Schwab does an about-face in software war: Company's Centerpiece program now reserved solely for its advisers.

Investment News, February, 2002 by Southall, Brooke

In an abrupt shift of course, Charles Schwab Corp. is saying advisers need to put tens of millions dollars in hard assets under its custody to buy its portfolio software. The move set abuzz the adviser universe, particularly at last week's TD Waterhouse Partnership 2002 conference in Orlando, Fla.

Many advisers came to the conference open to the possibility of learning more about Centerpiece. Instead they learned that Schwab had canceled its exhibition booth and withdrawn from a software panel discussion. "That's crazy. That's half the advisers here," says Tony Moeller, an adviser with Sunflower Asset Management Inc., a Lenexa, Kan., firm with $50 million under management. "I was just speaking to [another TD Waterhouse adviser] looking to move...

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