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Schwab rolls out OpenView Mobile service for RIAs

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Schwab Performance Technologies (SPT) is rolling out Schwab OpenView Mobile, a customisable app that RIAs can use to create a turnkey, branded mobile presence for their firms, enabling 24/7 connection with clients.

SPT will work with participating firms to create the firm-branded app and each firm will then submit their app to Google Play and iTunes App Stores.
 
“Looking to the future, it is clear that the RIA office must evolve to keep up with emerging client needs and competitive forces,” says Neesha Hathi, senior vice president, advisor technology solutions, Schwab Advisor Services. “Mobile technology is a must-have for advisor firms looking to grow and build relationships – both with today’s clients and with the next generation – because it allows the advisor to deliver the ‘know me’, anywhere, anytime service clients expect.”
 
Schwab OpenView Mobile was first announced at IMPACT 2013, where Hathi identified mobile, cloud-computing, big data and integration as four key trends that will drive the success of an advisor’s business in the future.
 
“Technology is playing an increasingly important role in helping advisors scale their business, enhance the experience of their clients and differentiate their brand,” says Hathi.
 
According to Schwab’s 2013 RIA Benchmarking Study, 73 per cent of advisors currently invest or plan to invest in mobile technologies, and the most recent Schwab Independent Advisor Outlook Study found that seven in ten advisors are focusing on differentiating their firm to stand out from the pack.
 
SPT will work with advisors to customise their app to reflect their own brand, including adding their firm logo, contact details and choosing icons and colours. Once the app has been customised, the advisor will post it on Google Play and iTunes App Stores where their clients can find it by searching for the firm’s name. An RIA can customise the experience they want to create for their clients by including advisor news, promotional content, contact information and a website link, as well as real-time data on their Schwab accounts.
 
“The creation of a branded app for our firm provides us with a tremendous opportunity to connect with clients through their mobile devices, a channel where we know clients are spending an increasing amount of time and expect to be able to find information quickly and easily,” says Mark Balasa, co-CEO and chief investment officer at wealth management firm Balasa, Dinverno and Foltz. “With the touch of a button, the app enables us to make another connection with our clients strengthening our service with them, without over-extending our client-facing people to do so.”

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