Schwab Advisor Services says it has completed a beta test of its integration with Salesforce, the world’s most popular CRM, and is headed for a pilot test on its custody system with 24 RIAs.
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Schwab’s Brian Shenson says RIAs will have two versions of Salesforce from which to choose.
Schwab OpenView Integrated Office
One integration with Salesforce is packaged with Schwab Portfolio Services, a
web-based portfolio management and performance reporting solution outsourced for advisors to Schwab Performance Technologies. That version of Salesforce is integrated with an online version of PortfolioCenter and pulls data from the performance reporting app into Salesforce in real time.
Schwab Performance Technologies handles the implementation of the system and manages daily downloads and reconciliation of positions daily. It is meant to be a “turnkey” and is undoubtedly part of Schwab’s continuing effort to lure advisors from wirehouses and regional brokerages. No pricing has been announced.
Schwab OpenView Gateway
The other integration of Salesforce, Shenson says, is for advisors who purchase Saleforce as a standalone app. These RIAs could be using PortfolioCenter or any other performance management software.
This standalone version of Salesforce is customized to Schwab’s custody platform and available through Salesforce AppExchange and branded as Schwab OpenView Gateway. Schwab RIAs receive the AppExchange version of Salesforce that was built by Schwab at no additional charge over the price of Salesforce. Schwab-affiliated RIAs receive a discount of 20% on selected versions of Salesforce.
Shenson says both integrations enable an advisor to pull data from Schwab’s custody platform—real-time cash and securities positions, balances, transactions, and alerts—into Saleforce, along with “rich profile” information about clients, such as beneficiaries on accounts, additional account holders.
Shenson says both versions of the Salesforce with with Schwab’s custody platform will move to a production system next month and be tested by two dozen firms. He expects the integrations to go be available to all Schwab-affiliated RIAs b efore the end of the year.
Schwab is also working on integrations with two other CRMs, Microsoft Dynamics—both the desktop and online versions—and Junxure, a CRM built for advisors. But Shenson was not prepared to say when those integrations might move into beta testing or production.