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AdvisorEngine Finalizes Integration with Schwab

AdvisorEngine finalizes integration with Schwab

  • The integration of the two technologies is mutually beneficial, giving RIAs access to Schwab client data and AdvisorEngine's adviser toolbox.

Nicole Casperson-- (InvestmentNews) -- AdvisorEngine Inc. announced Tuesday its completed integration with Charles Schwab Corp.’s Advisor Center, giving thousands of registered investment advisers access to Schwab client data as part of AdvisorEngine’s wealthtech platform.

The integration also gives Schwab advisers access to AdvisorEngine’s proposal generation, client profiling, digital account opening, portfolio reporting, trading and rebalancing tools, fee billing, white-label client portal and the Junxure client-relationship management software.

The fintech consolidates these advisory tools into a single account, providing a toolbox of white-label digital advice tech for advisers. AdvisorEngine is used by more than 1,200 wealth management firms in the U.S. that manage $600 billion of assets.

The integration works by connecting data and practice management workflows between the two platforms to make client onboarding easier. The intent is to provide both a traditional adviser-led experience and a robo-style experience, according to the announcement.

Moreover, the integration is expected to reduce advisers’ not-in-good-order rates thanks to digital account opening. A document is considered “not in good order” when it is submitted with missing or inaccurate information, and advisers are able to drop error rates from 30% to low single-digits with digital accounts, according to Schwab.

The final piece of the integration provides real-time Schwab alerts presented through AdvisorEngine to give users updated status information while guiding them through next steps.

Today, innovations in technology are front and center as advisers transition to financial planning as their business model for attracting more assets. Advisory firms are aiming to build their tech stacks beyond basic tools with an eye toward more integration and automation.

In that light, RIA firms are evaluating technology stack upgrades, according to Schwab Advisor Services’ 2020 Independent Advisor Outlook Study. In fact, 71% of advisory firms made new technology investments last year with top-performing firms investing more aggressively across digital touchpoints.

“We are working more closely together than ever before, and the product teams are using a thoughtful and organized approach to support our mutual clients,” said Rich Cancro, AdvisorEngine CEO. “This brings a new level of customization for advisors seeking a modern and comprehensive practice management solution that is also truly open architecture."

Franklin Templeton Investments purchased AdvisorEngine in May 2020, which has enabled the firm to keep up with other global asset management firms, like BlackRock Inc. and Invesco Ltd., that have made similar purchases for digital wealth management technology in recent years, and have used those purchases as distribution channels for their funds with varying degrees of success.


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