Schwab connects CRM to account opening for RIAs
The software fulfiills some of Schwab Intelligent Integration's promise without the fancy cross-wiring
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Fidelity will hire 4,000 staff in first half -- a staggering number but a tapering off from 'unprecedented' rate in 2021-2022 that catapulted it to 68,000 employees
The $10.3 trillion giant explains its hiring -- in a layoff environment -- as an RIA-like goal, namely having the human bandwidth to develop 'lifetime' relationships with its 40 million investors
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Fidelity Institutional looks like a big TAMP after Mike Durbin removes last internal walls between products and advisors after 'meteoric' 2019 leap; two Fido RIA sales legends depart amid the shift
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Junxure
CRM Software
Top Executive: Greg Friedman
Laser App Software
Document Management
Top Executive: Ed Beggs
Frederick Van Den Abbeel
Although I applaud Schwab for building the Laser App integration, this technology has been around for quite some time particularly in the Independent B/D space and other RIA custodians.
Some custodian firms have taken a further step with online account opening by introducing a truly paperless approach to new account creation and ACAT transfers. It appears based on this article Schwab has some more work to do from a technology front.
I commend all custody providers (both large and small) for investing in efficient systems to minimize the time it takes to establish accounts allowing the Advisor to fucus their energies elsewhere.
“Nearly 20% of all completed account applications are rejected, often due to missing data.” is quite inefficient.
Elmer Rich III
There is an interesting confidentiality question here. Are clients aware that Schwab has access to CRM data? Does this need to be fully disclosed with signed agreements from each client for it to happen? With all custodians?
If there is hacking of Schwab’s system is the advisor libel? Have these issues been addressed publicly anywhere?
We see a lot of unanswered quations.
