Schwab moves to keep 3,500 desktop-bound RIAs from walking onto somebody else's cloud

Written by Brooke Southall, RIABiz Monday, 25 June 2012

In a bold counterstroke aimed at neutralizing software providers looking to chip away at its giant franchise, Schwab Performance Technologies will offer a way for RIAs to enjoy most of the advantages of a local environment and a hosted, private cloud-based one.

The Raleigh, N.C.-based technology subsidiary of The Charles Schwab Corp. is creating a means by which the 3,500 advisors who use Schwab PortfolioCenter — and that includes about half of Schwab’s RIAs with $1 billion-plus in assets under management, including Aspiriant — can continue to use the software as it is currently configured but without having to host or maintain it. It’ll be called PortfolioCenter Hosted. Read More..