Charles Schwab’s Adviser Services unit has launched an alternative investment marketplace platform for independent advisers.
Through the new Schwab Alternative Investment Marketplace, advisers will gain access to private funds from third-party platform sponsors.
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The sponsors pre-qualify the clients for the adviser as well as digitalise document workflows.
The platform requires a minimum investment of $100,000, enabling advisers to adjust alternative investments to suit client requirements.
Furthermore, it eliminates custodial fees and facilitates capital call processing.
Schwab Adviser Services Client Experience senior vice-president Jalina Kerr said: “We continually listen to what advisers tell us they need, and based on their feedback, we’re pleased to provide access for their clients to a growing list of alternative investment funds.
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By GlobalData“By working with known firms that have experience and scale, we’re offering an additional way to deliver alternative investment solutions to clients.”
Alternative investing platform iCapital Network is set to join the marketplace as the first third-party platform sponsor.
iCapital Network CEO Lawrence Calcano said: “iCapital advocates tirelessly for increasing access to alternatives in client portfolios, given their potential to provide diversification and returns and help close the retirement income gap.
“This relationship with Schwab furthers that mission by incorporating alternative investments into the holistic investment management process for advisers.”
Charles Schwab agreed to buy certain assets of USAA Investment Management Company for $1.8bn in July this year. The assets include brokerage and managed portfolio accounts.
