2 weeks Ago By Timothy Alexander
BERWYN, PA — Envestnet has introduced a set of advanced custodial tools in its Tamarac CRM platform designed to optimize workflows for advisors managing Schwab accounts. These updates reflect Envestnet’s ongoing commitment to enhancing the advisor experience, strengthening its integration with Schwab Advisor Services, and empowering Registered Investment Advisers (RIAs) to deliver greater value to their clients. The newly unveiled features underscore Envestnet’s mission to streamline processes for advisors by integrating key tools and functionalities directly into the Tamarac CRM system.
This marks a significant progression for advisors who depend on Schwab as their custodian, enabling them to focus more energy on client relationships and long-term growth strategies. “Supporting the needs of advisors is our top priority,” stated Molly Weiss, Group President of Wealth Management Platform at Envestnet. “These new features enhance the Tamarac CRM solution, empowering advisors with Schwab custody clients to further streamline their processes and focus on what truly matters: their clients.
Our robust relationship with Schwab not only strengthens our custodial integration but also allows us to continuously innovate within our ecosystem, optimizing workflows and driving advisor growth and productivity.” Among the key updates to the Tamarac CRM platform are several features aimed at improving efficiency and client service. Service Request Integration : Advisors can now submit Schwab service requests directly from the Tamarac CRM platform.
This secure integration allows for the efficient transmission of forms and documentation, reducing errors and expediting processing times. Alerts and Status Updates : The platform offers real-time alerts for client activity, such as money movements and digital account openings. Advisors can also track the status of various service requests, equipping them with timely insights to address client needs proactively.
Move Money Single Sign-On : A single sign-on function connects advisors to Schwab’s Move Money Tool, enabling seamless internal transfers, ACH transactions, and wire requests. The feature also simplifies client approval of transactions, enhancing the overall experience for both advisors and their clients. These innovative features represent a forward-thinking approach to custodial integration, combining operational efficiency with enhanced client engagement.
“At Charles Schwab, we believe in the power of collaboration to elevate the advisor-client experience, and we greatly value our long-lasting and ongoing relationship with Envestnet,” said Alison Dooher, Head of Schwab Digital Advisor Solutions. “This represents a significant step forward in our shared commitment to empowering advisors with innovative tools.” The collaboration between Envestnet and Schwab Advisor Services highlights a mutual dedication to driving efficiency and innovation within the wealth management industry.
By introducing these updates, Envestnet enhances its position as a leader in financial technology while fostering an environment that encourages growth and productivity for advisors. With the release of these new features, Envestnet aims to deepen its impact on the advisor community, delivering tools that support modern best practices and create meaningful improvements in client interactions. Through this partnership, Envestnet and Schwab remain committed to shaping a more dynamic, competitive, and client-focused future for wealth management.
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