|By Business Wire
|July 22, 2014 11:30 AM EDT
As part of its ongoing work to integrate with leading platforms serving
independent registered investment advisors (RIAs), Schwab Intelligent
Technologies™ announced today that Morningstar, Inc., a leading provider
of independent investment research, will participate in Schwab OpenView
GatewayTM, the flexible, open-architecture technology
platform, enabling integration between Schwab systems and those of
participating technology providers. The integration will make real-time
custodial data from Charles Schwab available within Morningstar OfficeSM,
a scalable, end-to-end practice and portfolio management platform that
facilitates advanced research, performance reporting and secure client
communications. This integration can help independent advisors make more
informed investing decisions and provide better client service through
improved efficiency in their practices.
“Morningstar Office is a popular solution among the advisors we serve,
and we currently have more than 1,000 shared clients who could benefit
from our new working relationship,” said Neesha Hathi, senior vice
president, Advisor Technology Solutions, Schwab Advisor Services.
“Working with Morningstar underscores our continued commitment to a
flexible, open architecture technology platform for better business
In addition to offering an integrated technology platform for advisors,
Morningstar provides a range of solutions for advisors, notably
independent investment research, analytic tools, and investment
management through its registered investment advisor subsidiaries.
Currently, more than 2,000 independent advisors on Schwab’s platform use
some facet of Morningstar’s technology and research offerings,
highlighting the opportunity for wide scale integration between the
“Our agreement allows Morningstar to deliver more value to independent
RIAs,” Tricia Rothschild, head of global advisor solutions for
Morningstar, said. “This integration helps make advisors’ practices more
efficient by enabling custodial data to flow seamlessly into Morningstar
The two firms have been working together for some time with Morningstar
providing Schwab’s RIA clients with seamless access to data, research,
and insights through Morningstar Office and Advisor Workstation.
Continued Service and Technology Enhancements Keep Clients at Center
of Advisor’s Business
Schwab also provided updates today on its Client Experience Transformed
initiative and portfolio management solutions, both of which drive the
delivery of an enhanced, personalized client experience.
Streamlined, transparent and paperless service experience: After
a successful pilot, Schwab announced the phased launch of new
electronic approval tools. The new tools allow clients of advisors to
easily and securely approve forms and wires on the go, leveraging
platforms they already rely on -- Schwab Advisor Center®, Schwab
Alliance and Schwab mobile apps. The new tools help advisors drive
efficiency and deliver a better experience by streamlining paperwork,
speeding up transaction processing, and delivering greater
transparency on status.
Next generation portfolio management: Schwab announced that
Project PM2 will be in beta later this year and will be
launched in 2015. Project PM2 will provide direct access to
custodial data and advisors can create dashboards, reports and
presentations rapidly, enabling them to easily uncover insights and
share information with clients directly anytime, anywhere through
"We knew that electronic approvals would be a significant change to how
advisors and their clients conduct business, and we were thrilled when
we started seeing strong adoption in terms of both transactions and new
account creation,” said Hathi. “Undoubtedly, comprehensive training is
key to the successful adoption of any new technology.”
Technologies That Work Together and Benefit the RIA and their clients
In addition to the Morningstar announcement, Schwab also provided
details on a number of other integration updates for Schwab OpenView
Gateway. They include:
MoneyGuidePro®: The full integration with
Gateway has now launched, enabling advisors to link client profile and
account information back to MoneyGuidePro’s financial planning
software system, saving advisors time on data entry and allowing them
to create more precise snapshots of their assets and future investment
scenarios within their financial plans.
Naviplan® by Advicent: Integration
with the Naviplan® financial planning tool is now available to
independent advisors. This integration will allow advisors to directly
transfer client profiles, accounts, holdings, balances and costs to
increase the speed and accuracy of creating financial plans by
reducing manual data entry.
Salentica Inc.: Schwab initiated the second phase of
integration of Salentica® CRM Advisor Edition with Schwab OpenView
Gateway by incorporating Schwab Advisor Center’s move money and cost
basis information. This increases data accessibility and enables
seamless client service processing from within the Salentica CRM. The
offering will be made generally available late July.
Advisor Rebalancing® by Envestnet | Tamarac: Now in pilot with
trade integration, Advisor Rebalancing allows advisors to submit trade
files they produce directly to Schwab via Schwab OpenView Gateway,
eliminating the export/import process and making it faster and easier.
Additionally, Tamarac’s Advisor View™, for portfolio management, and
Advisor CRM® are currently integrated and supported as part of Schwab
Junxure: Following Junxure’s comprehensive desktop integration
with Gateway, Junxure and Schwab are moving into pilot with
integration of Junxure’s cloud-based CRM solution, Junxure Cloud™.
“The continued evolution of added capabilities and integration with
participants further enhances the technology solutions available to
advisors, helping to not only improve client service, but to save time
and drive efficiency,” said Hathi. “Combined with hands-on consultative
guidance from Schwab on how to optimize this technology, advisors can be
in a position to serve clients better, now and in the future.”
About Schwab Intelligent Technologies
Schwab Intelligent Integration is a multi-year initiative designed to
increase integration between disparate systems and workflows in
advisors’ offices. Schwab OpenView MarketSquare™, Schwab OpenView
Gateway™ and the Schwab OpenView Workflow Library™ are products of
Schwab Intelligent Technologies™. Participating providers in Schwab
OpenView Gateway are Junxure, Microsoft, Salentica, salesforce.com,
Tamarac, Advicent, MoneyGuidePro and Morningstar. More information about
Schwab Intelligent Integration is available at www.schwabintelligenttechnologies.com.
About Charles Schwab
At Charles Schwab we believe in the power of investing to help
individuals create a better tomorrow. We have a history of challenging
the status quo in our industry, innovating in ways that benefit
investors and the advisors and employers who serve them, and championing
our clients’ goals with passion and integrity.
More information is available at www.aboutschwab.com.
Follow us on Twitter,
and our Schwab
Through its operating subsidiaries, The Charles Schwab Corporation
(NYSE: SCHW) provides a full range of securities brokerage, banking,
money management and financial advisory services to individual investors
and independent investment advisors. Its broker-dealer subsidiary,
Charles Schwab & Co., Inc. (member SIPC,
and affiliates offer a complete range of investment services and
products including an extensive selection of mutual funds; financial
planning and investment advice; retirement plan and equity compensation
plan services; compliance and trade monitoring solutions; referrals to
independent fee-based investment advisors; and custodial, operational
and trading support for independent, fee-based investment advisors
through Schwab Advisor Services. Its banking subsidiary, Charles Schwab
Bank (member FDIC and an Equal Housing Lender), provides banking and
lending services and products. More information is available at www.schwab.com
Schwab Advisor Services™ includes the custody, trading, and support
services of Charles Schwab & Co., Inc. ("CS&Co"), and the technology
products and services of Schwab Intelligent Technologies (SIT) and
Schwab Performance Technologies (SPT). SIT, SPT, and CS&Co are separate
companies affiliated as subsidiaries of The Charles Schwab Corporation,
but their products and services are independent of each other. SIT and
SPT's intelligent integration solutions integrate data from custodial
accounts at CS&Co.
Unless indicated otherwise, third parties are independent and not
affiliated with Schwab Intelligent Technologies™ (“SIT”) or its
Independent investment advisors are not owned by, affiliated with or
supervised by Schwab.
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