Schwab's New Tool Sifts Money Managers on Web
Bank Technology News (10/02) Vol. 15, No. 10 p.33; Miller, Matthew

Schwab Institutional will release its Money Manager Analysis and Proposal System (MMAPS) next month to help independent investment advisors weed through the wealth of money managers and products available today. In exchange for the free Web-based tool, Schwab will put its logo on the desktop in an effort to make its brand stand out among the others. With the help of CheckFree's Investor Services division, MMAPS will let advisors sort managers based on a client's tolerance for risk, investment horizon, the manager's office location, and hundreds of other ways, which CheckFree marketing vice president Hilary Fiorella says will boost efficiency and aid advisors in closing more business. Though Fidelity's AdvisorXpress and TD Waterhouse's AdvisorDirect are similar, Schwab's offering is totally Web-based, giving advisors access to worldwide information they can provide to CPAs, lawyers, and other third parties. Meanwhile, Budros & Ruhlin principal Peggy Ruhlin insists that additional aggregation is needed, especially since advisors must manage their clients' checking accounts, 401(k) plans, and annuities, among others.

Back   | Home   |  News Archive