In a press release today, Schwab announced that it has added Tamarac, a division of Envestnet, Inc., to its Schwab Intelligent Integration™ initiative.
About a year and a half ago, Schwab announced its first CRM partners for the initiative (see Junxure, Salesforce, Microsoft Dynamics Are The First Schwab Intelligent Integration Partners).
Back then, I predicted that Tamarac Advisor would be included in that list, saying:
It seems redundant at first to have included Tamarac Advisor CRM, as it is built on top of Microsoft Dynamics, but in my opinion, Tamarac Advisor CRM is substantially different from MS Dynamics as Tamarac has customized Dynamics’ out-of-the-box functionality to include data and fields relevant to wealth managers and financial advisers.
However, Tamarac was excluded from that first list of providers.
Now, it appears Schwab is compelled to work with Envestnet | Tamarac and officially support it under Schwab Intelligent Integration.
What’s interesting to note is that more than a year after selecting Microsoft Dynamics CRM as an integration partner, Schwab has yet to release a production Dynamics CRM solution to its advisor community.
Currently the company plans to roll out a pilot of Salentica CRM this summer. So with the addition of Envestnet | Tamarac, Schwab at least now has a viable Dynamics CRM offering in the form of Tamarac’s customized Advisor Xi platform.
