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Portfolio > Portfolio Construction

Envestnet Rolls Out Digital Account Opening With TD, Schwab

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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.

“This is a great example of Tamarac helping advisors deliver financial wellness to their clients,” Anderson explained. “A digital account-opening process enables advisors to save time and reduce errors related to manual data entry and focus on higher-value activities such as holistic financial planning.”

In early May, Envestnet launched more analytical tools to help advisors improve their decision-making and boost business results using the Envestnet Advisor Analytics platform.

The new features include practice-level dashboards that show fees and account performance, peer benchmarking analysis and predictive analytics; weekly aggregated market snapshots with peer RIA activity, product trends and seasonal market shifts; fee and performance comparisons; and insights to help clients manage tax-smart investment portfolios.

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