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Waddell & Reed, Inc. Boosts Technology Platform

DPST | February 4, 2019

Waddell & Reed, Inc. Boosts Technology Platform

Thomson ONE agreement will bolster advisor access to data, streamline technology connections

As it advances initiatives to build a stronger technology platform for its affiliated advisors, Waddell & Reed, Inc. recently signed an agreement with Refinitiv (formerly the Financial and Risk business of Thomson Reuters) to deploy the Thomson ONE advisor desktop solution as the first of many steps toward streamlining advisors’ experience and technology access.

Thomson ONE is an industry-leading application that will connect through one desktop solution several of the firm’s existing financial services technology partners – including Albridge Solutions, eMoney, Envestnet and Pershing NetX360 – along with new providers that the firm anticipates announcing later this year.

“Adding Thomson ONE is an important step for our advisors, as it creates the hub that brings all of our data and tools together in a desktop workspace,” said Shawn Mihal, president of Waddell & Reed, Inc. “It provides easy, single-sign-on access, simplifies technology connectivity, integrates client data in one place and allows advisors to focus on what they do best: managing client relationships and building their practice.”

Mihal noted that this is the first of many steps in the strategic evolution of the Waddell & Reed broker-dealer, as announced in November, collectively focused on technological enhancements, product expansion and broadening advisor support as the firm moves toward an industry-standard model. The broker-dealer is one of the pioneers of the planning industry, founded more than 80 years ago, and today is a subsidiary of parent firm Waddell & Reed Financial, Inc. (NYSE:WDR).

“Improving the advisor experience and delivering seamless integration across multiple applications has become a growing challenge for many firms,” said Marika Vilen, global head of Advisor Solutions at Refinitiv. “We are very excited to partner with Waddell & Reed to help improve advisor productivity and provide their advisors with our industry-leading desktop solution. Combined with Waddell & Reed’s technology partners, we look forward to helping advisors provide greater insights to their client relationships as well as enhance recruitment and retention for Waddell & Reed.”

Ultimately, the deployment of Thomson ONE not only brings access to a range of data and services -- including client, product, processing, even compensation – but also is scalable, allowing the capture of added applications in the future.

“We’re aggressively looking forward as we identify ways to enhance, simplify and integrate our business operations,” said Mihal. “Our goal is to not only directly support our skilled network of advisors -- while attracting other like-minded, experienced advisors -- but also to help them build their businesses the way they think best, supported by effective, simple technology and access to the information they need every day.”

Thomson ONE is an integrated front-to-back office workflow solution widely utilized by wealth firms in North America. It gives wealth advisors the depth and breadth of news, research, and data they need to build, reinforce, and strengthen client relationships. Learn about Thomson ONE here.

About Waddell & Reed

Founded in 1937, Waddell & Reed, Inc. is one of the oldest financial planning firms in the U.S., providing total planning services to clients throughout the United States through a network of independent financial advisors. It is a subsidiary of Waddell & Reed Financial, Inc. (NYSE: WDR).