left to right: Redtail Technology CEO Brian McLaughlin, ActiFi CEO Spenser Segal, PIETech CIO Tony Leal, SEI Advisor Network Director of Research and Validation Raef Lee
SEI announces strategic partnerships and enters the integration arms race dominated by four leading custodians
When you think of custodians that make headlines for technology integration initiatives, four institutions likely come to mind.
The “Big Four” Integrated Custodians
In no particular order, Schwab Advisor Services, Fidelity Institutional Wealth Services, TD Ameritrade Institutional, and Pershing LLC are the custodians most advisers observe as each tries to one-up the other in the technology integration arms race.
On a side note, emerging advisers with small but growing businesses are paying attention to developments at TradePMR, Scottrade, and Shareholders Service Group.
SEI Enters The Integration Arms Race
But another custodian looking to enter the arms race of integration is SEI, the Oaks, Penn.-based company providing outsourced services to financial advisers for more than 20 years. SEI serves over 5,700 advisors who collectively manage over $41 billion in assets under management.
Raef Lee, Director of Research and Validation. SEI Advisor Network
In a pre-conference meeting at T3 2014, Raef Lee, Director of Research and Validation for the SEI Advisor Network, revealed that the company is entering into a strategic partnership with leading technology and consulting providers Redtail Technology, MoneyGuidePro, and ActiFi.
In development for the last 18 months, and actively under construction for the last nine, SEI plans to rollout the complete solution to advisers by the end of 2014.
Cross Application Workflow Automation
“The partnership will provide the first true cross application workflow automation platform for end-to-end processing orchestrated across multiple applications,” said Spenser Segal, founder and CEO of ActiFi.
In other words, advisers using SEI’s new integrated solution will be able to initiate workflows in Redtail that then execute actions on the custodial side without ever leaving the Redtail environment. It’s the “without ever leaving Redtail” that makes this solution unique.
From Financial Plans to Proposals
Another key differentiator of SEI’s proposed solution is the ability to generate investor proposals using information previously created in MoneyGuidePro financial plans.
“There’s never been a good integration with a proposal system, so having this new integration to seamlessly pass account and client information is the most exciting thing about this solution,” said Tony Leal, CIO and partner at PieTech, the providers of MoneyGuidePro financial planning software.
No Cost Integration
SEI also announced that the new integrated solution will be offered at no cost to advisers who affiliate with SEI.
Advisers will need to purchase standard subscriptions to Redtail CRM and MoneyGuidePro, which combined cost less than $2,000 per year. However, activating and using the SEI solution is free.
For all the details on the upcoming SEI integrated solution, read the press release at MarketWire.com.
