Schwab Institutional plans to add trust accounting capabilities to its
fee-based custody and trading platform.
The company
announced Innovest Systems LLC-which specializes in trust accounting
and wealth management software solutions-will integrate its InnoTrust
software into Schwab's platform.
The feature is
designed to allow advisors to expand their wealth management services
to include trust accounting, according to Schwab.
The services
should be available to Schwab's advisor clients by the third quarter
of 2007, according to Schwab.
"As more investors age and become
interested in trusts, advisors are recognizing that trusts are the
gateway to managing the total wealth of their high-net-worth clients,"
says Cathy Clauson, vice president of product marketing for Schwab
Institutional.
InnoTrust is
described by Schwab as a "state-of-the-art offering" that enables
independent trust companies, trust and custody departments of banks,
wealth management firms, third-party retirement plan administrators and
others to manage their financial and accounting information.
Schwab Platform To Include Trust Accounting
January 31, 2007
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