Cost-reduced version for smaller firms; help for those needing customization. Schwab's Performance Technologies subsidiary is out with two new PortfolioCenter offerings for financial advisors: a lower-cost pricing model for smaller practices, and a "personalized service experience capability" for larger and more complex practices requiring more customization.

PortfolioCenter Emerging Practice, designed for firms with fewer than 50 client accounts, will cost $3,000 a year, period, instead of the $10,000 upfront and annual maintenance of $2,000 of the standard version of Schwab's PortfolioCenter.

Choices

"Many smaller advisors have a difficult time making a significant upfront investment in technology," says Dan Skiles, v.p. of technology for Schwab Institutional. "[But] a portfolio management system is likely one of the most important purchases they'll ever make, and our scale allows us to offer a great product at a price that makes sense for [them]."

The higher-touch PortfolioCenter Select Service assigns a support team to advisors who require personalized service. Select Service clients also get exclusives such as new-product previews tips and updates on using PortfolioCenter. This service costs $2,000 a year above and beyond the standard-version costs of using PortfolioCenter, and the price is the same no matter what the firm's assets under management and no matter how many user "seats" the firm requires.

"[Although] we pride ourselves on providing great service to all our clients, some advisors really value working with the same individuals every time they call," says Skiles. "Select Service representatives are very knowledgeable about their assigned clients' businesses and can quickly assist with basic questions relating to software applications and maintenance -- or address more complex issues like integrating PortfolioCenter data with other applications or determining which performance reports are right for a specific client."

Schwab Performance Technologies provides portfolio-management and accounting services to over 3,000 independent financial advisors and investment managers.

San Francisco-based Schwab Institutional provides custodial, operational and trading support for more than 5,000 independent investment advisors. Its affiliated client assets came to $502 billion at the end of 2006. -FWR

Purchase reproduction rights to this article.