Schwab Advisor Services while at the Orion Ascent 2018 conference in Miami previewed its Digital Account Open tool, which will be in pilot for independent advisors later this year. In tandem with the Digital Account Open rollout, Schwab is expanding its integration with Orion Advisor Services, a key portfolio management and reporting provider available through Schwab OpenView Gateway^®.

“Technology is the most powerful lever firms have to build scale and enhance service,” said Andrew Salesky, senior vice president and head of digital advisor solutions, Charles Schwab. “The roll out of Digital Account Open and the deeper integration with Orion is the latest example of our ongoing efforts to digitize the Schwab custody platform so that it is a secure, efficient, and simple user experience for advisors and their clients.”

TECH’S GOT TALENT MARATHON

Schwab’s Digital Account Open tool was previewed today during the Ascent/FUSE 2018’s “Tech’s Got Talent” marathon coding competition, in which Schwab was one of ten participants. The tool – already incorporated in the Schwab Institutional Intelligent Portfolios™ platform – replaces paper forms with digital experiences for account opening and ancillary transactions, which creates efficiencies for advisors and their end clients. The expanded integration with Orion will give advisors the ability to open new accounts in minutes by seamlessly importing client information from Orion into Schwab Advisor Center. Meanwhile, clients will be able to review, edit, and approve account applications submitted by their advisors quickly and easily, which will make their accounts ready for funding sometimes in just seconds.

As the independent advisor industry and investor needs evolve, more firms understand that integration and digitization are important for serving clients. According to a recent survey of approximately 2,000 attendees at Schwab Advisor Services’ annual SOLUTIONS^® events, nearly two-thirds (63%) of advisors say integrated technology solutions are very important and that any solution their firm chooses must integrate with other core solutions. Additionally, more than three-quarters (76%) of advisors report an increase in efficiency after implementing standardized workflows in business activities.

EXPANDING THIRD-PARTY INTEGRATIONS

“We have heard from our advisor clients that they want to combine the best of Schwab with their chosen third-party solution to meet their changing and individual business needs,” said Salesky. “As we continue to listen and respond to advisors, we look forward to expanding third-party integrations by going both broad and deep with the industry’s premier technology providers.”

Schwab OpenView Gateway is a flexible, open-architecture platform that integrates Charles Schwab custody and portfolio management systems with select technology providers that support independent advisors. Providers span client relationship management (CRM) systems, portfolio management and reporting, trading and rebalancing, financial planning and client portals. More broadly, Schwab Advisor Services has 50 third-party integrations into its platform from more than 40 participating technology providers. For more information, visit www.SchwabIntelligenTtechnologies.com.

ABOUT CHARLES SCHWAB

Charles Schwab has a history of challenging the status quo in the financial services industry, innovating in ways that benefit investors and the advisors and employers who serve them, and championing their clients’ goals with passion and integrity. More information is available at www.AboutSchwab.com.