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Schwab Intelligent Technologies™ To Integrate RIA Custody Data Into Morningstar OfficeSM

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 Gateway TM, 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 Office SM, 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 outcomes.”

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 companies.

“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 Office.”

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 PM 2 will be in beta later this year and will be launched in 2015. Project PM 2 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 one-step publishing.

"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.”

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