CHICAGO, IL – June 19, 2019Press Release
Envestnet | Tamarac Announces Fully Digital Client Account-Opening With TD Ameritrade Institutional and Schwab Advisor Services
Tamarac streamlines client onboarding process for advisorsEnvestnet | Tamarac announced that digital account-opening services for independent registered investment advisors (RIAs) are now widely available through TD Ameritrade Institutional and Schwab Advisor Services™, following a successful pilot.
RIAs that manage client accounts custodied with TD Ameritrade Institutional and/or Schwab Advisor Services can dramatically streamline the onboarding process by eliminating manual data entry for account openings. With this new integration, client account information can be auto-populated into the custodial platform directly from Tamarac Reporting, Envestnet’s award winning portfolio management solution for RIAs.
“This is a great example of Tamarac helping advisors deliver financial wellness to their clients,” said Andina Anderson, Executive Managing Director of Envestnet | Tamarac. “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.”
The automation and digitization of the account-opening process increases operational efficiency across the board for RIAs, custodians, and their investor clients by eliminating the need to manually enter information into multiple locations. The process also allows RIAs and clients to work directly through the Tamarac platform using e-signatures and a single sign-on to increase visibility into accounts with their custodian of choice.
The new integration will increase efficiencies for RIAs, allowing for an easier onboarding process, less time spent opening new accounts and fewer errors related to manual entry. The improved experience will be beneficial to clients as well, especially for millennials who have come to expect a quick and easy onboarding.
“The new account-opening process has been very well-received by both advisors and their clients,” said Anderson. “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. Since more of our clients are expecting an online and automated experience, this gives them a competitive edge.”
Tamarac is an open platform that is continually interested in best-in-class integrations. Looking forward, Tamarac is open to exploring similar functionalities working with other custodians to create automated account-opening processes.
More Press Releases Schedule a Demo