Envestnet | Tamarac announced that digital account-opening services for independent registered investment advisors (RIAs) are now widely available through TD Ameritrade Institutional and Schwab Advisor Services™, following a successful pilot.
RIAs that manage client accounts
custodied with TD Ameritrade Institutional and/or Schwab Advisor Services can
dramatically streamline the onboarding process by eliminating manual data entry
for account openings. With this new integration, client account information can
be auto-populated into the custodial platform directly from Tamarac Reporting,
Envestnet’s award winning portfolio management solution for RIAs.
“This is a great example of Tamarac helping advisors deliver financial wellness to their clients,” said Andina Anderson, Executive Managing Director of Envestnet | Tamarac. “A digital account-opening process enables advisors to save time and reduce errors related to manual data entry and focus on higher-value activities such as holistic financial planning.”
The automation and digitization of the account-opening process increases operational efficiency across the board for RIAs, custodians, and their investor clients by eliminating the need to manually enter information into multiple locations. The process also allows RIAs and clients to work directly through the Tamarac platform using e-signatures and a single sign-on to increase visibility into accounts with their custodian of choice.
The new integration will increase efficiencies for RIAs, allowing for an easier onboarding process, less time spent opening new accounts and fewer errors related to manual entry. The improved experience will be beneficial to clients as well, especially for millennials who have come to expect a quick and easy onboarding.
“The new account-opening process has been very well-received by both advisors and their clients,” said Anderson. “Streamlining this process allows for advisors to focus on more meaningful interactions with their clients, where they can add more value and a broader range of advice. Since more of our clients are expecting an online and automated experience, this gives them a competitive edge.”
Tamarac is an open platform that is continually interested in best-in-class integrations. Looking forward, Tamarac is open to exploring similar functionalities working with other custodians to create automated account-opening processes.
ABOUT TD AMERITRADE INSTITUTIONAL
TD Ameritrade Institutional empowers more than 7,000 independent registered investment advisors to transform the lives of their clients. It provides powerful technology and resources that help simplify running a business and let advisors spend more time doing what matters most — serving their clients. Through meaningful innovation, steadfast advocacy and unwavering service, TD Ameritrade Institutional supports RIAs as they build businesses that positively impact their clients and communities. TD Ameritrade Institutional is a division of TD Ameritrade, Inc., member FINRA/SIPC, a brokerage subsidiary of TD Ameritrade Holding Corporation.
ABOUT CHARLES SCHWAB
At Charles Schwab we believe in the power of investing to help individuals create a better tomorrow. We have a history of challenging the status quo in our industry, innovating in ways that benefit investors and the advisors and employers who serve them, and championing our clients’ goals with passion and integrity.
Schwab Advisor Services™ serves independent investment advisors and includes the custody, trading, and support of Schwab. Independent investment advisors are not owned by, affiliated with, or supervised by Schwab. More information is available at www.aboutschwab.com.
Envestnet, Inc. is a leading provider of intelligent systems for wealth management and financial wellness. Envestnet’s unified technology empowers enterprises and advisors to more fully understand their clients and deliver actionable intelligence that drives better outcomes and improves lives.
Envestnet Wealth Solutions enables enterprises and advisors to better manage client outcomes and strengthen their practices through its Wealth Management Operating System and advanced portfolio solutions. Envestnet | Tamarac provides portfolio management, reporting, trading, rebalancing and client portal solutions for registered independent advisors (“RIAs”). Envestnet MoneyGuide provides goals-based financial planning applications. Envestnet Data & Analytics enables innovation and insights through its Envestnet | Yodlee data aggregation platform.
More than 96,000 advisors and more than 3,800 companies including: 17 of the 20 largest U.S. banks, 43 of the 50 largest wealth management and brokerage firms, over 500 of the largest Registered Investment Advisers, and hundreds of Internet services companies, leverage Envestnet technology and services. Envestnet solutions enhance knowledge of the client, accelerate client on-boarding, improve client digital experiences, and help drive better outcomes for enterprises, advisors, and their clients. For more information on Envestnet, please visit www.envestnet.com.