Products March 15, 2005

Schwab Announces New TPA Trading System

March 15, 2005 (PLANSPONSOR.com) - Schwab Corporate Services has unveiled the Schwab Retirement Advisor Services, which allows third party administrators (TPAs) to serve fee-based and commission-based advisors from the same trading and services system.
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A Schwab news release said that Schwab Retirement Advisor Services allows TPAs to more easily include both commissionable and non-commissionable mutual funds in the same plan so that retirement advisors can tailor their fee-collection and payment methods to best meet plan sponsor clients’ needs.

“Schwab Retirement Advisor Services is designed to help TPAs grow their businesses with retirement advisors, who control the majority of assets in the small to mid-size 401(k) market,” said Mark Coffrini, vice president of Schwab Corporate Services, in the announcement. “Our offering allows TPAs to streamline their operations by providing the option to consolidate all their business – commission-based as well as fee-only – on a single trading platform.”

According to the announcement, features of the new offering include:

  • early morning trade verification/ delivery of price/position/activity reconciliation information
  • continuous online updating of cash receipts and fund trading confirmations
  • Web access to mutual fund information tailored to retirement advisors.

Schwab Retirement Advisor Services is part of the Schwab Corporate Services group (SCS), which provides workplace financial benefit plan services.

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