Schwab Advisor Services Hosts Second Technology Forum for Third-Party Technology Providers Serving Independent Advisors
Two-day event shared Schwab/TD Ameritrade Institutional custody integration roadmap and outlined support for technology integration partners ahead of 2023 conversion
Third-party providers on both the Schwab and TD Ameritrade Institutional technology platforms offer RIAs a broad array of business-critical solutions, including financial planning, CRM, portfolio management, research and analytics, cybersecurity and compliance, among others. For several years, Schwab has been consistently expanding the number and type of integrations that are available to advisors. It currently integrates with over 180 technology products that provide solutions for independent advisors, delivered via a broad range of integrations including direct data feeds, single sign-on, trading integration and API integration.
“The third-party technology ecosystem that serves independent advisors is vibrant and growing and it continues to be a top priority for our team at Schwab. As we work to integrate the two custody platforms, we are capitalizing on the exciting opportunity to reflect the strengths of both firms on this front,” said
API usage by advisors continues to see strong growth on Schwab’s platform, with a more than 30% increase compared to 2020 across over more than 3,000 active firm users. Schwab is adding new APIs for standing instructions, which will be available in the second half of 2022. It is also adding APIs for trading and iRebal® which will be available to technology integration partners mid-2022 and to advisors around conversion in 2023. Status API, which allows advisors to get the latest status of transactions like account open, TOA and move money directly in third-party tools, is currently in pilot and will be available by the end of Q1, 2022. This API complements the Status view advisors currently have via Schwab Advisor Center.
“As we now look ahead towards conversion in 2023, we know it is critical for the third-party ecosystem to be ready and so we have invested in people and resources, and have mapped out actionable steps, to help technology providers prepare for the transition to the combined platform well ahead of advisors’ day one,” Srinivasan added.
The Schwab and TD Ameritrade teams supporting third-party technology providers have been working together since early this year and since then have been expanded to meet the growing needs of this key business priority. The team currently encompasses product managers, third-party relationship managers, integration specialists and contract managers.
“We are committed to working hand-in-hand with our third-party technology partners to make sure they continue providing what advisors need today but are also ready for the steps they need to take as we bring the platforms together,” said Srinivasan. “This is an exciting time as we work to establish a new standard for what advisor custody can look like and we know third-party integration partners are critical to how we serve advisors going forward.”
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