Schwab Retirement Business Services announced on Wednesday that it has launched a suite of retirement tools to help advisors increase productivity and build skills in their 401(k) plans.
The suite is the result of a partnership with fi360 and The Retirement Advisor University (TRAU) at UCLA Anderson School of Management Executive Education.
The suite is a customized version of fi360’s toolkit, which provides analytical, management and reporting features to advisors working on 401(k) plans. Schwab’s toolkit allows advisors to manage client records, set up automatic updates, document and track investments, test asset allocations, generate proposals, and comply with 408(b)(2) fee disclosure rules.
“For all our advisors, this provides a great deal of technological efficiency,” Debbie Pritchard, vice president of retirement business services for Schwab, told AdvisorOne. Integrating the toolkit allows advisors to prepopulate ongoing data on a quarterly basis, she added, saving them time because they don’t have to enter it by hand.
Advisors on the Schwab Retirement Center platform are eligible for a discounted licensing fee to use the fi360 toolkit.