Some Schwabies hit snafu

Many of the 1,200 independent advisers who have assets under custody with Charles Schwab & Co. Inc. but use the back-office software of Advent Software Inc. are cooling their heels.

They are waiting for Schwab to complete modifications to its Advisor WebCenter before they attempt to create a slick website aimed at self-help investors who still want an adviser.

The problem: Schwab doesn’t have the software to post Advent-produced customized performance reports.

“The pipeline is pretty full,” says Timothy D. Welsh, director of marketing at Schwab Institutional in San Francisco. “[Advent-using Schwab advisers] are standing in line saying: `When you have it, give us a call.”‘

“It” is the compability between Advisor WebCenter and Advent’s Axys back-office software that will allow advisers to post the customized performance reports to their customers over the websites.

Similar performance reports already are available to Schwab advisers using Centerpiece, the back-office software made by Schwab-owned Performance Technologies Inc. of Raleigh, N.C.

The lag was caused by Schwab’s scheduling in making file formats.

“Priority one was getting this up and running with Centerpiece,” says a Schwab spokesman. “Priority No. 2 is getting this up and running with Advent.”

Schwab plans to have the latest Advent compatibility prior to its annual conference in late October.

Then advisers may be inspired to spend the $3,500 to $7,500 for a website setup fee and the $6,000 annual maintenance fee for up to 200 households.