Advisor Group has launched a digital client onboarding and account management platform for advisors affiliated with its four independent broker-dealers. The resource, eQuipt, brings together different systems, including those of its clearing partners, advisory platforms, CRM and account resources.
The firm says it also combines do-it-yourself “robo-advisor” technology and the advisor-led account opening process for 6,800 reps with FSC Securities, Royal Alliance, SagePoint Financial and Woodbury Financial.
For CEO Jamie Price, the technology’s power is that “it cuts in half or more the time it takes for opening an account,” giving advisors more time to work with clients on financial planning and other matters.
“We are a paper-intensive industry, and we now have digitized this process front to back,” Price said on a call with the media earlier this week. “Some other parties can’t believe it. It’s seamless … and has far-reaching ramifications for the company over the next few years.”
More Platform Details
The technology “lets advisors collaborate with clients throughout the process, [and advisors] control how much of this process is digital or not,” said Matt Schlueter, president of Wealth Management for Advisor Group. “The advisor is really in the driver’s seat in terms of onboarding” and data discovery, and whether these tasks are done digitally or conventionally.