Financial services provider, Charles Schwab has announced enhancements to its managed account platform to assist independent investment advisors who choose to outsource functions such as money manager research and portfolio construction.

As part of this effort, Schwab Institutional has formed new and expanded relationships with three firms that provide investment products and back-office services to advisors. In addition, Schwab has grown its own managed account program, including expanding the selection of available strategies and the introduction of a multi-strategy portfolio.

Schwab has expanded its turnkey asset management providers (TAMPs) platform to include an expanded relationship with Envestnet Asset Management to include a full product line-up of unified managed accounts (UMAs), multi-manager accounts, mutual fund and exchange traded fund (ETF) wrap products, and separately managed accounts (SMAs).

A new relationship with FundQuest to offer a full product line-up of UMAs, multi-strategy products (MSPs), mutual fund and ETF wrap products, and SMAs and a new relationship with Morningstar Investment Services, to offer its line of managed mutual fund, stock, and exchange-traded fund portfolios.

Barnaby Grist, managing director of strategic business development for Schwab Institutional, said: More advisors today are looking for turnkey solutions that provide research capabilities, sales support and back-office administration, allowing them to focus on serving clients and growing their businesses.