Charles Schwab Announces New Performance Management Tools to Help Independent Investment Advisors Extend Staff Efficiency and Productivity

New Tools Expand Schwab’s Human Capital Offer for Advisors

Monday, May 18, 2009 6:00 am PDT



Public Company Information:


SAN FRANCISCO--(BUSINESS WIRE)--To help independent investment advisory firms maximize employee efficiency and productivity, Charles Schwab today announced a series of new performance management tools for advisors available through its Human Capital offer. The expanded resources for advisors include best practices and ready-to-use tools and templates across five key areas of human resources management including setting employee goals and objectives, employee performance management, employee career path development, staff motivation and leadership, and firm work environment.

The new performance management tools are also designed to enable advisory firms to align their employees’ responsibilities and objectives to the firm’s compensation structure and overall goals for growth.

The newly-added tools, resources, and content for advisors can be accessed through a variety of channels including personalized one-on-one consultations with Schwab business consultants and relationship managers, a series of events throughout 2009, and a comprehensive set of tools and resources available on Schwab’s website.

“We have heard loud and clear that it is critical right now for advisors to realize efficiencies in every aspect of their business, and employee performance management can be a powerful contributor,” said Kelli Cruz, director of advisor business consulting for Schwab Advisor Services. “The resources we have added will help firms create clearer roles, responsibilities, and objectives for their employees, enabling higher levels of staff efficiency and productivity, and ultimately helping firms to be in a good position to grow.”

According to a 2007 Schwab report, Best-Managed Firms: Time Management and Organizational Effectiveness, the cost of staff time is typically the most significant expenditure for an advisory firm, averaging about 70 percent of all expenditures. By managing personnel time effectively, firms can increase their efficiency, free up time for more strategic activities, and improve quality of work life for their employees.

The five newly added performance management areas in Schwab’s Human Capital offer consist of 15 new guides and templates including:

  • Resources on creating staff performance objectives
  • A guide to addressing employee performance issues
  • Talking points on discussing compensation with staff members
  • Employee self-assessment guide templates
  • Sample performance evaluations
  • Tips for writing effective performance evaluations
  • Guidance on developing career paths

Schwab Human Capital offer also provides advisors with an interactive compensation benchmarking tool, sample job descriptions specifically designed for advisory firms, and on-demand access to webcasts from Schwab’s SOLUTIONS Operations and Technology workshops series.

In addition to the new resources made available to advisors, Schwab will also be holding multiple educational sessions across the country throughout 2009 regarding retention and performance management best practices, including sessions at IMPACT 2009 and Schwab’s CONNECT and SOLUTIONS series of advisor practice management and technology events.

Charles Schwab is a leading provider of custodial, operational and trading support for more than 5,700 independent investment advisory firms.

About Charles Schwab

The Charles Schwab Corporation (Nasdaq:SCHW) is a leading provider of financial services, with more than 300 offices and 7.5 million client brokerage accounts, 1.5 million corporate retirement plan participants, 544,000 banking accounts, and $1.2 trillion in client assets. Through its operating subsidiaries, the company provides a full range of securities brokerage, banking, money management and financial advisory services to individual investors and independent investment advisors. Its broker-dealer subsidiary, Charles Schwab & Co., Inc. (member SIPC,, and affiliates offer a complete range of investment services and products including an extensive selection of mutual funds; financial planning and investment advice; retirement plan and equity compensation plan services; referrals to independent fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through its Advisor Services division. The Charles Schwab Bank (member FDIC) provides banking and mortgage services and products. More information is available at (0509-9041)


Charles Schwab
Michael S. Cianfrocca, 415-667-3252
Makovsky + Co.
Jon Pappas, 212-508-9637

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