Schwab Buys Innovest Technology To Make Trust Accounting Service Available To IFAs

Schwab Institutional, which provides custodial, operational and trading support for independent fee based investment advisors, is using technology from Innovest Systems to expand its outsourcing platform to include trust accounting. The aim is to enhance the ability of advisors to

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Schwab Institutional, which provides custodial, operational and trading support for independent fee-based investment advisors, is using technology from Innovest Systems to expand its outsourcing platform to include trust accounting. The aim is to enhance the ability of advisors to retain clients and assets even as those assets are transferred through trusts from generation to generation.

The InnoTrust application enables independent trust companies, trust and custody departments of banks, wealth management firms, third-party retirement plan administrators and others to manage their financial and accounting information, both in breadth and depth, with greater processing efficiency and speed as well as lower costs.

Offered as an Application Service Provider (ASP), InnoTrust provides robust functionality without the attendant installation and operational costs of on-site legacy platforms. The InnoTrust platform is customizable and scalable, and has the flexibility to adapt quickly to changing client and market needs.

“As more investors age and become interested in trusts, advisors are recognizing that trusts are the gateway to managing the total wealth of their high-net-worth clients,” says Cathy Clauson, vice president of product marketing for Schwab Institutional. “InnoTrust will enable us to offer valued trust accounting services that will help advisors compete more effectively. We’re looking forward to working with Innovest to serve the growing trust needs of advisors and help them further evolve their businesses.”

William Thomas, CEO of Innovest, adds that “Innovest’s technology, combined with our dedication to client service, distinguishes us in a market too long captive to legacy approaches. We look forward to working with Schwab to address the important opportunity it faces in delivering leading technology and unsurpassed service to the advisor community. Innovest is well poised to make a significant contribution to Schwab’s efforts.”

Schwab Institutional expects to make trust accounting services available to advisors by the third quarter of 2007.

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