The updated system by SPT is based on PortfolioCenter, the company’s portfolio data management software, according to a press release. Advisers can run the software in-house with support from Schwab or outsource a component of their back office, Schwab said. PortfolioServices is also part of the newly unveiled business start-up program for advisers seeking to switch to the registered investment adviser (RIA) channel (see Schwab Platform To Aid Adviser Transition to Independence).
All PortfolioCenter and PortfolioServices clients will be supported by SPT professionals based in both Raleigh, North Carolina, and Overland Park, Kansas—the service center gained through the acquisition of Etelligent Consulting, Inc., in January.
Later in 2008, PortfolioServices will add a new premium report for advisers to share with their clients, Schwab said. Other new benefits with PortfolioServices will include a quarterly newsletter and online training tools to help advisers integrate SPT services into their practices.