Platform and services provider Envestnet | Tamarac says RIAs working with custodians TD Ameritrade Institutional and Schwab Advisor Services can now use fully digital account-opening services, getting rid of the need for data to be entered manually for new accounts.
Client account details will automatically be available into the platforms of these two custodians via Tamarac Reporting, Envestnet’s portfolio management tool. Also, Tamarac is working to offer similar automated account-opening processes with other custodians.
“Streamlining this process allows for advisors to focus on more meaningful interactions with their clients, where they can add more value and a broader range of advice,” according to Andina Anderson, executive managing director of Envestnet | Tamarac. “Since more of our clients are expecting an online and automated experience, this gives them a competitive edge.”
The new capabilities let RIAs and clients use e-signatures and a single sign-on and should benefit clients looking to do less paperwork, “especially … millennials who have come to expect a quick and easy onboarding,” the firm says.