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Schwab connects CRM to account opening for RIAs

The software fulfiills some of Schwab Intelligent Integration's promise without the fancy cross-wiring

Author Brooke Southall July 22, 2011 at 2:56 PM
Admin:
no description available
Mario Hernandez: In the future, clients will be able to electronically sign. We can electronically take it to Schwab rather than using FedEx or a fax.

Frederick Van Den Abbeel

Frederick Van Den Abbeel

July 22, 2011 — 5:07 PM

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

Elmer Rich III

July 22, 2011 — 8:51 PM

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.


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Mentioned in this article:

Junxure
CRM Software
Top Executive: Greg Friedman

Laser App Software
Document Management
Top Executive: Ed Beggs



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