ReportCheck For Schwab PortfolioCenter is targeted to the 3,400 firms using this performance reporting system and is made by Norwood Consulting LLC.
John Norwood founded PortfolioCenter when the RIA business was in its infancy.
Schwab purchased the company from Norwood around 1995 and he was CEO of the portfolio managenent software company until about five years ago.
Now Norwood has started a consulting business, John Norwood Consulting LLC, and the first product he's launched is ReportCheck for PortfolioCenter.
ReportCheck costs $1000 a year for the first 1000 accounts or households you use it for.
It is browser based but can be installed on your local machine or network.
With regulators now looking more closely at how advisors generate reports--and take my word for it, that is happening--you want to be certain your performance numbers are accurate.
One thing I find perplexing: why do advisors need to buy an add-on to get goo automated error checking? Shouldn't that be native to PortfolioCenter?
Norwood concedes that it's a fair question and Schwab should be attending to this. However, it simply has not gotten to it.
That's probably because Schwab does not look at Schwab as a profit center. It is a sales tool for its custodial business. And by keeping the price of the program low, Schwab has kept PMS competitors at bay.