Schwab snaps up RIA tech consulting firm

Schwab Performance Technologies today announced that it has entered into an agreement to acquire Etelligent Consulting Inc., an RIA technology consulting firm based in Overland Park, Kan. SPT, a subsidiary of The Charles Schwab Corporation, provides portfolio management and accounting system interfaces to more than 40 different broker-dealers. In addition, some 3,000 independent RIA firms use its PortfolioCenter product. "Every week we get more questions from our clients on how Schwab can help them outsource their back office tasks. We're excited that this acquisition will allow us to bring Etelligent's outsourcing solution to a greater number of advisors," said Dan Skiles, vice president of technology for Schwab Institutional based in San Francisco. “We are very pleased to be joining forces with Schwab Performance Technologies, a highly respected company that has been a great partner for us,” said Jim Starcev, managing principal of Etelligent. While the financial terms of the deal have not been disclosed, the acquisition is expected to close sometime in the first quarter of 2008.