The AdvisorEngine Blog

How technology integrations help financial advisors up their game

Written by Ned Dane | Jul 17, 2024 1:56:35 PM

We all know technology is pivotal in streamlining operations, enhancing client engagement, and driving overall efficiency within the wealth management industry.

One notable integration transforming how advisors manage their practices is the seamless collaboration between AdvisorEngine® and Charles Schwab. Our powerful partnership offers financial advisors a comprehensive suite of tools and resources to deliver unparalleled value to their clients while optimizing their practice management workflows. 

If your clients maintain assets with Schwab, here is how you can maximize your technology game by using AdvisorEngine to revolutionize your financial advisory experience.

Streamlined account management

One of the primary benefits of the AdvisorEngine-Charles Schwab integration is the seamless synchronization of client account data. 

Through this integration, advisors gain access to real-time account information, including holdings, transactions and performance metrics, directly within the AdvisorEngine platform. This streamlined account management process eliminates the need for manual data entry and reconciliation, saving advisors valuable time and reducing the risk of errors. 

By consolidating client information in one centralized dashboard, advisors can gain a comprehensive view of their clients' financial portfolios, enabling more informed decision-making and proactive portfolio management.

Comprehensive digital onboarding

Schwab’s enhanced digital client onboarding includes a wide range of account types, including Trusts, IRA, Rollover IRA, Roth IRA, individual and joint accounts.

Within AdvisorEngine’s platform, all actions needed to onboard clients – profiling client risk tolerance, assigning models, creating an investment policy statement, document signing and delivery, cash movement and asset transfers – can be completed in a single, simplified digital workflow. Users do not need to move between different applications or enter information multiple times. 

Traditional account opening and funding involves paper forms and creates time-consuming hurdles that frustrate clients and advisors alike. 

This new digital solution addresses these major pain points and brings benefits including reduced not-in-good-order (NIGO) rates and increased operational clarity through status alerts and business intelligence dashboards.

Enhanced client communication

Effective communication is key to building and maintaining strong client relationships. 

With the AdvisorEngine-Charles Schwab integration, advisors can leverage automated communication tools to engage with clients in a more personalized and timely manner. Advisors can keep clients informed about important account updates, market insights, and financial planning strategies through customizable email templates, newsletters, and automated alerts. 

Additionally, the integration enables advisors to securely share documents and reports with clients directly through the AdvisorEngine platform, fostering transparency and strengthening trust.

Importantly, advisors have flexibility in how they collaborate with clients. Through mobile devices, tablets or desktop computers, advisors or their clients can enter new account information, money movement and account transfer instructions. Advisors’ clients can digitally sign through eAuthorization technology. Users do not need to move between different applications or duplicate entry of information.

Seamless trading and rebalancing

Efficient portfolio management is essential for achieving clients' investment objectives while mitigating risk. 

The integration between AdvisorEngine and Charles Schwab facilitates seamless trading and rebalancing workflows, empowering advisors to execute trades and easily implement portfolio changes. Advisors can leverage robust third-party trading algorithms and rebalancing tools within the AdvisorEngine platform to optimize asset allocations, minimize drift, and maintain portfolio alignment with clients' goals and risk tolerance. 

Furthermore, the integration offers direct connectivity to Charles Schwab's trading platform, iRebal®. This enables advisors to execute trades swiftly and efficiently, maximizing investment opportunities and minimizing trading costs.

Comprehensive reporting and analytics

In today's data-driven environment, access to actionable insights is paramount for guiding informed decision-making and demonstrating value to clients. 

The AdvisorEngine-Charles Schwab integration provides advisors with robust reporting and analytics capabilities, allowing them to generate customizable performance reports, asset allocation summaries and client-specific dashboards. 

Advisors can leverage advanced analytics tools to analyze portfolio performance, assess risk exposure, and identify opportunities for optimization. Additionally, the integration offers seamless data aggregation from Charles Schwab accounts. It enables advisors to gain a holistic view of their client's financial profiles and deliver tailored recommendations that align with their unique needs and objectives.

Putting it all together

The integration between AdvisorEngine and Charles Schwab represents a significant advancement in financial advisory technology. It empowers advisors to streamline their operations, enhance client communication, and deliver superior value to their clients. 

By leveraging the synergies between these two platforms, advisors can elevate their practice management capabilities, deepen client relationships and ultimately achieve greater success in today's competitive marketplace. 

As technology continues to reshape the financial advisory landscape, the AdvisorEngine-Charles Schwab integration stands as a testament to the transformative power of innovation in driving positive outcomes for advisors and their clients alike.

iRebal® is a technology offering of Schwab. Rebalancing does not protect against losses or guarantee that an investor's goals will be met. Market volatility, volume, and system availability may delay account access and trade executions.