Envestnet | Tamarac Announces Fully Digital Client Account-Opening With TD Ameritrade Institutional and Schwab Advisor Services
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,
"This is a great example of Tamarac helping advisors deliver financial wellness to their clients," said
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.
About TD Ameritrade Institutional
TD Ameritrade Institutional empowers more than 7,000 independent registered investment advisors to transform the lives of their clients. It provides powerful technology and resources that help simplify running a business and let advisors spend more time doing what matters most — serving their clients. Through meaningful innovation, steadfast advocacy and unwavering service, TD Ameritrade Institutional supports RIAs as they build businesses that positively impact their clients and communities. TD Ameritrade Institutional is a division of
Schwab Advisor Services™ serves independent investment advisors and includes the custody, trading, and support of Schwab. Independent investment advisors are not owned by, affiliated with, or supervised by Schwab.
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