For those of you unfamiliar with AdvisorEngine, it is a comprehensive wealth management platform providing a suite of technology-based services that empowers advisory firms to grow, deliver, and scale. The AdvisorEngine platform is designed to streamline daily tasks and improve operational efficiency. AdvisorEngine offers a modular suite of tools including CRM, performance reporting, fee billing, rebalancing, digital onboarding, a client portal, and business intelligence.
The AdvisorEngine platform equips advisors with the digital tools that automate workflows and enhance the advisor-client relationship.
The collaboration between AdvisorEngine and Schwab is focused on enhancing the value for advisors through a variety of features and capabilities. The AdvisorEngine portal has both an advisor side and a client side with platform features including proposal generation, client profiling, digital account opening, portfolio reporting, trading and rebalancing tools, fee billing, a white-label client portal, as well as the AdvisorEngine CRM (formerly Junxure CRM).
Here are some of the key advantages of the integration:
Custodian Connectivity: A key strength of AdvisorEngine’s wealth management platform is that it ensures a superior advisory experience for clients, guided by a streamlined digital onboarding and account opening process, with automated data feeds for accurate reporting.
Digital Onboarding Enhancements: These enhancements have created a comprehensive account opening and servicing solution through Schwab Advisor Services. Advisors and clients can each complete tasks, and smart automation reduces processing errors and speeds up administrative actions. Schwab’s enhanced digital client onboarding includes a wide range of account types, including Trusts, IRA, Rollover IRA, Roth IRA, individual and joint accounts.
Integration with iRebal: This is the industry’s first integration with the iRebal, the portfolio rebalancing platform offered by Schwab Advisor Services. Integration with iRebal provides features such as tax-aware, household-level rebalancing, dynamic tax-loss harvesting, and extensive cash management. The new syncing system uses existing Schwab Advisor Center, runs in the background with changes are visible in iRebal in minutes. Best of all, models are checked to be “In Good Order” BEFORE synchronizing to iRebal – and any issues with syncing generates service alerts.
Optimized Account Administration: Through the Schwab integration, AdvisorEngine is able to provide efficiency and scale. An outdated manual client onboarding process is replaced with a seamless, digital experience. Clients are presented with a single digital envelope that includes Schwab forms and advisory firm forms for digital signature via DocuSign. Custodian requirements are built into workflows, limiting NIGOs. Client onboarding is built on a repeatable foundation. Built-in tracking for operations and compliance oversight and the ability to choose between advisor-led or client-led processes for account opening and maintenance provide maximum flexibility.
Integration with Schwab Advisor Center: The integration takes full advantage of Schwab application programming interfaces (APIs) and single sign-on (SSO) functionality, delivering smart automation that saves time for advisory firms and helps elevate the client experience.
The chart below illustrates the extent of the Schwab/AdvisorEngine integration:
The depth of the Schwab/AdvisorEngine integration represents a big leap forward for AdvisorEngine clients that custody at Schwab. It will provide for a better client experience, a faster, less error-prone account opening process as well as accurate digital reporting.
Joel P. Bruckenstein, CFP®, is Publisher of the T3 Tech Hub (formerly the T3 newsletter) and the producer of the Technology Tools for Today (T3) Advisor Conference, the only annual technology conference for independent advisors, as well as the Technology Tools for Today (T3) Enterprise Conference. He also hosts other technology summits in partnership with thought leaders in the financial services industry (e.g., Brian Hamburger of MarketCounsel) and his own by-invitation-only fintech summit every summer. In 2020, Bruckenstein will produce for the first time a new one-day intensive called T3 Cyber University.
Bruckenstein is an internationally acclaimed expert on applied technology as it relates to the financial service industry. He is the co-author of three books: Virtual Office Tools for a High Margin Practice, Tools and Techniques of Practice Management, and Technology Tools for Today’s High Margin Practice.
Bruckenstein’s monthly technology columns appeared in Financial Advisor magazine and Financial Planning magazine for many years.
In addition, he works in tandem with industry influential Bob Veres, publisher of Inside Information, to produce an annual technology survey for the financial planning community.
Bruckenstein accepted the fifth annual Leadership Award bestowed by Bob Veres' Insider's Forum, a conference that brings together the leading figures of the financial planning profession during a main stage presentation at the Insider's Forum held September 6-8, 2017 in Nashville, TN.
Bruckenstein has for more than twenty years advised financial service firms of all sizes on improving their technologies, processes and workflows.
For more information about Joel Bruckenstein and the services his firm offers, please visit www.JoelBruckenstein.com.