With Envestnet-Yodlee help, Charles Schwab & Co. puts finishing touch on freemium model with free planning; it also -- Personal Capital style -- launches freebie tools for non-Schwab clients

The San Francisco-brokerage is private-labelling MoneyGuidePro plan software and Yodlee for aggregated account data, to launch free retirement planning onto the market ahead of closing its merger with TD Ameritrade.

Author Oisin Breen August 22, 2020 at 5:05 AM

2 Comments

Cynthia Loh continues to draw up a digital model at Schwab.

Technology

Envestnet

Yodlee

Charles Schwab & Co.

Peter Giza

August 22, 2020 — 12:41 PM

The talk of all this wonderful collection of client data into support system(s) and various tools such as planning etc., is a very important step in our industry's technological advancement. It's a bit ironic that we are getting closer to the reality of STP (straight thru processing) being the norm in an atmosphere of low to no cost products and applications. It's the age of digital commoditization. WRT to the use of data and how we manage it, we're 5 years behind, but at least we've arrived! Pete Pete Giza | CPO [ AdvisorPeak

Stephen Chen

August 23, 2020 — 10:15 PM

It's always scary as an early stage company to see a huge firm following your playbook, but hopefully it's good validation for our model at https://www.newretirement.com/ We continue to believe that being fully independent (freemium / subscription model), super low cost (no huge infrastructure driving upsells or hidden fees) and 100% focus on our own in house digital first planning platform will let us successfully compete. Guess we'll find out.

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