![](https://images.thinkadvisor.com/contrib/content/uploads/sites/415/2019/09/Schwab-BBN-1024x683.jpg)
Schwab Advisor Services has launched Virtual Practice Management, which provides on-demand content and programs for independent advisors who custody with Schwab and need additional resources to help run their business.
The suite of virtually guided learning experiences is “an important part” part of the firm’s recent pledge to provide “in-depth practice management consulting and insights for every firm” on its platform, said Lisa Salvi, vice president of business consulting and education at Schwab Advisor Services, in a statement. The pledge was made several weeks after Schwab announced it was buying TD Ameritrade, which worried some of that firm’s smaller RIA clients.
The new VPM tool is currently available only to Schwab custody clients. It was created in response to some of the struggles Salvi heard about from the advisors themselves, Salvi told ThinkAdvisor.
One story that stuck with her: An advisor she met at a cybersecurity presentation whose firm had about $50 million in assets under management recalling a late-night struggle to figure out a particular program.
Such smaller advisory firms need assistance but may find it difficult to take time away from their business to attend consulting workshops for advisors, Salvi said. Now they can use VPM or connect remotely with a senior business consultant.