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Corporate signs of Charles Schwab and Envestnet financial companies

Technology > Investment Platforms

Envestnet Billing Platform to Give Schwab Advisors More Flexibility: Tech Roundup

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What You Need to Know

  • Advisors using the Schwab platform and the BillFin cloud-based billing solution will gain access to additional capabilities, including flexible billing setup.
  • J.P. Morgan Wealth Management's new Wealth Plan is a free digital money coach that provides clients with a full picture of their finances.
  • LPL Financial has appointed Adam Turnquist chief technical strategist for the firm’s Investment Research team.

Envestnet announced Thursday that its Redi2 BillFin billing solution is developing a deeper integration with Schwab Advisor Services.

Advisors using the Schwab platform and the BillFin cloud-based billing solution will gain access to additional capabilities, including flexible billing setup, standardized templates, and reminders and alerts, Envestnet said.

“Our enhanced integration with BillFin further demonstrates the depth and breadth of our third-party technology capabilities, enabling advisors to choose and combine technology that best meets their needs,” Kartik Srinivasan, head of third-party integrations at Schwab Digital Advisor Solutions, said in statement.

The “deeper level of integration will allow even more data to seamlessly flow back and forth between the BillFin and Schwab platforms,” according to Fermin Garcia, head of billing technology for Envestnet.”

Boston-based Redi2 Technologies was acquired by Envestnet in July. More than 900 financial services firms (670 of them client-facing financial advisory firms), with aggregated assets under management or administration of over $10 trillion calculate their complex fee types with Redi2 by Envestnet’s solutions, according to the company.

J.P. Morgan Launches Digital Money Coach

J.P. Morgan Wealth Management on Thursday said it launched Wealth Plan, a free digital money coach that provides clients with a full picture of their finances and helps them plan, save and invest, all in one place.

Wealth Plan will be available for free to all 62 million digitally active Chase clients, the firm said.

With Wealth Plan, clients can get a full view of their finances including accounts outside of Chase, create and track goals in real time, and get personalized step-by-step guidance on next steps, the firm said.

Last month, J.P. Morgan Wealth Management launched Personal Advisors to provide remote advice. The company is waiving advisory fees for Personal Advisors clients for six months.

“Wealth Plan simplifies the planning process for advisors,” according to Sam Palmer, head of Digital Planning & Advice at J.P. Morgan Wealth Management. “It provides them with all the information needed to have meaningful conversations with their clients from day one and allows advisors and clients to collaborate in real time,” he said.

Wealth Plan is “available to all Chase customers, whether they invest with us or not,” a company spokesperson told ThinkAdvisor.

“If they do invest with us, they can use it no matter how they work with us. Clients can invest with us online (Self-Directed Investing and Automated Investing), remotely with an advisor (J.P. Morgan Personal Advisors) or in-person in an office or Chase branch (full-service), the spokesperson explained.

“This new digital experience will help advisors,” she said, noting: “Chase customers who use Wealth Plan but don’t already work with an advisor can choose to reach out to an advisor through Wealth Plan. For existing investing clients, Wealth Plan will help advisors collaborate with their current clients.”

While Wealth Plan is a free feature in the Chase app, “clients who work with an advisor pay the same existing fees, which vary depending on how they work with us,” the spokesperson added.

Broadridge’s LTX Makes Leadership Changes

LTX, Broadridge Financial Solutions’ artificial intelligence-driven digital trading business, today announced that Jim Kwiatkowski has been promoted to the role of CEO of LTX.

Jim Toffey, co-founder of LTX, will succeed Art Certosimo as chairman of the LTX board of directors. In his role as chairman, Toffey will continue to promote innovation and advise on strategy and evolving market structure. Art Certosimo will remain on the LTX board.

Kwiatkowski has spent more than 20 years in the electronic trading industry. Since joining LTX in 2021 as chief revenue officer, he “spearheaded significant business, commercial and operational developments, including strategic integrations with key OEMS partners and growth of the buy-side and dealer client base,” the firm said.

Since launching in 2020, LTX has attracted many top asset managers and dealers, with more than $7 billion in initiated firm orders and an average daily volume of $26 billion in the Liquidity Cloud, the firm said.

Invenio Joins Tru Independence

Tru Independence, a $9 billion national independent advisory growth platform, announced on Thursday it forged a partnership with Invenio Wealth Partners, a $250 million firm based in Coral Gables, Florida.

The addition of Invenio to tru’s platform “represents a key milestone for tru, which has now added over $1 billion in assets to its platform since the beginning of the year,” it said. The pact also marks tru’s second partnership in the state and expands its Southeast presence.

“Tru primarily supports advisors with a strong technology suite, compliance oversight and experienced advisory growth counsel,” the company said.

The Invenio partnership follows tru’s signing of Channel Wealth, a $650 million RIA based in Santa Barbara, California, earlier this month.

Global Predictions Launches PortfolioPilot

Global Predictions, a data-driven platform for individual investors, said PortfolioPilot, its free intelligent portfolio management platform that recently launched, has already attracted nearly $1 billion of assets.

PortfolioPilot’s “much anticipated tax-loss harvesting feature has a waitlist of users with assets totaling $12 million and looking to reduce their tax bills by thousands of dollars,” Alexander Harmsen, CEO and founder of Global Predictions, said Thursday.

Individuals using PortfolioPilot can “view all their assets in one place, find opportunities, minimize risks, and act on personalized recommendations, all powered by the company’s commercial-grade Macro Insights and Recommendation Engine,” the firm said.

PortfolioPilot “allows users to get a quick understanding of their entire portfolio’s performance and find ways to make improvements that can increase their risk-adjusted returns,” it added.

Pictured: Corporate signs of Charles Schwab and Envestnet (Credit: Bloomberg/Envestnet)


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