Even as it works through integrating TD Ameritrade’s brokerage platform to its own, Charles Schwab isn’t letting the advisor technology it acquired stagnate.
The custodian has revamped iRebal, TD Ameritrade Institutional’s popular portfolio management and rebalancing software for advisors. However, the software won’t be available for Schwab Advisor Services customers until “early 2023.”
Most of the updates revolve around iRebal’s user experience and reducing the time it takes to perform various rebalancing tasks. Perhaps the biggest upgrade is a new widget-based dashboard giving a single view of pertinent information like new clients who haven’t been assigned accounts, pending trade activity and the status of recent rebalances. The dashboard also features new reports on any excess cash in an account that needs to be invested and a nightly analysis of an advisor’s book of business to determine if any allocations have drifted out of alignment with a client’s goals or risk tolerance.
The dashboard was driven by feedback from financial advisors, said Jon Patullo, managing director of digital advisor solutions at Schwab Advisor Solutions. Each of the widgets represent what were completely separate processes, and the dashboard filters the information to a single homepage advisors see when they first log in, saving significant time, he said.
“We saw an opportunity to innovate and deliver a new version of iRebal that is more modern, user-friendly and scalable,” Patullo said in a statement.
Other enhancements include a new grid interface designed to make it easier for advisors to port data from other programs, the ability for advisors to make edits without having to navigate away from a page and a widget for Model Market Center — TD’s digital store of model portfolios — that will alert advisors when a change to the portfolio requires some rebalancing.
“We are confident the enhancements we have made are intuitive and easy-to-use and can add immediate benefits to advisors’ day-to-day operations,” Patullo said.
The company is working to bring the improved iRebal onto Schwab’s technology platform, Advisor Center, but integration is still more than a year away, Patullo said. The goal is for the functionality to be identical on both Advisor Center and TD’s Veo, so the eventual merging of the platforms into one will be easier for advisors.
“The functions are not going to change, just the look and feel,” said Justin DiFilippo, Schwab’s director of digital advisor services.
Schwab announced in August 2020, that iRebal was
The updates to iRebal come during a time of a renewed focus in trading and rebalancing software around the industry. Riskalyze introduced a number of updates to Riskalyze Trading at its Fearless Investing Summit, and wealthtech platform
Some large financial institutions are investing in digital rebalancing technology. LPL Financial
