Charles Schwab, eMoney and InvestCloud all targeted different parts of an advisor’s workflow in a series of new product and tool releases this week. Read on to get the lowdown:
eMoney intros marketing tool
eMoney Advisor is rolling out a new automated marketing function for advisors who use its software.
The firm said the new feature, part of its advisor branded marketing (ABM) tool, would allow advisors to automatically launch marketing campaigns to help generate lists of new potential clients.
‘Marketing to new clients is a massive undertaking for advisors, but this challenge is also a tremendous opportunity if they leverage the right resources,’ eMoney head of product Jess Liberi said in a statement. ‘ABM is part of eMoney’s continued commitment to empowering financial advisors with technology that helps them deliver an exceptional client experience.’
Backed by Fidelity, eMoney is best known for its financial planning software suite. However, there is precedent for advisor tech firms to expand their reach into automated marketing campaigns. In 2017, RIA customer relationship management (CRM) software firm Redtail integrated with AdvisoryWorld’s Acquire, a lead generation tool designed to convert a firm’s website visitors into potential leads.
Schwab adds digital practice management programs for small RIAs
Charles Schwab is rolling out a line of virtual practice management programs for its RIA custodial clients.
The firm said that the on-demand content and programs would be geared towards smaller advisors on its platform and are designed to be a stand-in for conferences and seminars.
Industry analysts have expressed concern that Schwab will cut back on services for smaller RIAs. Schwab typically manages its relationships with smaller firms through a call center instead of a dedicated relationship manager.
There are around 4,500 advisors currently on the Schwab platform who manage less than $100m.
‘We love our larger advisors, too, but I think it’s interesting that somehow there’s been a perception created in the industry that we don’t share that love for smaller advisors,’ Schwab Advisor Services senior vice president Tom Bradley told Citywire in a February interview. ‘One of my first tasks will be to squash that and to show just how much we really love — and how good a business it is for us to be in the business of — servicing smaller firms.’
Bradley, formerly the head of TD Ameritrade’s RIA custody and retail businesses, is responsible for managing Schwab’s relationships with RIAs that have less than $100m in assets under management. His hire was viewed by industry observers as an olive branch to the small RIAs who will be joining Schwab’s custody program once its acquisition of TD Ameritrade closes in the second half of 2020.
InvestCloud launches end-to-end tech stack for RIAs
InvestCloud is rolling out a new comprehensive front-to-back-end tech platform for RIAs and turnkey asset management programs (Tamps).
Dubbed ‘InvestCloud White,’ the new platform will offer RIAs and Tamps access to features including performance reporting, portfolio construction and rebalancing, and client communication and tax optimization tools.
‘This is a product that serves a real market need – wealth managers and RIAs are spending far too much time and money managing dozens of different and outdated pieces of expensive technology that are poorly integrated and provide inflexible information,’ InvestCloud chief executive John Wise said in a statement.
InvestCloud consists of a number of color-coded product offerings – InvestCloud Blue, InvestCloud Orange, InvestCloud Black and InvestCloud Green – each of which assists an advisor with a given task. Blue manages client communication and Orange manages data aggregation, while Black manages performance reporting and Green manages trade processing and accounting.
InvestCloud White is a combination of all four of its existing color-coded offerings.
‘The launch of InvestCloud White marks a new opportunity for our clients to instantly gain access to our hundreds of hyper modular apps, with a complete front to back turnkey solution,’ said Yaela Shamberg, InvestCloud’s chief product officer.
InvestCloud works with around 700 clients that have around $2tn in assets.