Thousands of financial advisors are hitting Boston this week for Charles Schwab Advisors Services’ annual IMPACT conference, which kicks off Tuesday.
Cybersecurity, “big data,” and technology will all be major themes, and not just because Schwab made a leap into the world of automated investment advice in March. As one of the largest events in the industry, most of the big names in wealth management technology will be there to show off new products, announce partnerships and integrations, and demonstrate their services to advisors.
“The content for advisors this year reflects the realities of today’s RIA firms, many of whom are at an important intersection between managing current growth and success, and identifying a need to evolve in order to capture the significant growth opportunities that lie ahead,” said Jonathan Beatty, Schwab’s senior vice president of sales and relationship management.
Quovo Partners With Schwab
Quovo announced Monday that its data aggregation services would be available on Schwab Performance Technologies, an open-architecture platform that lets advisors manage clients across multiple custodians and third-party applications.
Advisors using SPT can now use Quovo to manage assets across thousands of institutions and account types including banking, credit card, retirement, self-directed brokerages, annuities and insurance.
“Data aggregation is increasingly important in helping advisors easily and efficiently capture the entire financial picture of their clients – and more effectively provide the type of service their client expect,” said Brian Shenson, a vice president of advisor technology solutions at Schwab.
Salentica, a CRM and document management company, will be at IMPACT to introduce a new integration with Schwab OpenView Gateway that lets Salentica users access Schwab custody data to create account alerts, balances, positions and account details.
Salentica uses data to trigger automated events within the CRM dashboard, such as a workflow or a particular account view. As soon as an event affects a client account, Schwab Alerts will show advisors what action they need to take.
Smart-RIA, a financial technology software company from Knoxville, Tenn., launched a new automated compliance tool for RIAs and compliance officers called Advisor Alert. The cloud-based software helps advisors prepare for audits and notifies them automatically if they are missing documentation.
Advisor Alert also has an integrated calendar that automatically updates advisors on compliance requirements they must adhere to. The tool also shows compliance officers what tasks aren’t being completed and by whom. Smart-RIA said it is designed to integrate with an advisor’s existing CRM system.
At IMPACT, Smart-RIA will also demonstrate FA Practice Builder, a practice management tool and simple CRM with a focus on compliance.
In addition to these announcements, RedBlack, a rebalancing software provider, will be introducing new capabilities for its technology at the conference. Advizr, a financial planning software company, will also be announcing a new integration with Schwab.