CHICAGO, Sept. 20, 2018 /PRNewswire/ -- Envestnet | Tamarac
(www.tamaracinc.com) announced new integrated systems
with two major custodians, TD Ameritrade and Schwab Advisor Services, that will enable advisors to streamline the client
onboarding process by digitizing the account opening process. Registered independent advisors (RIAs) that manage accounts with TD
Ameritrade or Schwab Advisor Services will now be able to auto-fill client information using the Tamarac platform to dramatically
improve the account opening process.
"We are excited to work with TD Ameritrade and Schwab Advisor Services on this venture that will undoubtedly improve
efficiencies for RIAs as well as provide enhanced convenience for their clients," said Stuart
DePina, president, Envestnet | Tamarac. "This advancement is part of our ongoing roadmap designed to automate
time-consuming processes, such as client onboarding, and allow RIAs to focus on higher-value activities such as building client
relationships and holistic financial planning."
The account opening integration is currently being piloted with both custodians, and pulls in client information from Tamarac
to pre-populate available details needed to open accounts with TD Ameritrade and Schwab Advisor Services. Both custodians will be
the first to officially offer digital account opening of this kind to the marketplace using the Tamarac platform.
The automation and digitization of the account opening process increases operational efficiency across the board for RIAs,
custodians, and mutual clients by eliminating the need to manually populate information into multiple locations, a historically
tedious and repetitive process. 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 and less time spent opening
new accounts. Advisors and clients at all financial levels, from millennials to ultra-high net-worth individuals, will benefit
from less paperwork and a smoother process.
"Our experience with the new account-opening process has been very positive," said Eric Sontag,
Chief Operating Officer, Managing Director of Sontag Advisory, LLC. "The single point of data entry makes a tremendous difference
in time and accuracy so that a laborious process that used to take many hours or even days now takes only a few minutes."
This is the latest integration between Tamarac and these custodian partners as the company moves toward additional automated
processes intended to ease the investment process for both RIAs and their clients, including proposal generation, risk tolerance
questionnaire, and integrations financial planning capabilities.
About TD Ameritrade Institutional
TD Ameritrade Institutional empowers more than 6,000 independent registered investment advisors (RIAs) to transform the lives
of their clients. We provide powerful technology and resources that help simplify running a business and let advisors do more of
what matters most — spend time serving their clients. Through meaningful innovation, steadfast advocacy and unwavering service,
we support RIAs as they build businesses that positively impact their clients and communities. TD Ameritrade Institutional is a division of TD Ameritrade, Inc., member
FINRA/SIPC, a brokerage subsidiary of TD Ameritrade Holding Corporation.
About Charles Schwab
At Charles Schwab we believe in the power of investing to help individuals create a
better tomorrow. We have a history of challenging the status quo in our industry, innovating in ways that benefit investors and
the advisors and employers who serve them, and championing our clients' goals with passion and integrity.
More information is available at www.aboutschwab.com.
Follow us on Twitter, Facebook, YouTube and LinkedIn.
About Envestnet
Envestnet, Inc. (NYSE: ENV) is a leading provider of intelligent systems for wealth management and financial wellness.
Envestnet's unified technology enhances advisor productivity and strengthens the wealth management process. Envestnet empowers
enterprises and advisors to more fully understand their clients and deliver better outcomes.
Envestnet enables financial advisors to better manage client outcomes and strengthen their practices. Institutional-quality
research and advanced portfolio solutions are provided through Envestnet | PMC, our Portfolio Management Consultants group.
Envestnet | Yodlee is a leading data aggregation and data analytics platform powering dynamic, cloud-based innovation for digital
financial services. Envestnet | Tamarac provides leading rebalancing, reporting, and practice management software for advisors.
Envestnet | Retirement Solutions provides retirement advisors with an integrated platform that combines leading practice
management technology, research and due diligence, data aggregation, compliance tools, fiduciary solutions and intelligent
managed account solutions.
More than 87,000 advisors and 3,000 companies including: 16 of the 20 largest U.S. banks, 43 of the 50 largest wealth
management and brokerage firms, over 500 of the largest Registered Investment Advisors, and hundreds of Internet services
companies, leverage Envestnet technology and services. Envestnet solutions enhance knowledge of the client, accelerate client
on-boarding, improve client digital experiences, and help drive better outcomes for enterprises, advisors, and their clients.
For more information about Envestnet | Tamarac, please visit www.tamaracinc.com and follow @TamaracInc.
Media Contact:
Brooke Worden
Weber Shandwick
612.308.6975
bworden@webershandwick.com
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