Schwab website crashes, thwarting advisers

Advisers were denied access to the San Francisco-based Schwab Institutional website, which allows them to input client orders and check accounts and transaction histories, for about one hour, Schwab spokeswoman Alison Wertheim said.
OCT 17, 2008
Schwab’s website for advisers crashed this afternoon at around 2 p.m. ET. Advisers were denied access to the San Francisco-based Schwab Institutional website, which allows them to input client orders and check accounts and transaction histories, for about one hour, Schwab spokeswoman Alison Wertheim said. Bill Winterberg, operations manager with CMC Advisers in Portland, Ore., which manages about $170 million of client assets, said the site was back up around 3:30 p.m. ET, but the “applet’’ permitting web trading was still not functional. “I’ve had to call in trades to the mutual fund trading desk, and hold times are exceeding 20 minutes,’’ Mr. Winterberg said. Ms. Wertheim said the system and all its functionality was restored after about one hour. “We are in the process of determining the cause’’ of the crash, she said. Mr. Winterberg said his attempts to reach the site are online were rebuffed with messages that browsers could not display the Web page. He said he’s experienced one other such incident in the past year. The breakdown came as equity markets continued to be rocked by extreme volatility and high volume.

Latest News

Slow advisor transitions are costing RIA firms money and talent, and the industry is starting to act
Slow advisor transitions are costing RIA firms money and talent, and the industry is starting to act

Operational drag between an advisor signing and accounts going live is emerging as a competitive liability for wealth management firms.

M&A on course for second-highest year ever as megadeals surge and AI complicates the deal equation
M&A on course for second-highest year ever as megadeals surge and AI complicates the deal equation

Bain says companies face a "winner's paradox" as AI transformation collides with complex integrations.

Rumor confirmed: Corient expands with European acquisition
Rumor confirmed: Corient expands with European acquisition

Deal lifts global assets to roughly $523 billion under management.

What wine culture can teach investors about decision-making
What wine culture can teach investors about decision-making

Choice anxiety, prestige bias, and the temptation to make selections based on outsourced confidence are just some of the parallels between investing and the world of wine tasting.

Merrill Lynch, BofA's brokerage arm, hit with $7.5M SEC fine over missed suspicious activity reports
Merrill Lynch, BofA's brokerage arm, hit with $7.5M SEC fine over missed suspicious activity reports

Regulators found Bank of America's monitoring software had a known flaw Merrill left uncorrected for years.

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income

SPONSORED Why direct indexing stopped being optional

Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.