Schwab joins YourSilverBullet.net
Schwab held off on joining until it was convinced that YourSilverBullet had staying power.
Schwab Performance Technologies Inc. has joined YourSilverBullet.net.
The Raleigh, N.C. subsidiary of The Charles Schwab Corp. that manufactures back-office software for registered investment advisers became the 22nd tech company to join the consortium.
Schwab held off on joining until it was convinced that YourSilverBullet had staying power, said Dan Skiles, vice president of technology for Schwab Institutional.
“We were always interested,” he said. “It just hadn’t crystallized. It wasn’t clear what the motivations of the participants were.”
YourSilverBullet.net was founded by Gregory Friedman, president of Friedman & Associates, a Novato, Calif., which for the purpose of creating a forum to make technology for RIAs as interoperable as possible.
“It’s a significant milestone for YourSilverBullet but we think it’s just the beginning,” Mr. Friedman said.
But the move is also a clear attempt to create a countervailing power to Advent Software Inc. of San Francisco, other financial advisers said, and Schwab’s membership in the consortium is a real coup in that effort, they agreed.
But if Advent joins YourSilverBullet then the group will be even stronger, Mr. Skiles said.
“It would be great if Advent joined,” he said.
“We’re open to new partnerships based on client need,” said Katherine Calvert, spokeswoman for Advent.
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