AdvisorEngine Completes Integration With Schwab Advisor Center® to Deliver Personalization at Scale for Independent Advisors
For the first time, RIAs can access Schwab Advisor Center client data as part of AdvisorEngine’s end-to-end technology platform
Advisors can now access AdvisorEngine’s open-architecture, holistic wealth technology platform inclusive of proposal generation, client profiling, digital account opening, portfolio reporting, trading and rebalancing tools, fee billing, white-label client portal and the powerful Junxure™ CRM. Firms have the control to brand and customize the offering to ensure the experience reflects their own unique and differentiated value proposition.
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. Key outcomes enabled by the offering include:
- Powerful portfolio management. Data connectivity and practice management workflows enable a full portfolio management feature set, including performance reporting, fee billing, rebalancing, withdrawal workflows and trade order management.
- Flexible client onboarding, driven by advisors or their clients. Smart forms drive proposal generation, client profiling, digital account opening, funding, account transfers and investment implementation. This flexible offering allows for both a traditional advisor-led experience and a ‘robo style’ client-led experience.
- Reduced not-in-good-order (NIGO) rates. Schwab has found that adopters of digital account opening have reduced frustrating and time-consuming NIGOs—dropping their error rates from 30% to low single digits.
Operational clarity through status alerts and business intelligence dashboards. Real-time Schwab alerts presented through
AdvisorEngineprovide users with updated status information and guide them through the next steps for in-flight workflows.
“Schwab continues to work with fintech providers who can help fulfill our commitment to offer advisors choice for their technology needs,” said
“We are working more closely together than ever before, and the product teams are using a thoughtful and organized approach to support our mutual clients,” said
Many firms are evaluating technology stack upgrades. According to Schwab Advisor Services’ 2020 Independent Advisor Outlook Study (IAOS), 71% of firms made new technology investments. Thematically, top-performing firms are investing more aggressively across digital touchpoints as compared to all other firms by adopting functionality such as electronic signature for custodian firms, screen sharing/co-browsing, digital forms, texting and online meeting scheduling.
“The AdvisorEngine platform is an ideal solution for RIA firms looking to serve more clients while still maintaining high-end service,” said
Its wealth management platform uses smart automation to modernize the advisor experience (AX), the business operations experience (BX), and the client experience (CX). Modules include prospect engagement tools, paperless client onboarding, account aggregation, Junxure CRM, goals-based financial planning tools, model portfolios tools, portfolio construction analytics, compliance tools, performance reporting, and fee billing.
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