Schwab Adds to Integrated Technology Platform

Charles Schwab has unveiled several enhancements to its technology offerings that support independent registered investment advisers (RIAs) at its annual conference in San Francisco.

As part of a multi-year initiative focused on integrating technology needs of RIAs (see “Schwab Unveils New Technology Platform”), Schwab Advisor Services has made two improvements to its Schwab Intelligent Integration platform.  One is a partnership with an independent software vendor, Salentica; the other is a set of workflow libraries that RIAs can use on Schwab OpenView Gateway, an open-architecture technology platform introduced in September (see “Schwab Develops New Integration Platform for RIAs”).   

Salentica provides advisers with a customized version of Microsoft Dynamics client relationship management (CRM). The integration will benefit advisers who purchase Salentica Advisor Desk for use in the adviser’s office or on a hosted platform. Salentica will also begin developing an integration plug-in for firms that have purchased Microsoft Dynamics CRM 2011 directly from Microsoft, again as either a desktop or hosted solution. Previously announced CRM providers were Junxure, Microsoft, and salesforce.com.

Schwab Advisor Services is also rolling out the Schwab OpenView Workflow Library, which it says includes best practices and customized workflows. The workflows include task lists and assigned roles for common activities in advisers’ offices, to help them process information and respond to clients more efficiently. The first five workflows available in the library will focus on business development, referrals, initial contacts, discovery meetings, commitment meetings, and new account set-up. Additional front- and back-office workflows will be added throughout 2012. The workflows are free to advisers who custody with Schwab Advisor Services.

“We are driving innovation with the marriage of workflows and technology to create the next standard of platform in the industry – designed and built specifically for the RIA,” said Bernie Clark, executive vice president and head of Charles Schwab Advisor Services. “Schwab Intelligent Integration is one of the company’s biggest initiatives, and we are committed and dedicated to this integrated technology strategy. This will change the way business is done now and in the future.”

 

 

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