Schwab Institutional, a leading provider of custodial, operational and trading support for independent fee-based investment advisors, and Innovest Systems LLC, a financial technology firm specializing in trust accounting and wealth management solutions, announced today that the InnoTrust software will be integrated into Schwab Institutional’s custody and trading platform to enable advisors to expand their wealth management services to include trust accounting. This powerful capability will enhance the ability of advisors to retain clients and assets even as those assets are transferred through trusts from generation to generation.
InnoTrust is 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, both in breadth and depth, with greater processing efficiency and speed as well as lower costs. Offered as an Application Service Provider (ASP), InnoTrust provides robust functionality without the attendant installation and operational costs of on-site legacy platforms. The InnoTrust platform is customizable and scalable, and has the flexibility to adapt quickly to changing client and market needs.
According to Cathy Clauson, vice president of product marketing for Schwab Institutional, “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. InnoTrust will enable us to offer valued trust accounting services that will help advisors compete more effectively. We’re looking forward to working with Innovest to serve the growing trust needs of advisors and help them further evolve their businesses.”
Said William Thomas, CEO of Innovest, “We are committed to providing financial firms, both large and small, a state-of-the-art yet cost-effective way of providing trust accounting and wealth management services to their clientele. Innovest’s technology, combined with our dedication to client service, distinguishes us in a market too long captive to legacy approaches. We look forward to working with Schwab to address the important opportunity it faces in delivering leading technology and unsurpassed service to the advisor community. Innovest is well poised to make a significant contribution to Schwab’s efforts.”
Schwab Institutional expects to make trust accounting services available to advisors by the third quarter of 2007.