Charles Schwab to phase out Institutional Intelligent Portfolios platform in favour of iRebal solution
US-based brokerage Charles Schwab has unveiled plans to consolidate its automated investment and portfolio management offering. The company is set to phase out its Institutional Intelligent Portfolios platform in favour of its iRebal solution, which the firm picked up through its $26 billion acquisition of TD Ameritrade four years ago.
Charles Schwab plans to retire the Institutional Intelligent Portfolios platform in 2025
Debuted in 2015, the Institutional Intelligent Portfolios platform provides financial advisors with automated investment management and robo-advisor capabilities alongside tools for client reporting, among other things.
In a note on its website, Schwab says that starting 15 November 2024, advisors will no longer be able to open new accounts on the platform, with the platform set to be retired fully at an unspecified date in 2025.
“All accounts will need to be off the Institutional Intelligent Portfolios platform by the fourth quarter of 2025,” the company says.
In place of the platform, Schwab is offering up iRebal, a portfolio management and automated rebalancing tool integrated into Schwab Advisor Center. Schwab writes on its website that the platform is “a customisable, rule-based program that helps streamline the complex and time-consuming process of rebalancing”.
The company claims iRebal has “fewer limitations on models, no cash minimums and expanded available account types”.
