TD Ameritrade Institutional reports it is well on its way to implementing a new data integration plan for advisors who affiliate with the custodian, rolling out a technology integration initiative that will eventually allow for the seamless integration of CRM, portfolio management, portfolio rebalancing, document management, and financial planning data between those applications through its Veo technology platform.
Using an open architecture Application Program Interface (API) approach, TD Ameritrade executives said in an interview on July 28 that within the next four to six weeks–which would be mid-September–it would start testing with 12 application providers, sending Veo data through the API to those applications. Advisors who use the Veo platform will then begin to see the benefits of the integration initiative likely within three to four months, said Jon Petullo, TD’s director, technology product management. Petullo also said in the same interview that other initiatives planned for Veo include futures trading, mobile tools, and a version of Veo for Apple’s iPad “this year.”
Zohar Swaine, TD Ameritrade’s managing director for institutional strategy and product, noted that the custodian has “always built flexibility into our platform,” and that this latest initiative is part of the firm’s “rich history of collaborating with advisors.” Swaine noted that TD is being aided in the initiative by ActiFi, that it remains a member of the Your Silver Bullet integration group, and that “if we’re going to help advisors, we have to take a holistic view of integration.” In fact, Petullo said the integration initiative was “developed with client feedback,” in particular the operations panel, a group of 34 advisory firm Veo users.
Swaine disclosed that TD formed a new tech group “over the past few months” to jumpstart the initiative, and positioned it as part of TD Ameritrade’s expanding practice management offerings for advisors, saying “we think we have the largest practice management team among all the custodians.”
In planning the integration initiative, TD also hosted a “vendor summit” of nine application providers, some of whom are direct competitors, as well as using research from ActiFi and its own internal surveys of advisors. Those nine vendors, along with three others, will begin the testing within weeks, with other vendors brought into the initiative over time.
The intent of the initiative, said Petullo, is for affiliated advisors to access their client information either through Veo or a third-party application provider of the advisor’s choice, allowing them to choose from a menu of preferred applications, all of which will be able to share data through one sign-on, providing efficiencies to the advisor and obviating some of the labor-intensive duties of manually re-keying everything from client contact information to portfolio performance.
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Read a story about TD Ameritrade attracting breakaway brokers from the archives of InvestmentAdvisor.com.