21 October 2017

Charles Schwab extends Fiserv Unified Wealth contract

23 July 2015  |  2324 views  |  0 Source: Fiserv

Fiserv (NASDAQ: FISV), a leading global provider of financial services technology solutions, announced today that Charles Schwab & Co., Inc. has signed a three-year extension for the Unified Wealth Platform from Fiserv.

A Fiserv client for over 14 years, Schwab utilizes the Unified Wealth Platform from Fiserv for portfolio management, accounting, trading and model-portfolio capabilities for its managed accounts platform across its separately managed account (SMA) and mutual fund advisory (MFA) programs.

“As we continue to grow our managed accounts business, we require a stable technology partner who can scale with us and add value in support of our business processes and customer servicing” said David Lindenbaum, vice president of managed accounts at Charles Schwab & Co., Inc.

Fiserv currently supports over 190,000 accounts for Schwab, representing $42 billion in assets under management, with year-over-year growth of 5% in its managed account business as of June 30, 2015. Scale, stability and broad industry connectivity to enable Schwab’s model-portfolio operations were cited as key to Schwab’s decision to remain with Fiserv.

“Our focus on integration across programs is of particular significance in helping clients like Schwab achieve efficient and cost-effective operations of managed accounts,” said Cheryl Nash, president, Investment Services, Fiserv. “Our goal as a technology partner is to deliver continuous value to Schwab, facilitating their focus on more integrated, flexible workflows and business models to best serve their clients.”  

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