FPPad Bits and Bytes for June 26

On today’s broadcast, Schwab releases Institutional Intelligent Portfolios™ into the advisor marketplace, Advent rolls out a new advisor experience for Black Diamond, and TD Ameritrade Institutional assembles dozens of vendors in Chicago to help you move your business forward.

So get ready, FPPad Bits and Bytes begins now.

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Here are the links to this week’s top stories:

Schwab Institutional Intelligent Portfolios™ from Schwab.com,

Institutional Intelligent Portfolios™ ETF List: Evaluation and Selection from Schwab.com, and

Schwab Wealth Investment Advisory, Inc. Institutional Intelligent Portfolios™ Disclosure Brochure from Schwab.com

[This week’s top story comes from Schwab Advisor Services, as the company officially rolled out its Institutional Intelligent Portfolios™ solution to advisors that was first mentioned back in episode 158, which I will try to link right over here. One change of note is that Schwab increased the number of available ETFs to more than 450 from the original 200 announced back in March, but the platform fees remain unchanged.

So I looked into the disclosure materials and uncovered a few items that I think you should know. First, anytime a new client signs up, you, the advisor, are required to make a final decision to select a portfolio strategy for that client. Until you make that decision, your clients’ cash will be held in the sweep program.

Second, accounts over $50,000 are eligible for tax-loss harvesting, but hold on, you, the advisor, must use the software built in to Institutional Intelligent Portfolios™ to activate and implement the tax-loss harvesting strategy.

And third, at any time, clients can authorize you, the advisor, to suspend trading due to “market conditions” and then reactivate trading “when the Advisor decides it is appropriate to do so.”

So I don’t know about you, but this sounds like Institutional Intelligent Portfolios™ doesn’t really streamline any of your portfolio management activities, it may actually increase your workload a bit, which is ironic given the automated focus of the program. It’s definitely not a set-and-forget automated solution, and for this added workload in your business you’ll earn how much in new revenue? That’s what I thought.

And before I forget, Schwab says that the system “will not monitor the type and amount of capital gains” so you’ll have to manage that information in a separate solution, say Schwab Advisor Portfolio Connect or perhaps PortfolioCenter, if you want to report on the gains and losses in each client account. Oh, one more thing, as of today, the mobile app isn’t yet ready.

But to be fair, this is version 1.0 of the solution for advisor, so if anyone is listening out there, maybe you can get Schwab to acknowledge these opportunities to make Institutional Intelligent Portfolios™ an attractive technology solution for your business.]

Advent Debuts the All-New Black Diamond Wealth Platform for Advisors and Wealth Managers at AdventConnect 2015 from Advent.com

[Next up is news from Advent, as the company held AdventConnect, it’s annual advisor conference in Las Vegas last week. The company used the event to showcase the next generation Black Diamond® wealth platform, which was being called “BD3” during internal development.

Gone from the Black Diamond name are the Performance Reporting label and the old widgets and BlueSky titles, which is now being replaced by the wealth platform description that represents the radical refresh of the advisor experience.

The main advisor dashboard now uses tiles that you can customize based on the information you want at a glance, portfolio performance graphs are much more streamlined, report pages contain relevant portfolio data without being overly crowded and busy, and a presentation mode is now built in to give you a way to walk through reports while redacting confidential client data.

Advent also announced a new initiative called Black Diamond Link, which adds “bi-directional, workflow-oriented integrations” with a variety of third party technology providers, including MoneyGuidePro, AdvisoryWord, XLR8, Junxure Cloud, Advisors Assistant, and Redtail Technology.] On the heels of last year’s unveiling and this year’s rollout of the new Black Diamond® investor experience, Advent today showcased its next generation Black Diamond® wealth platform. The next generation platform which has been dubbed “BD3” by clients and the development team, as it represents the third generation of the Black Diamond® platform, has been a multi-month effort to redesign and reinvent Black Diamond® to go beyond its roots in performance reporting.

Technology Innovators Get High Marks for Maximizing Integrations for Independent Registered Investment Advisors from MarketWatch

[If integrations with best-in-breed solutions sounds familiar, that’s because TD Ameritrade Institutional offers a similar platform under Veo Open Access, Schwab Advisor Services offers OpenView Gateway, and Pershing announced its own API store just a few weeks ago.

And for custodian-agnostic integration providers, Orion Advisor Services has been offering integrations to their advisors for several years. Full disclosure, you should watch my first vlog about Orion. So Advent, welcome to the club!

Now speaking of integrations, I’m going to wrap up with news from TD Ameritrade Institutional, as the company held its 6th annual technology summit in Chicago this week for Veo Open Access integrated solution providers. The number of solution providers now stands at 91 representing over $300 billion in assets advised across all of the technology solutions.

I’m running out of time for this broadcast, and I made a vlog about my trip to the Tech Summit in Chicago, so just watch the vlog and you’ll be up to speed on how this custodian is helping advisors like you take their business to the next level.] To help independent registered investment advisors (“RIAs”) keep pace in an era of accelerating technology change, TD Ameritrade Institutional1 has pursued a unique strategy of collaboration, harnessing the innovative and cutting-edge work of an entire community of technology leaders through its Veo Open Access vendor network.


Watch FPPad Bits and Bytes for June 26, 2015

Watch FPPad Bits and Bytes for June 26, 2015


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