Envestnet Tamarac Announces Partnership With TD Ameritrade and Schwab Advisor Services

Envestnet | Tamarac announced new integrated systems with two major custodians, TD Ameritrade as well as Schwab Advisor Services, that will enable advisors to streamline the client on-boarding process by digitizing the account opening process.

RIAs that manage accounts with TD Ameritrade or Schwab Advisor Services will now be able to auto-fill client information using the Envestnet | 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, COO, 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.


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