PortfolioCenter 5.5 improved the ability to track client account details – a seemingly small but largely time-saving enhancement. To take full advantage of it, make sure your group master account is set properly.
Enhanced Name and Address File: The enhanced Schwab Name and Address file includes new client contact fields such as account type, phone, and e-mail, for newly created portfolios. The file also improves the update process for your existing portfolios by comparing the current file with the previous day’s, providing details on what was changed, and letting you select which updates to post.
Practically this improvement means changes you make to the client details at Schwab (e.g. address, email, phone number, etc.) flow more easily into PortfolioCenter through the downloads, saving you manual entry time. This change keeps your accounts updated, but what about your groups?
Fortunately, Schwab Performance Technologies already solved that problem. In 2010 or so, they added the ability to control the details of a group via a “master account”. Any changes in the Master account assigned automatically updates the details in the group. I like to set the group master account to the account from which the management fee is deducted or the main taxable account, but you can choose any account in the group.
If you never took the time to assign master accounts to your groups, take advantage of the slow summer days to assign them now — especially if you include client addresses on your reports. With 5.5 it will save you time in the long run.
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PortfolioCenter® by Schwab Performance Technologies is a Windows®-based data management and reporting software application.