs are targeting. RIAs who are Schwab clients target more affluent clients than Schwab’s retail operation does, Schwab executives say.
Since September, Schwab, based in San Francisco, has aggressively set out to help those RIAs that custody with the company grow their own businesses, says Andrew Salesky, senior vice president and head of digital advisor solutions for Charles Schwab. Salesky took over his position in June and has been leading the Schwab technology efforts since then. Salesky says his and Schwab’s goal is to provide advisors with more choices.
Since Salesky’s takeover of the technology efforts, Schwab has unveiled Portfolio Connect, which eliminates the need for advisors to do daily data downloads. This is the next-generation of portfolio data management and performance reporting for advisors, he says. It is designed to provide advisors with transparency and reporting capabilities to strengthen their relationships with clients. It was built solely for Schwab custody clients and provides advisors with a range of reporting options, Salesky says.
Schwab Advisor Services recently launched the pilot version of its Digital Account Open tool, which is being rolled out along with Schwab OpenView Gateway to expand on the firm’s integration with Orion Advisor Services, a portfolio management and reporting provider.
Schwab OpenView Gateway is a flexible, open-architecture platform that integrates Charles Schwab custody and portfolio management systems with select technology providers that support independent advisors. The providers offer things like client relationship management systems, portfolio management and reporting, trading and rebalancing, financial planning and client portals, Schwab says.
Schwab research shows that 63% of advisors say integrated technology solutions are very important and that any custodial solution their firms choose must work with other core solutions.
TD Ameritrade