Schwab Advisor Services has unveiled a new practice management program designed for RIAs who manage $100 million or less.

The company’s new Virtual Practice Management offers RIAs that custody at Schwab on-demand content and guidance, as well as access to Schwab consultants, the firm announced last week.

Schwab says that the program will “help RIAs differentiate themselves in the marketplace" and help them find "ideal clients." The firm also expects the service "will be particularly helpful to smaller firms.”

“Since advisors can participate on their own terms and without leaving their offices, the programs are especially suited to those who may have limited time to travel to conferences or seminars,” the company says.

Schwab’s executives came forward earlier this year to reiterate their support for RIAs of all sizes — particularly those with less than $100 million in client assets — to ease concerns in the wake of its announced deal with TD Ameritrade, as reported. Some advisors and industry watchers suggested that Schwab may focus more on the larger practices at TD Ameritrade, forcing smaller shops to sacrifice on service.

But firms with $100 million or less in assets have shown “robust growth,” posting a five-year compound annual growth rate in assets of 8%, the firm notes, citing a 2019 study it conducted.

That growth rate was second only to firms with $750 million to $1 billion in assets, according to Schwab. Additionally, the smaller firms had a five-year CAGR in revenue of 10%, the company says. And over half of the independent firms on Schwab’s platform have less than $100 million under management, the company said in its recent “pledge.”

“Our new Virtual Practice Management offer is an important part of that commitment,” Lisa Salvi, vice president of business consulting and education at Schwab Advisor Services, says in their latest press release. “We’re proud to say, for example, we can now help all firms establish an ideal client persona, which we believe is foundational to any goal a firm is working toward.”

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