Schwab Advisor Services Hosts Second Technology Forum for Third-Party Technology Providers Serving Independent Advisors
November 04 2021 - 8:00AM
Business Wire
Two-day event shared Schwab/TD Ameritrade
Institutional custody integration roadmap and outlined support for
technology integration partners ahead of 2023 conversion
Schwab Advisor Services held its second virtual Technology Forum
this week for third-party advisor technology providers who work
with Schwab and TD Ameritrade Institutional’s custody platforms.
Over the course of two days, the forum virtually hosted more than
150 of the independent advisor industry’s top technology
professionals across more than 70 firms, from start-ups to
established players. They came to hear key updates about Schwab’s
third-party technology integration efforts, as well as details on
steps they can take and support Schwab can provide them, as the
custody platforms continue to move towards planned conversion in
2023.
Third-party providers on both the Schwab and TD Ameritrade
Institutional technology platforms offer RIAs a broad array of
business-critical solutions, including financial planning, CRM,
portfolio management, research and analytics, cybersecurity and
compliance, among others. For several years, Schwab has been
consistently expanding the number and type of integrations that are
available to advisors. It currently integrates with over 180
technology products that provide solutions for independent
advisors, delivered via a broad range of integrations including
direct data feeds, single sign-on, trading integration and API
integration.
“The third-party technology ecosystem that serves independent
advisors is vibrant and growing and it continues to be a top
priority for our team at Schwab. As we work to integrate the two
custody platforms, we are capitalizing on the exciting opportunity
to reflect the strengths of both firms on this front,” said Kartik
Srinivasan, director, third-party integrations, Digital Advisor
Solutions. “Equally important, our roadmap post-consolidation is
shaped by our commitment to providing industry-leading support for
third-party technology well into the future.”
API usage by advisors continues to see strong growth on Schwab’s
platform, with a more than 30% increase compared to 2020 across
over more than 3,000 active firm users. Schwab is adding new APIs
for standing instructions, which will be available in the second
half of 2022. It is also adding APIs for trading and iRebal® which
will be available to technology integration partners mid-2022 and
to advisors around conversion in 2023. Status API, which allows
advisors to get the latest status of transactions like account
open, TOA and move money directly in third-party tools, is
currently in pilot and will be available by the end of Q1, 2022.
This API complements the Status view advisors currently have via
Schwab Advisor Center.
“As we now look ahead towards conversion in 2023, we know it is
critical for the third-party ecosystem to be ready and so we have
invested in people and resources, and have mapped out actionable
steps, to help technology providers prepare for the transition to
the combined platform well ahead of advisors’ day one,” Srinivasan
added.
The Schwab and TD Ameritrade teams supporting third-party
technology providers have been working together since early this
year and since then have been expanded to meet the growing needs of
this key business priority. The team currently encompasses product
managers, third-party relationship managers, integration
specialists and contract managers.
“We are committed to working hand-in-hand with our third-party
technology partners to make sure they continue providing what
advisors need today but are also ready for the steps they need to
take as we bring the platforms together,” said Srinivasan. “This is
an exciting time as we work to establish a new standard for what
advisor custody can look like and we know third-party integration
partners are critical to how we serve advisors going forward.”
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, Facebook, YouTube and LinkedIn.
Disclosures
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, www.sipc.org), 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 and www.aboutschwab.com.
TD Ameritrade Institutional, Division of TD Ameritrade, Inc.,
member FINRA/SIPC, a subsidiary of The Charles Schwab Corporation.
TD Ameritrade is a trademark jointly owned by TD Ameritrade IP
Company, Inc. and The Toronto-Dominion Bank.
iRebal on Veo is a technology offering of TD Ameritrade
Institutional and is powered by iRebal. iRebal products and
services property of ThinkTech, Inc., an affiliate of TD
Ameritrade, Inc.
Schwab Advisor Services™ serves independent investment advisors
and includes the custody, trading, and support of Schwab.
Independent investment advisors are not owned by, affiliated
with, or supervised by Schwab. For informational purposes only.
©2021 Charles Schwab & Co., Inc. (“Schwab”) All rights
reserved. Member SIPC.
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Lexy Siegel The Neibart Group 201-448-5835
sas@neibartgroup.com
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