Schwab Advisor Services Archives - Page 3 of 6

FPPad Bits and Bytes for February 28

Posted on February 28, 2014 by Bill Winterberg in Bits & Bytes

On today’s broadcast, iPhone and iPad users on high alert; what you need to do right now to fix a huge security flaw, how Schwab Advisor Services plans to give thousands of advisors a presence in the popular app stores, and what’s the next hot technology you might see coming from the industry’s largest independent broker-dealer?

So get ready, FPPad Bits and Bytes begins now.

(Watch FPPad Bits and Bytes on YouTube)

Today’s episode is brought to you by Redtail Technology, providers of cloud-based CRM for financial professionals since 2003.

Check out their popular CRM, document imaging, and complaint email solutions and sign up for a 30-day free trial by visiting fppad.com/redtail.

Behind iPhone’s Critical Security Bug, a Single Bad ‘Goto’ from Wired, and

Apple Patches Critical OS X ‘Gotofail’ Security Hole from PC Magazine

[This week’s top story is for all of you who use iPhones and iPads in your business. In case you haven’t heard, Apple quietly rolled out a new update to iOS this week to patch a critical flaw in the way secure Internet connections are handled.

It’s been dubbed the “gotofail” flaw, as the operating system’s source code had an inadvertent goto command, essentially bypassing the final steps in the security authentication process.

So what you need to do right now is to turn on your device, open the Settings app, tap General, and then tap Software Update to start the download process. The same bug also affects Mac users, so be sure to perform a Software Update on your Mac to patch this security hole.] Like everything else on the iPhone, the critical crypto flaw announced in iOS 7 yesterday turns out to be a study in simplicity and elegant design: a single spurious “goto” in one part of Apple’s authentication code that accidentally bypasses the rest of it.

Schwab OpenView Mobile launches, allows RIAs to create branded mobile apps for iOS and Android from FPPad

[Next up is another story about mobile devices, only this one comes from Schwab Advisor Services. In a press release this week, Schwab announced that it officially rolled out Schwab OpenView Mobile, a service that allows advisors to publish native mobile apps branded for their business. Schwab OpenView Mobile lets advisors perform limited customization of things like logos, contact details, and color schemes and publish the app in the iTunes App Store as well as Google Play.

But Schwab isn’t the first to offer custom branded apps for advisors, as both Orion Advisor Services and Trust Company of America have both been offering this service to their clients for several years at no additional charge. The Faulkner Media Group also publishes branded mobile apps for advisors at a reasonable price.

But for a cost of of $5,000 up front plus $2,000 in annual maintenance, Schwab OpenView Mobile might prove to be a bit too expensive relative to the other third party app solutions currently on the market. I’ll come back in a few months to report on the overall adoption of OpenView Mobile by Schwab’s advisors, so stay tuned.] Schwab OpenView Mobile officially launches, allowing RIAs to publish branded mobile apps to the iTunes App Store and Google Play

LPL Financial to deploy Microsoft Lync for enterprise messaging from Twitter

[And finally, wrapping up this week’s broadcast is a little inside information on how LPL Financial hopes to make its advisors a bit more efficient when collaborating with the home office. According to my sources, aka a tweet from Jamie Cox, LPL will soon be deploying an instant messaging and video chat service from Microsoft called Lync.

Now I know several RIAs have been experimenting with collaboration platforms like Yammer, Google Chat, and Salesforce Chatter, but this is the first I’ve heard of an independent broker’s plans to roll out an enterprise-wide messaging app. Retail pricing for Lync is $2 per user per month, but I don’t have details on what the final cost will be to LPL representatives, if any.
While the apps might seem a little funky at first, it’s clear that realtime messaging and collaboration is really gaining momentum in the enterprise, so if you aren’t at least experimenting with some of these apps, you might want to put them on your technology roadmap for this year.]

@BillWinterberg @LPL will eventually r/o Lync to advisers—but no small office is likely to choose lync IMO when iMessage/gchat are free

— Jamie Cox (@jamesacoxiii) February 25, 2014

Watch FPPad Bits and Bytes for February 28, 2014

Schwab OpenView Mobile launches, allows RIAs to create branded mobile apps for iOS and Android

Posted on February 24, 2014 by Bill Winterberg in Technology

Balasa Dinverno Foltz LLC is one of the first RIAs to publish a branded mobile app using Schwab Advisor Services’ Schwab OpenView Mobile platform. Image credit: Apple iTunes

Schwab OpenView Mobile officially launches, allowing RIAs to publish branded mobile apps to the iTunes App Store and Google Play

Note: An earlier version of this story indicated Schwab Advisor Services was the first investment custodian to provide custom mobile apps to its advisor clients. Trust Company of America has been publishing custom adviser-branded mobile apps for end client use since September 2012.

Initially announced at Schwab IMPACT 2013 (see: Schwab IMPACT 2013 Report: All the technology trends advisers can’t miss), Schwab Advisor Services has officially launched its Schwab OpenView Mobile platform.

Schwab OpenView Mobile allows RIAs who custody with Schwab Advisor Services to customize and publish mobile apps compatible with iOS and Android devices.

While not the first custom branded mobile app solution for advisers, OpenView Mobile becomes one of the few investment custodians that allows advisers to brand apps specifically for their advisory firm, with Trust Company of America being another. While Fidelity Institutional Wealth Services, Pershing, LLC, and TD Ameritrade Institutional all have mobile apps advisors can use to view client account information, none yet allow advisers to brand the app for use by end clients.

“Must-Have” Technology

“Mobile technology is a must-have for adviser firms looking to grow and build relationships – both with today’s clients and with the next generation – because it allows the adviser to deliver the ‘know me’, anywhere, anytime service clients expect,” said Neesha Hathi, senior vice president, Advisor Technology Solutions, Schwab Advisor Services, in a press release.

A quick search of the iTunes App Store shows that Balasa Dinverno Foltz LLC is one of the first RIAs to publish the app using Schwab OpenView Mobile.

“The creation of a branded app for our firm provides us with a tremendous opportunity to connect with clients through their mobile devices,” said Mark Balasa, Co-CEO and CIO at wealth management firm Balasa, Dinverno and Foltz, LLC in today’s press release.

Not the First

While they definitely help increase an RIAs profile in a crowded market, branded mobile apps are nothing new.

FPPad readers should be familiar with branded mobile apps available from several providers including Orion Advisor Services, Retire Logix from Oltis Software, LLC, and Boulevard R.

In fact, Orion Advisor Services’ app is in its second full iteration, as it has been more than three years since the company first introduced support for branded mobile apps for its RIA clients (watch FPPad Bits and Bytes coverage of version 2.0 of the Orion Advisor Services app below)

Nevertheless, the stakes for capturing clients’ attention continue to rise, as increased competition means more RIAs and financial services providers are fighting for attention and visibility on the next frontier: clients’ mobile devices.

How well will Schwab’s OpenView Mobile program push RIAs into the mobile device frontier for client collaboration? We will have a better idea after the first several months based on adoption by RIAs and stats on total downloads by end clients.

$5,000 Up Front, $2,000 Annually

How much will it cost RIAs to publish branded apps using Schwab OpenView Mobile?

Pricing details were not announced at IMPACT 2013, nor were they disclosed along with the press release about the platform’s launch.

But in a tweet today, Joel Bruckenstein offered pricing details on OpenView Mobile:

Schwab rolls out program to build custom mobile apps for their advisors. One time $5,000 fee plus $2,000 annually.

— Joel Bruckenstein (@FinTechie) February 24, 2014

That’s certainly an expense that will be judged very carefully by many RIAs, given that a wide range of app development options exist for a fraction of the price.

For comparison, note that Orion Advisor Services offers a branded mobile app for its adviser clients at no additional cost.

App Alternatives

A quick Google search revealed one template-based tool called iBuildApp, and for $799/year, one gets all the bells and whistles of publishing an app complete with screens for contact information, blog feeds, video lists, and event listings.

Granted, one BIG difference between OpenView Mobile and all the other third-party app platforms is the ability of OpenView Mobile to show daily client account balances from their Schwab accounts in the app.

So you decide: if you need to give your clients the ability to check their Schwab account values from within your branded mobile app, then OpenView Mobile is your solution.

Use this link to read the full press release at BusinessWire.com.

FPPad Bits and Bytes for December 6

Posted on December 6, 2013 by Bill Winterberg in Bits & Bytes

On this week’s broadcast, learn the hits and misses from the year’s most anticipated advisor technology survey, the pending termination of several financial planning software products catches advisors off guard, how the leading independent custodians are stepping up their technology, and more.

So get ready, FPPad Bits and Bytes begins now!

(watch FPPad Bits and Bytes on YouTube)

This week’s episode is brought to you by Angie Herbers Incorporated, a consulting and research company to financial advisory firms, who just released a new white paper called Take Two: The New Direction of Succession that addresses the key elements to create a successful transition to your junior advisors.

Download the Take Two white paper for free, along with other practice management resources, by visiting fppad.com/ahi

Here are this week’s top stories:

Tech Survey 2013: What’s New iIn Advisor Tech? from Financial-Planning.com

[Leading off as the top story is one of the most anticipated technology articles that comes out every year. The first of December marks the release of the annual Financial Planning Magazine Technology Survey, where Joel Bruckenstein digests over 1,100 responses about the various software programs and practice management tools used by financial advisors today.

So who are the winners and losers from this year’s survey?

Redtail Technology, Salesforce, and Tamarac Advisor CRM are the winners among CRM software, as advisors continue to embrace cloud-based technology, with slippage coming from Junxure, ProTracker, ACT, and Goldmine.

In financial planning software, this year’s results are essentially a carbon copy of last year’s survey, with MoneyGuidePro, eMoney, and MoneyTree claiming the top three spots.

And the same is true with portfolio management software, as the top 6 vendors are also a total repeat of last year’s results.

So who missed out on opportunities this year? The survey randomly selected new products from Blueleaf, inStream, and Market76, but found that few advisors had even heard of these relatively new players, which tells me that financial advisors, well, those who don’t watch Bits and Bytes, continue to be a challenging market for new providers to gain exposure.] The move to the cloud is finally taking place. In category after category of this year’s Financial Planning Tech Survey, we found software providers making the shift, and advisors responding.

NaviPlan financial planning desktop products to be discontinued from InvestmentNews

[The next story features news from Advicent Solutions, the company formerly known as Zywave, who provides a suite of financial planning software to advisors under the NaviPro brand.

In an unexpected announcement to some users, the company announced it will sunset six of its NaviPlan products on March 31, 2014, citing an “ever-changing marketplace.”

Going away will be all of the NaviPlan Extended and NaviPlan Standard desktop-based variants, making the cloud-based NaviPlan Premium and NaviPlan Profiles the sole applications that will receive ongoing support and enhancements in 2014 and beyond.

This news reinforces the trend of advisors adopting cloud-based solutions as seen in the Financial Planning Software Survey, so don’t be surprised when other providers announce the discontinuation of their own desktop-based software in favor of cloud-based alternatives.] NaviPlan financial planning products for desktop computers will be discontinued as the owner develops its NaviPro products for online use.

Plowing Ahead from FA-Mag.com

[Software providers aren’t the only ones making big changes in advisor technology, as four of the major custodians are also investing heavily in advisor-facing technology in a very competitive arms race. Once again, Joel Bruckenstein interviewed executives from Fidelity, Pershing, Schwab Advisor Services, and TD Ameritrade Institutional to reveal their strategies to help make advisors more efficient and more profitable through enhanced technology.

There’s a ton of great information in this article, so be sure to read it to see what your custodian is doing to help you grow your business.] Over the last several years, custodians have been investing in advisor-facing technology like never before.

Envestnet | Tamarac’s Advisor Xi(R) Platform Added To Pershing’s NetX360(R) Technology Channel from WSJ.com

[And finally, one company benefiting from custodian technology enhancements is Envestnet|Tamarac. This week, the company announced that its Advisor Xi suite will soon integrate directly with Pershing’s NetX360 custodial platform, giving advisors straight-through processing capabilities for trades in accounts held at Pershing, as well as access to real-time custodial account data.

The real-time data feeds will compliment existing integrations with Schwab and TD Ameritrade supported today, and expand straight-through processing trading capabilities announced at Schwab IMPACT several weeks ago.

Tamarac anticipates that the new integrations will roll out to its 660 firms during the first quarter of 2014.] Envestnet | Tamarac, a division of Envestnet, Inc., a leading provider of integrated, web-based portfolio and client management software for independent advisors and wealth managers, announced today that it has formally begun the integration of its Advisor Xi(R) platform into Pershing’s NetX360(R) custodial channel for investment professionals and Registered Investment Advisors (RIAs). Advisors will have access to this integration in the first half of 2014.

Watch FPPad Bits and Bytes for December 6, 2013

FPPad Bits and Bytes for November 22

Posted on November 22, 2013 by Bill Winterberg in Bits & Bytes

On this week’s broadcast, learn about new technology offerings from two of the top institutional custodians, a bold new workflow platform launches with the potential to revolutionize the way you use technology, and a new app is introduced to fill your prospecting funnel with qualified leads.

So get ready, FPPad Bits and Bytes begins now!

(Watch FPPad Bits and Bytes on YouTube)

This week’s episode of Bits and Bytes is brought to you by Total Rebalance Expert, the industry’s largest, privately owned portfolio rebalancing software provider.

Fresh off its acquisition of PowerAdvisor, TRX offers advisors tax-efficient rebalancing, an easy to use interface, and more, all at an affordable price. Learn how you can gain a half a million dollar return on your technology investment by downloading their latest white paper at fppad.com/trx

Here are this week’s top stories:

Schwab IMPACT 2013 Report: All the technology trends advisors can’t miss from FPPad

[This week’s top story comes from Schwab Advisor Services, who unveiled several technology initiatives at their annual Schwab IMPACT conference last week. Capitalizing on four technology trends of Big Data, Mobile, Cloud and Integration, Schwab’s Neesha Hathi announced the company is working on Project PM2, a completely new, cloud-based portfolio management software solution.

Hathi also said Schwab is piloting mobile app development for advisors called OpenView Mobile, giving advisors a white-labeled app in the popular app stores that clients can use to view their account information.

Project PM2 and OpenView Mobile just scratch the surface of all of the announcements made at IMPACT, so be sure to read the main story for all the details.] Schwab IMPACT 2013 kicked off its pinnacle event in Washington, D.C. this year with a big focus on the technology trends sure to change the financial services industry in the foreseeable future. Here are the most important technology announcements provided by various members of the executive team inside Schwab Advisor Services.

Pershing Enhances NetX360® Platform with Additional Third-Party Technology Integrations from PRNewswire

[Another custodian that just introduced new technology integrations is Pershing, who announced that its NetX360 platform now connects with portfolio rebalancing software from Blaze Portfolio and portfolio management software from Portfolio Pathway.

These new integrations will streamline the data import and export process between NetX360, which should increase the popularity of these programs among advisors who custody assets through Pershing.

In addition, Pershing’s account opening process should get a little bit smoother through the addition of Laser App form filling software, and advisors using SmartOffice CRM from Ebix will enjoy single sign-on access from their NetX360 dashboard.] Pershing LLC, a BNY Mellon company, today announced several enhancements to NetX360®, its technology platform for advisors. NetX360 now offers additional integrations with two popular portfolio management and rebalancing solutions – Blaze Portfolio and Portfolio Pathway. Also, as part of its client onboarding solution, NetX360 now provides Laser App® forms management and configuration tools. In addition to these integrations, users of the NetX360 can now directly access Ebix Smart Office customer relationship management (CRM) software via a single sign-on process.

Fox Financial Planning Network Unveils Industry-Disruptive Technology for Financial Services Sector with Intelligent Automation and Integration™ Software from PRNewswire

[Next up comes a development in workflow systems for financial advisors. For years I’ve struggled to answer the question of where an advisor’s workflow system should ultimately live. Should it be a part of CRM software, or perhaps a sophisticated document management program? Well the folks at the Fox Financial Planning Network believe the answer is neither.

Instead, they recently announced the introduction of a new middleware application called Genesis Smartware, a workflow solution that operates in the background of the key programs advisors use every day. Genesis Smartware does not replace CRM or document management workflow, but rather it complements the capabilities of existing systems by leveraging APIs and integrations to step through a series of complex workflow steps.

I believe the potential for this approach to workflow is huge, but look for Fox Financial Planning Network to take a measured approach to rolling out this platform to advisors because until now, you’ve never seen anything like it.] Fox Financial Planning Network (FFPN) announced today the availability of a revolutionary new middleware software application, Genesis Smartware™, which will facilitate sophisticated integrations between industry technology providers, streamline and automate many of the daily tasks involved in providing financial advisory services, and serve as an integration translator between older legacy and newer platforms for financial institutions.

Orion Advisor Services, LLC Releases New Discover App For Creating Customizable Online Client Questionnaires from PRNewswire

[And finally, in an effort to boost advisors’ online lead generation capabilities, Orion Advisor Services just released a new interactive app called Discover. The portfolio accounting service bureau and past sponsor of Bits and Bytes is branching out to help advisors cultivate leads and capture prospect information online. Discover is an online questionnaire that can be completely customized by advisors, and prospects who complete the questionnaire can receive insightful portfolio reports and scorecards through an integration with AdvisoryWorld.

Prospect contact information is routed automatically to Salesforce, with other CRM integrations coming soon, giving advisors better control and visibility into lead generation and management of their prospecting funnel. The Discover app is free for Orion’s existing customers, and pricing for all other advisors is still to be determined.] Orion Advisor Services, LLC, a premier portfolio accounting service provider, announced the release of Discover, an interactive app that allows RIAs to design their own unique online client questionnaires to capture and connect with prospects prior to their initial meetings.

Watch FPPad Bits and Bytes for November 22, 2013

Schwab Advisor Services’ Brian Shenson addresses PortfolioCenter Hosted, OpenView Gateway, and Integrated Office offerings for advisers

Posted on July 1, 2013 by Bill Winterberg in Video Spotlight

In this video spotlight interview, Brian Shenson, vice president of Advisor Technology Solutions for Schwab Advisor Services met with me to update Schwab’s progress on a number of technology initiatives.

(For details on last weeks’ Schwab Tech Talk conference call, read RIA technology updates from Schwab Advisor Services’ Tech Talk series.)

Brian Shenson, vice president, Advisor Technology Solutions for Schwab Advisor Services

PortfolioCenter Hosted

Clearly, Schwab Advisor Services recognizes the opportunity in offering advisers the ability to locate portions of their technology in the cloud.

The launch of PortfolioCenter Hosted, according to Shenson, is intended to simplify operations for advisers.

“We have over 3,500 advisers today relying on PortfolioCenter desktop, but they’re looking to simplify their operating model with cloud-based solutions,” said Shenson.

“PortfolioCenter Hosted allows [advisers] to have the same control and ownership of their data that they have today, but leverage Schwab’s backbone infrastructure to host their systems,” he added.

Schwab OpenView MarketSquare

I asked Shenson to elaborate on the resources Schwab provides when it comes to the various integrations supported by PortfolioCenter and other Schwab Intelligent Technologies’ resources.

Schwab OpenView MarketSquare is the latest resource Shenson highlighted to educate advisers on their technology purchase options.

“[OpenView MarketSquare is] not meant to replace other resources advisers rely on to learn about technology”, said Shenson, “but we think we have a unique opportunity to create voice to the adviser’s perspective on the technology they use to help inform other advisers before making that purchase decision for a particular technology.”

Schwab OpenView MarketSquare™ provides technology ratings and reviews, exclusively by and for advisors who custody with Schwab Advisor Services™

Visit Schwab OpenView MarketSquare online at http://www.schwabintelligenttechnologies.com/MarketSquare

OpenView Gateway versus Integrated Office

Finally, there still is confusion over the differences in the two primary back office offerings from Schwab Advisor Services, OpenView Gateway and the Integrated Office.

I asked Shenson to identify the type of advisory firm to which each solution is best suited.

“Many advisers have already made substantial investments in their technology infrastructure, and for them we wanted to work with best-of-breed providers and build integrations to those platforms. That is what we designed with OpenView Gateway,” said Shenson.

The alternate solution, Integrated Office, is a complete “office in a box” offering.

“Many advisers are looking for incredible simplicity in their operating model,” said Shenson.

“They’re looking to us as a provider to offer an integrated solution where all the pieces are designed to fit very well together. For them we offer the Integrated Office.”

(click to watch on YouTube)

FPPad Bits and Bytes for June 28

Posted on June 28, 2013 by Bill Winterberg in Bits & Bytes

2013 is half over. How much have you accomplished towards your technology goals?

And just like that, the first half of 2013 is over.

Remember the technology objectives you had when you entered the year? How have you fared on increasing efficiency and enhancing the service you deliver to clients?

If you’re not as far along as you had hoped, you still have 26 weeks to move ahead!

Here are this week’s stories of interest:

What I Learned from Getting Robbed: Part 2 from Advisortechbuzz.com

[This is the second update from Justin Unton from Commonwealth about the theft of his laptop and mobile devices. As an Apple user, he has several preexisting options for device recovery including updating his Apple ID with stolen device information and attempting to locate devices with the Find My iPhone app. Prey is also a clever app to install on your laptop which will try to contact the owner and send webcam photos of whoever is trying to access the laptop.] As I mentioned in the previous post, after getting robbed I was thankful I’d taken steps to protect the information stored on my electronic devices. Today, I’ll discuss a few specific security measures that served me well (and one that I wish I’d had in place).

RIA technology updates from Schwab Advisor Services’ Tech Talk series from FPPad

[Yes, I’m shamelessly promoting my own coverage of technology updates from Schwab Advisor Services. But let’s face it; you could read the PR-heavy press release, or read my review of the technology updates that matter to your business.] In a move to be more visible and transparent, Schwab Advisor Services launched a periodic series of conference calls called Tech Talk, featuring the latest updates on Schwab’s technology and related services for independent investment advisors.

Erado Announces Addition of Google Plus to Social Media Capturing Suite from Erado.com

[Erado continues to grow under the radar of most advisers, and that’s partly due to their success in cultivating new broker-dealer relationships. Now Erado becomes more attractive after recently adding Google Plus archiving (or Google+ which isn’t so press-release friendly) to their compliance suite.] Erado, the nation’s leading compliance and archiving firm in electronic communication, officially announces the newest addition to their Social Media Capturing suite, Google Plus.

Convenience or security: You can’t have both when it comes to Wi-Fi from TechRepublic.com

[Frequent Bits & Bytes readers might be tired of hearing about the risks of using public WiFi networks. For a refresher specific to you as a financial adviser, go read Why advisers can’t trust their clients anymore and How to secure mobile devices against “WiFi honeypots” here at FPPad. In this TechRepublic.com article, author Michael Kassner interviews an information security professional about how the risks of using public WiFi and what tools and programs to have in place to protect against hacking. But again, everything in the TechRepublic article has been covered for you in the two posts I provided as a refresher.] Open Wi-Fi networks can be a godsend when you need them. Michael P. Kassner interviews a network-security expert who explains why bad guys like them even more.

Schwab Advisor Services’ Neesha Hathi discusses innovation, differentiation, and pending technology rollouts

Posted on June 25, 2013 by Bill Winterberg in Video Spotlight

After spending several months on the road, spotlight video interviews are back!

Neesha Hathi is senior vice president of Advisor Technology Solutions at Charles Schwab and a member of the senior leadership team for Schwab Advisor Services.

I recently had the pleasure to sit down and speak with Neesha Hathi, senior vice president of Advisor Technology for Schwab Advisor Services, on a number of topics.

In this seven-minute video, Hathi highlights how Schwab is able to maintain its agility in innovation despite its large size as an organization.

For details on all of Schwab’s recent announcements, see RIA technology updates from Schwab Advisor Services’ Tech Talk series posted here yesterday.

Hathi also explains how Schwab Advisor Services has gathered extensive feedback from their advisors to enhance the web trading platform in use by thousands of firms everyday.

(click here to watch on YouTube)

RIA technology updates from Schwab Advisor Services’ Tech Talk series

Posted on June 24, 2013 by Bill Winterberg in Software, Technology

Neesha Hathi, Senior Vice President of Schwab Advisor Services

In a move to be more visible and transparent, Schwab Advisor Services launched a periodic series of conference calls called Tech Talk, featuring the latest updates on Schwab’s technology and related services for independent investment advisors.

Here are the most significant updates from the latest conference call held Monday June 24, featuring updates by Schwab Advisor Services Senior Vice President Neesha Hathi and Vice President Brian Shenson.

Schwab Intelligent Integration

Over 700 advisors are using some kind of solution from Schwab Intelligent Integration, which includes Schwab OpenView Gateway and Schwab Integrated Office. The Schwab OpenView Workflow Library (hey, I don’t choose the names for these solutions!!) is not included in the advisor count (see the next item).

The Schwab OpenView Workflow Library resources have been downloaded over 8,000 times with over 1,000 firms benefiting from the information.

New financial planning software integrations were announced, with Zywave’s NaviPro Planning Suite and PIEtech’s MoneyGuidePro to be added soon to Schwab OpenView Gateway. The integrations will allow financial profile and account information to be delivered from the custodial application to the planning software.

OpenView Gateway will also include the Envestnet|Tamarac Advisor Rebalancing® application. Here, too, advisors will be able to access Schwab’s custody data using the rebalancing application to evaluate and generate trade instructions to streamline portfolio rebalancing.

Move Money Directly from CRM

One of the features hinted by Hathi and Shenson is the ability advisors will soon have to initiate Move Money transactions directly from their CRM of choice.

Move Money requests have historically been restricted to the Schwab Advisor Services online custody platform or by placing a phone call to a service team. According to Shenson, Move Money from CRM will first appear in OpenView Gateway for all Salesforce CRM users, currently estimated to be roughly 200 advisory firms today. Soon after, Move Money will be made available to all Schwab OpenView Gateway CRM partners, which includes Junxure, Salentica, and Envestent|Tamarac.

PortfolioCenter Hosted Update

According to Hathi, roughly 40 advisory firms have contracts in place (which I take to mean not completely rolled out as of today) to use PortfolioCenter Hosted in their business.

Black Diamond Integration

Hathi also updated the Schwab OpenView Gateway integration with Black Diamond software from Advent Software, Inc. Black Diamond is in pilot testing with real time custody data, and is expected to reach general availability by the end of July 2013.

Web Trading

In one of the most eagerly anticipated updates, Hathi updated the status of the new web trading platform in Schwab Advisor Center. The new web trading layout will begin to roll out to select advisors in July 2013, with all of Schwab’s advisors using the new functionality by the end of the year. A preview of the layout is below.

A preview of the anticipated updates to the web trading interface from Schwab Advisor Services

OpenView MarketSquare

OpenView MarketSquare has been available to advisors for several months, and nearly 600 reviews are now available covering roughly 80 products used by advisors.

Mobile Initiatives

In response to a question submitted via Twitter, Hathi addressed coming changes in mobile initiatives from Schwab Advisor Services. Coming soon will be the ability for advisors to use the Schwab Advisor Center mobile app to conduct remote deposit of client checks.

Schwab’s retail customers have enjoyed remote deposit from the retail mobile app for well over a year, so finally this functionality is making its way to advisor devices for those who continue to receive checks from their clients.

Finally, Schwab will add functionality to the retail app to allow clients to authorize a wire transfer request submitted by their advisor.

FPPad Bits and Bytes for May 10

Posted on May 10, 2013 by Bill Winterberg in Bits & Bytes

I was in San Diego and Palm Springs over the last week, delivering three different presentations over four days. I’m no Michael Kitces, but I was glad to sleep in my own bed after a week on the road.

Attend The Mobile Adviser Wednesday, May 15th through the AICPA PFP Web Seminar

Heads up: I’m presenting a webinar on my session The Mobile Adviser: Everything financial advisers need to stay safe, connected, and productive in the Mobile Age on Wednesday the 15th for the AICPA.

Follow this link to register: AICPA PFP & CPA/PFS Web Seminars

Here are this week’s stories of interest:

Bloomberg’s new venture: Online advice from InvestmentNews.com

[The latest entry into the online investment advice market is BloombergBlack, a premium investment subscription service primarily targeted to high net worth individuals interested in managing their own investments. For a starting fee of $100/month (their Form ADV permits monthly fees up to $500), subscribers gain access to four investment experts and a variety of Bloomberg research and information.] An 800-pound gorilla is wading into the market for online investment management and financial advice. Media giant Bloomberg LP is quietly testing a “premium” wealth management service, BloombergBlack, aimed squarely at mass-affluent investors.

Savant Capital takes advice online from InvestmentNews.com

[Ok, so the roughly $3 billion AUM Savant Capital is launching eSavantAdvisor, a 100% online way to work with a CFP® practitioner employed by Savant. There are three advisors for eSavant, and fees are no lower than the 1% annual fee on the first $1 million in assets charged by the parent company. At least the minimum fee is down to $900 (if you don’t count TD Ameritrade Institutional’s $165/year fee) from Savant’s typical $5,000 annual minimum. So what technology does the eSavantAdvisor client get? Access to their portfolio data via Orion Advisor Services, a login at TD Ameritrade Institutional (doesn’t that duplicate info in Orion?), and web meetings with WebEx to start. There may be other technology available, but the ones listed cover the basics. But here are two things that bother me: First, which three of the dozens of Savant employees are stepping up as eSavantAdvisor planners? It’s not clear. And second, look at the Savant Capital Management website: it could use an overhaul. At least eSavantAdvisor.com features a more modern design, even if it is missing video.] Savant Capital Management is offering technology-savvy investors an online version of the comprehensive investment advice that its advisers offer clients who come into one of its offices.

Schwab Launches OpenView MarketSquare, PortfolioCenter Hosted from Financial-Advisor.com

[It’s official, the long-awaited hosted version of PortfolioCenter is now live, and so is the Zagat-style rating system, MarketSquare. Most controversial is MarketSquare, where online reviews are first screened by Schwab insiders, likely for accuracy and brevity, and not to intentionally skew the bias of reviews. Still, in the day when all of us can get unfiltered reviews of any product sold on Amazon.com, Schwab’s filter-first attribute of MarketSquare does create an odd approach. But on the other hand, there are a few websites out there already that permit unfiltered reviews of financial advisor products, and the value of those are so-so.] Schwab Intelligent Technologies (SPT) announced today that OpenView MarketSquare and PortfolioCenter Hosted have now gone live.

NetDocuments Launches New Apps Marketplace from BusinessWire.com

[Apple’s App Store is approaching 50 billion (yes, BILLION) app downloads, Salesforce’s AppExchange has over 1.7 million installs, and now online document management provider NetDocuments is hopping on the app marketplace bandwagon. The NetDocuments Apps Marketplace is sparsely populated today with just six apps in all, and largely acts as a consolidated list of third party developers that have created their own solutions for specific tasks performed in NetDocuments. Currently, apps can not be sorted by price, so it’s not easy to tell which apps are free to use and which apps require a purchase or subscription. Oh, and they also released version 13.2 with a REST API and improved email search capabilities.] NetDocuments today announced the immediate availability of NetDocuments’ Apps Marketplace, a centralized location for third-party software developers to create apps that integrate with the company’s existing cloud-computing content management and collaboration services. The marketplace showcases apps that users can implement to streamline workflows and improve performance in managing their repository of documents and emails.

Salentica feeds Schwab OpenView Gateway™ data to Microsoft Dynamics CRM 2011. Or does it? I’m confused.

Posted on April 10, 2013 by Bill Winterberg in Software

Not all versions of Microsoft Dynamics CRM are the same

04/11/2013: Updated to clarify a LOT of my own confusion surrounding Salentica and Microsoft Dynamics CRM.

Microsoft Dynamics CRM comes in so many variants with and without third-party providers, I find myself scratching my head when trying to figure out the maze of buying the product, let alone use it.

I was saving this for Friday’s Bits and Bytes update, but as I started digging into the story, I found myself navigating a rabbit’s hole of strange logic.

If I’m confused about Microsoft Dynamics CRM, then I think you don’t stand much chance keeping this all straight on your own!

This story all started with the following press release:

Salentica Releases Schwab OpenView Gateway™ Solution for Microsoft Dynamics CRM Users from PRWeb.com

Ok, stay with me on this one.

Who is Salentica?

Salentica is a ~~reseller~~ Microsoft independent software vendor (ISV)/ Microsoft Certified Partner, and they provide a custom overlay to Microsoft Dynamics® CRM specific to financial advisers called Salentica CRM. If you use Salentica CRM and custody with Schwab Advisor Services, you’ve been able to use Schwab OpenView Gateway™ to get real-time data from Schwab populated in Salentica CRM for about six months.

Great!

Wait. ISV vs. Reseller?

I was mistaken about Salentica’s role as a reseller. They’re an ISV. What’s the difference?

An ISV sells software they created that runs on a particular platform. In this case, Salentica CRM runs on Microsoft Dynamics CRM, but you don’t buy Dynamics from Salentica. You have to buy your Dynamics licenses from either Microsoft (for Dynamics in the cloud) or a reseller (for Dynamics on-premises or in a partner-hosted environment).

A reseller adds custom features and (very commonly) services to a particular product, then resells it as an all-in-one solution. This is how the Laserfiche document management product is sold. Advisers (excluding the very large multi-office multi-billion RIAs) typically buy Laserfiche from a value-added reseller (VAR), not from Laserfiche itself. Licensing, billing, customization, support, and more is entirely administered by the VAR.

Standalone Microsoft Dynamics CRM

But maybe you don’t use Salentica CRM, and instead have your own license of Dynamics CRM. You don’t get Schwab data. Well, Salentica just announced the general release of Schwab OpenView Gateway™ for Microsoft Dynamics® CRM, so now users of plain-vanilla Microsoft Dynamics CRM 2011 can also get real-time data from Schwab via Schwab OpenView Gateway!

Clear?

Not so Clear

Wait.

Microsoft Dynamics CRM comes in lots of versions, two of which primarily apply for advisers. Microsoft Dynamics CRM 2011 is the on-premises version installed locally on a computer, OR it can be in the cloud using a partner-hosted environment.

Microsoft Dynamics CRM Online is the cloud version that retails for $44/user/month. It can be combined with Office 365 (which alone typically runs $150/year/user if you want the Small Business Premium version that supports desktop Word, PowerPoint, Excel and more). So you’re looking at just under $200/month/user for retail pricing for Office 365 and Dynamics CRM. Microsoft Partners may offer lower pricing, but you get the general idea of cost.

So, if you’re using Microsoft Dynamics CRM Online (with or without Office 365), then you’re out of luck with respect to real-time data via Schwab OpenView Gateway.

If you want Dynamics in the cloud with Schwab OpenView Gateway integration, you first have to use Dynamics in a partner-hosted environment, THEN you have to use the new solution from Salentica mentioned in the above press release.

But wait. If your partner-hosted environment comes from Tamarac, you can’t integrate with Schwab OpenView Gateway today. Not yet, at least. A solution is coming soon.

The Salentica solution mentioned in the press release only works with Microsoft Dynamics CRM 2011, whether it be an on-premises version or in a partner-hosted environment (minus Tamarac for the time being).

How to Buy? See a Reseller

I can’t even figure out how to buy the on-premises CRM version from Microsoft. It turns out you can’t. You have to work exclusively with a third-party reseller to get it.

So, say you happen to ask Salentica about buying Microsoft Dynamics CRM 2011 for an on-premises CRM. Won’t you just get “upgraded” to Salentica CRM that already features the OpenView Gateway integration? No separate solution required.

So why bother releasing this new solution for Microsoft Dynamics CRM 2011 users?

It turns out that there are customers who purchased Dynamics CRM from a reseller/Certified Partner and also want to connect it with Schwab OpenView Gateway. Pareto Platform CRM customers are a great example. How many potential customers fit this criteria, I don’t know. It can’t be more than a few hundred. Can it? But evidently there are enough for Salentica to build a solution for them.

My Digression on Press

So in the strikeout section below, I went off on a tangent about the Salentica press release potentially not being news. Clearly I didn’t understand the fact that there are users out there with Dynamics they bought from a reseller (Tamarac keeps coming to mind) but can’t integrate it with Schwab OpenView Gateway.

Salentica’s solution is new, and now those users do have an option to integrate Schwab OpenView Gateway data into their CRM.

Subscribing to Salentica’s new solution costs $120/user/year.

~~So a thought just occurred to me: maybe this is just press for press’ sake, and there’s really nothing new here.~~

I found it odd that news of a new custodial integration came from the third-party provider rather than the custodian. Why would that happen? Wouldn’t the custodian also want to take some credit and boost their marketing profile with some news as well?

~~Perhaps if the “news” really isn’t news, then I can begin to understand why the custodian didn’t also jointly release their own marketing material. There’s no story.~~

~~But, take note, Schwab Intelligent Integration’s last press release is dated November 2012. Not exactly breaking news. But I digress.~~

(Salentica president Bill Rourke called me out for writing “tiny fraction” below. His response was that Salentica is the largest provider of Microsoft CRM for independent advisers. I get that. Only Microsoft CRM continues to fair poorly in financial adviser technology surveys, including Financial Planning’s 2012 survey (3%) and InvestmentNews’ 2012 survey (4.4%).)

If you’re one of the ~~tiny fraction~~ single-digit percentage of all advisers using Microsoft Dynamics CRM powered by Salentica feeding in data over Schwab OpenView Gateway, can you care to leave a comment on how well its working and how it’s helped your business?

Because I feel a little in the dark.

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