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December 01, 2022 at 03:39 PM
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.
