Schwab re-brands, re-engineers Etelligent Consulting product

Schwab Performance Technologies of Raleigh, N.C., which acquired Etelligent Consulting Inc. in February, said last week that a revamped version of the Etelligent product is now available on Schwab's PortfolioServices platform.
JUN 23, 2008
By  Bloomberg
Schwab Performance Technologies of Raleigh, N.C., which acquired Etelligent Consulting Inc. in February February,, said last week that a revamped version of the Etelligent product is now available on Schwab's PortfolioServices platform. PortfolioServices is an entirely outsourced set of performance-reporting and portfolio management applications that provides financial advisers with all the tools and functions available through SPT's desktop-based PortfolioCenter product. There's already $38 billion in assets being managed on the reformulated, re-branded system, most of it carried over from the 100 clients who stayed with the platform following the Etelligent acquisition. There are 115 clients on the system. Etelligent's Operations in Overland Park, Kan., are now a part of SPT, which is a subsidiary of The Charles Schwab Corp. of San Francisco. "We've replaced the entire infrastructure, all the hardware is new, and we've added a second service center in Raleigh to support [PortfolioServices]," said Dan Skiles, vice president of technology for Schwab Institutional of San Francisco. "We expect to see a lot of initial interest among [registered investment advisers] leaving the wirehouses, because from an overall servicing perspective and in terms of startup costs, this solution is just a lot lower overall." SHIFTERS WELCOME TOO When asked whether PortfolioCenter users might adopt the new offering instead Mr. Skiles said that he expected most would not, but that some had showed interest. “We have seen existing firms that want to shift, but it is usually due to an event —- maybe someone is leaving that oversaw the work of carrying out daily reconciliation and the firm would prefer not hiring someone new to handle that,” he said. Asked if he thought PortfolioServices might mean the end of the desktop PortfolioCenter project, he emphatically responded; “Absolutely not. We have 3,300 advisers on PortfolioCenter, it’s not going away and there is definitely long-term viability. Besides, there remain certain areas where the desktop software model makes a lot of sense.” While Mr. Skiles said he could not say how much Schwab Portfolio Technologies had spent in overhauling and relaunching the service anew he said it was “significant” and that the investment adds increased scalability and performance as well as redundancy to what had been provided in the Etelligent offering. The Portfolio Services offering will cost firms $3,750 per quarter and includes outsourced data management and reconciliation. At that price, firms can manage about 200 accounts and add accounts for a bit more. In comparison, the desktop PortfolioCenter product starts at around $10,000, but one of the trade-offs there is that firms generally dedicate or hire someone to manage it and do reconciliation and maintenance, Mr. Skiles said. Aspects of reconciliation and maintenance are included as part of the outsourced PortfolioServices offering. In addition, Mr. Skiles said that later this year, SPT will be rolling out a new premium report for advisers and their clients. It will be much more flexible and customizable than the existing report. PortfolioServices (formerly Etelligent) clients will also start getting a new quarterly newsletter from SPT and new online training tools as well. E-mail Davis D. Janowski at [email protected].

Latest News

Advisor moves: LPL welcomes $750M Osaic team, Raymond James recruits Wells Fargo duo in New York
Advisor moves: LPL welcomes $750M Osaic team, Raymond James recruits Wells Fargo duo in New York

Elsewhere in Utah, Raymond James also welcomed another experienced advisor from D.A. Davidson.

UBS loses arbitration battle in fiduciary fight over foundation funds
UBS loses arbitration battle in fiduciary fight over foundation funds

A federal appeals court says UBS can’t force arbitration in a trustee lawsuit over alleged fiduciary breaches involving millions in charitable assets.

RIA moves: NorthRock adds $800M Parkside Advisors, NFP acquires Levine Group in Tennessee
RIA moves: NorthRock adds $800M Parkside Advisors, NFP acquires Levine Group in Tennessee

NorthRock Partners' second deal of 2025 expands its Bay Area presence with a planning practice for tech professionals, entrepreneurs, and business owners.

Three easy ways to boost your firm’s impact this summer
Three easy ways to boost your firm’s impact this summer

Rather than big projects and ambitious revamps, a few small but consequential tweaks could make all the difference while still leaving time for well-deserved days off.

Hightower taps Osaic alum Scott Hadley as first chief advisory officer, expands C-suite
Hightower taps Osaic alum Scott Hadley as first chief advisory officer, expands C-suite

Hadley, whose time at Goldman included working with newly appointed CEO Larry Restieri, will lead the firm's efforts at advisor engagement, growth initiatives, and practice management support.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.