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Schwab, Envestnet Join Forces in Data Integration Deal

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Charles Schwab Corp. announced Thursday that a division of Envestnet Inc. will participate in the Schwab Intelligent Integration plan to better integrate custody data on platforms that serve independent investment advisors.

The integration of Tamarac, the Envestnet division that provides a cloud-based client relationship management system to advisors, will bring real-time custody data from Schwab Advisor Services to the Tamarac Xi web-based platforms Advisor CRM and Advisor View.

Stuart DePina, group president of Envestnet | Tamarac, said advisors using the solution can expect to see “dramatic gains” in their ability to serve clients and scale their businesses more profitably.

Tamarac uses a customized version of the Microsoft Dynamics CRM as part of its platform. Tamarac will be the second provider using Microsoft CRM to become part of Schwab Intelligent Integration. The first, Salentica, is currently in beta and is expected to enter a pilot program this summer.

Schwab Intelligent Integration bills itself as a multi-year initiative designed to increase integration between disparate systems and workflows in advisors’ offices.

Schwab OpenView Gateway and the Schwab OpenView Workflow Library are products of Schwab Intelligent Technologies, and Schwab OpenView Integrated Office is a product of Schwab Performance Technologies that includes integration with Salesforce CRM. Participating providers in Schwab OpenView Gateway are Junxure, Microsoft, Salentica, and Tamarac.

“This marks another important milestone in our effort to work with leading platforms to provide high quality integrations,” said Neesha Hathi, vice president of technology solutions for Schwab Advisor Services, in a statement. “We have a long relationship with Tamarac, including their licensing of Schwab Performance Technologies’ PortfolioCenter.”

Envestnet, whose founder and Chief Executive Jud Bergman was recently named to Investment Advisor magazine’s IA 25, is a Chicago-based provider of technology-enabled wealth management solutions to investment advisors.

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