Tag Archives: Schwab Advisor Center

FPPad Bits and Bytes for January 23

Posted on January 23, 2015 by in Bits & Bytes

On today’s broadcast, Riskalyze enhances its best client facing technology with a fresh new interface, Advicent adds new integrations for Schwab Intelligent Technologies, and, get my best cybersecurity tips to protect your business from hacking, phishing, and spoofing attacks.

So get ready, FPPad Bits and Bytes begins now!

(click to watch FPPad Bits and Bytes on YouTube)

But first, if you are interested in supporting future episodes of FPPad Bits and Bytes, find out how you can become a sponsor to reach a fantastic audience of advisors looking to grow their business with technology. Visit fppad.com/advertise for more information on how you can help support this show.

Oh, and check out the #baconjam at Carson Kitchen in Las Vegas. It is to die for!

Here are the links to this week’s top stories:

The Industry’s “Best Client Facing Technology” Just Got Better from Riskalyze

[Now this week’s top story comes from Riskalyze, the provider of risk tolerance assessment tools for advisors, as this week the company announced an all-new dashboard and client profile interface.

The new interface is clean, designed to be easy to navigate, and is overall very user friendly. For example, profiles prominently display the risk number of a client’s existing portfolio, the risk of a portfolio proposed by the advisor, and a probability percentage from the Riskalyze Retirement Map feature I mentioned back in episode 129.

As the winner of my best client-facing technology award in 2013, Riskalyze raises the bar once again with its new look and feel, but the company is also enhancing the nuts and bolts of what goes on behind the scenes. If you’re not yet using a formal risk assessment tool in your business, Riskalyze deserves to have a spot on your list of contenders.] One of the things our customers love the most about Riskalyze is how simple and easy it is to use. Today, we’re doubling down on that with the launch of an all-new Riskalyze dashboard and client profile, the Advisor-Set Risk Number and simpler stress tests.

Advicent Launches Two New Integrations for Schwab Intelligent Technologies™ from PRWeb

[Next up is news on Advicent Solutions, a provider of financial planning and marketing communication tools to advisors. Earlier this week, Advicent announced to new integrations with Schwab Intelligent Technologies™.

First, if you monitor client accounts using the Schwab PortfolioCenter Hosted™ solution, you will be able to import account values into the NaviPlan® financial planning application using the Schwab OpenView Gateway™ integration. If you don’t use Schwab PortfolioCenter Hosted, you can still import values from Schwab Advisor Center using the integration the company announced last year.

Second, a new integration was announced for those of you who use the Profiles™ financial planning software tool from Advicent. Just like NaviPlan, Profiles now supports account information imports from Schwab Advisor Center as well, helping you save time when importing account values into plans built with Profiles.

If you don’t custody assets with Schwab, you’ll be glad to know that Advicent has been busy building integrations with other providers in recent months, including TD Ameritrade Institutional’s Veo Open Access, Redtail CRM, Morningstar Office, Appcrown, and Orion Advisor Services.] Advicent Solutions, a Milwaukee-based SaaS provider, adds two new integrations for Schwab Intelligent Technologies™ to help financial advisors manage their time more effectively.

How to Keep Client Data Safe From Online Attackers from Financial Planning, and

Download my Defend Against Hacking, Phishing, and Spoofing Attacks guide from FPPad.com

[And finally, I traveled to Las Vegas this week where I presented at the AICPA Advanced Personal Financial Planning conference. I gave a room full of CPAs tips and techniques to protect their business from hacking, phishing, and spoofing attacks.

Financial Planning magazine sent Maddy Perkins to cover my session, and she did a terrific job capturing the risks to your business and the defensive strategies you can implement.

Visit fppad.com/151 to get the link to the story in Financial Planning, and while you’re there, you can also link to my free three-page PDF on all the tips, strategies, and resources I covered during my presentation.] Just hours before he was going to give a presentation on online security for advisors, Bill Winterberg lost his phone at the AICPA Personal Financial Planning Conference. Luckily, thanks to a plan he has for just such an occasion, he found it.

 

Watch FPPad Bits and Bytes for January 23, 2015

Watch FPPad Bits and Bytes for January 23, 2015

Why Schwab’s new iPhone app doesn’t support trading

Posted on July 3, 2012 by in Practice Management, Technology

Schwab Advisor Center iPhone

Schwab Advisor Services’ first iPhone app lacks functionality offered by the competition, but opportunity remains for the leading custodian to catch up

In last week’s Bits & Bytes, you read about Schwab Advisor Services’ new iPhone app release. RIABiz posted this article shortly after the release with comments and perspective. The gist is Schwab’s 30,000 users across 7,000 firms can use Schwab Advisor Center on an iPhone to check client account balances, transactions, and positions in version 1.0.

Yesterday I spoke with Steve Hirsch, vice president of institutional web services for Charles Schwab, about the company’s decision to offer basic functionality in its first mobile app for financial advisers.

“We conducted extensive client research, asking over 400 [adviser] clients to rank the features and functions they would use most in a mobile phone app,” said Hirsch. “Out of a selection of five features, 66% of them chose access to account balances, transactions, and positions.”

Choices for other functionality selections included access to account alerts and notifications, market news and information, move money capabilities, and trading.

Playing it safe

Schwab’s entry into the mobile app scene is long overdue, as competing custodians have offered mobile apps to advisers for well over a year. Two of them have even developed apps exclusively for iPad that offer features such as streaming market news (see Exclusive look at Veo® Mobile app updates for iPad from TD Ameritrade Institutional’s Jon Patullo) and trading in client accounts (see Fidelity WealthCentral Mobile now available for iPad).

So if you’re Schwab, there are two ways to enter this market.

First, you can survey what the competition is doing, match them on a feature-by-feature basis, and then raise the bar on functionality by developing features nobody else has. Remember Steve Jobs and the three new product launches of “a widescreen iPod, a revolutionary mobile phone, and a breakthrough Internet communications device?”

Or second, you can ask users what they want, pick the top response, and build to that specification (The “we want a faster horse” scenario).

Schwab, with version 1.0, selected the latter.

Dipping a toe in the water

But to Schwab’s credit, they’re far from finished with the rollout of their mobile strategy. It’s just that with version 1.0 of Schwab Advisor Center, Schwab delivered only what advisers said was their number one desired feature.

Where’s the innovation in that strategy?

I challenged Hirsch to get him to divulge a bit more about Schwab’s future in mobile. Clearly, rolling out a basic iPhone app first was an easy win.

“We saw great utility in mobile phone devices as a vehicle for quick access to client accounts,” said Hirsch. “Advisers and consumers carry their phone everywhere 24×7, so we felt it was a great place to start by supporting immediate account access using devices widely held across a large base of users.”

Mobile potential

And on plans for the iPad app, expected by the end of 2012?

“The iPad app will have a different tenet than the iPhone app,” he said. “We’ll optimize what we present, starting with functionality similar to the iPhone app, but expand it well beyond that to take advantage of bigger screen real estate.”

Hirsch acknowledged that the app is anticipated to deliver much more functionality that what is offered today.

“Clearly, client reporting is priority for us, as well adding performance and asset holding features that advisors will use in client meetings and presentations.”

When asked about the ability to use the iPad in the account application process, including e-signature capabilities, Hirsch was guarded.

“These features are in Schwab’s domain, and we see tremendous potential here.” he said.

 

FPPad Bits and Bytes for June 29

Posted on June 29, 2012 by in Bits & Bytes

While last week was an onslaught of news, this week the flow was reduced to a trickle. Having returned from giving a presentation in San Francisco yesterday, my focus is now on my move to Atlanta in July.

First, be sure to read this month’s Quickview update at Morningstar Advisor, Supercharge Your Conference Calls

Have a great holiday week next week, and now on with this week’s stories of interest:

Schwab Launches Advisor App for the iPhone® from Yahoo! Finance

[Finally, Schwab gets onboard with iOS devices and now has an app for iPhone. But wait: it doesn’t feature trading, it doesn’t have streaming financial news… well, it’s a good version 1.0, but advisers already have more functionality out of the apps from Fidelity (see Fidelity WealthCentral Mobile now available for iPad) and TD Ameritrade Institutional (see Exclusive look at Veo® Mobile app updates for iPad from TD Ameritrade Institutional’s Jon Patullo).] After a successful pilot, Charles Schwab announced today that it will roll out the first version of the new Schwab Advisor Center app for the iPhone. Starting today, independent investment advisors who custody assets with Schwab Advisor Services can download the app to view their clients’ account balances, positions and transactions, allowing them to easily tap into the real-time data they need from Schwab Advisor Center while on the go.

Smarsh Report Reveals Challenges in Oversight of Electronic Communications from Smarsh

[Smarsh knows a lot about compliance and archiving, having a commanding presence in the broker-dealer industry as well as a decent number of independent RIA clients. In this second update to its compliance survey, you can identify the hot topics that concern compliance professionals. Hint: Mobile, social, and website archiving are trouble spots for advisers.]  Smarsh®, the managed service leader in secure, innovative and reliable email archiving and compliance solutions, today released its second annual Electronic Communications Compliance Survey report, revealing the findings of a survey of compliance professionals in the financial services industry.