What You Need to Know
- Envestnet has partnered with Oyster Consulting on paraplanning service solution for clients of each firm.
- Nuveen has expanded its partnership With iCapital Network.
- Fidelity’s eMoney Advisor has launched Home Office Package for midsized to large firms.
AdvisorEngine has completed its platform integration with Schwab Advisor Center.
As a result, for the first time, RIAs can access Schwab Advisor Center client data as part of AdvisorEngine’s end-to-end, open-architecture, holistic wealth technology platform, the companies said.
Platform features include proposal generation, client profiling, digital account opening, portfolio reporting, trading and rebalancing tools, fee billing, a white-label client portal and the Junxure CRM.
Schwab and other firms using the platform have the control to brand and customize the offering to ensure the experience reflects their unique and differentiated value proposition.
The new integration takes full advantage of Schwab application programming interfaces (APIs) and Single Sign-On (SSO) functionality, providing smart automation that the companies said saves time for advisory firms and helps elevate the client experience.
“Schwab continues to work with fintech providers who can help fulfill our commitment to offer advisors choice for their technology needs,” according to Kartik Srinivasan, senior managing director, Digital Advisor Solutions at Charles Schwab. “Our deepening relationship with AdvisorEngine is a great example of the type of quality integrations we are focused on with our third-party solutions.”
Envestnet Teams With Oyster Consulting
Envestnet | MoneyGuide has teamed with Oyster Consulting to offer paraplanning services to mutual clients of each firm.
The pact aims to “empower more financial advisors to cost-effectively initiate, scale and deepen financial planning relationships with clients,” the companies said in a joint announcement.
“More than ever, clients are leaning on advisors to provide peace of mind and holistic advice in addition to portfolio strategies,” according to Tony Leal, president of Envestnet | MoneyGuide. “For advisors who already offer financial planning services, the financial plan proves its value again and again during these types of conversations,” he said in a statement.
“Our partnership with Oyster Consulting can enable more firms — especially those that haven’t traditionally offered planning, and/or those that worried about the time it may take for their advisors to create plans themselves — to offer end-investor clients the financial plan they deserve in the most cost-effective way,” Leal said.
Before the launch, Oyster paraplanners attended MoneyGuide’s foundational boot camp and underwent further, extensive training on MoneyGuide’s financial planning tools. After paraplanners complete the training, they will collaborate with advisors in a non-client-facing capacity, helping them to complete and best optimize MoneyGuide’s financial plan for individual clients from within the software, the firms said.
ASx Launches Essential CFO Dashboard
The Envestnet and Dynasty Financial Partners joint venture Advisor Services Exchange (ASx) has launched the Essential CFO Dashboard, new technology that ASx said on Thursday “enables financial advisors to track their firm’s earnings, profitability and determine valuation.”
The new offering automatically links Quickbook Pro to an ASx dashboard with proprietary benchmarking, ASx said, noting “the vast majority of RIAs use Quickbooks for their books and records.” The process “enables advisors to match their financial performance against peers in the industry and allows them to make strategic decisions,” it said.
The Essential CFO Dashboard tracks earnings before owner’s compensation, tracks toward profitability targets based on factors including maturity and size, breaks down profitability by individual advisor, offers a clear view of operating costs to better manage expenses over time, and provides alerts for spending spikes, said ASx, which was announced in early 2020.