TD Ameritrade Institutional said Thursday that it plans to roll out a series of analytical tools and dashboards for advisors through its CRM platform, Veo One.
The new service, Veo One Analytics, will include two new offerings, the first of which will be the FA Insight benchmarking tool giving advisors access to FA Insights’ white papers and benchmarking capabilities; the second will be giving RIAs access to custom reports, diagnostic tools and dashboards.
Veo One Analytics – what TD calls “an on-demand digital dashboard” – will be coming to Veo One later in 2017.
“We’ve got big plans for big data,” Tom Nally, TD Ameritrade’s president, said during his opening remarks at the national LINC conference.
John Ruda, TD Ameritrade Institutional managing director of Strategic Planning and Analytics, said during a press briefing at the LINC event to think about Veo Analytics “as essentially a collection of different types of analytics experiences that will grow over time.”
“We’ve got all this real estate that we’ve got places to start slotting in modules or experiences around different targeted content areas or different objectives that advisors might have. We can use data analytics to help them understand that issue, find an opportunity or challenge, and it will grow over time.”
Some people are “data geeks,” and love getting their hands on and combing through while others “just like knowing what they need to know. So we’re trying to keep it very simple.”
TD Ameritrade “wants to give people context for their results, and we think benchmarking is a good way to do that,” Ruda said. “Whether using industry data through FA Insight or using data across the 5,700 advisors across our platform to help advisors understand how they compare, we’re going to give them that information in context with other advisors and their historical performance.”
TD Ameritrade Institutional acquired the benchmarking and consulting capabilities of FA Insight, the Tacoma, Washington-based research firm that analyzes large sets of advisor information, aka big data, last year.
Vanessa Oligino, director of Business Performance Solutions at TD Ameritrade Institutional, added that the goal is to provide advisors with “essential business data and give them a clear sense of how they stack up against their peers and the industry’s top performers.”
With the FA Insight benchmarking tool, it will be a snapshot of “key performance indicators across all of [advisors’] business, whereas what we have today through the strategic relationship managers is a snapshot of what they have on our platform,” Oligino added. “We’re taking it to the next level” because advisors wanted information on their “overall” business.
The benchmarking will show advisors where they are on “four key performance indicators”: revenue growth, revenue per revenue generating role, overhead expense margin and operating profit margin.
The tool “will show are they above, below, and let them know what those [metrics] really mean,” Oligino said.
The first two tools to be available in 2017 on Veo One will be the FA Insight benchmarking tool and then an “operational efficiency dashboard,” Ruda said.
One of the operational efficiency tools will help advisors “identify and tackle their top service disruptions,” TD said.
Future analytics applications may include tools that offer deeper insights into client demographics, operational efficiency and “money in motion.”