Tech firms integrating systems to improve adviser workflows

Four companies working to unify products to better meet adviser needs; system due out later this year

Feb 10, 2014 @ 12:33 pm

By Liz Skinner

With more financial advisers interested in integrating their technology systems, four leading providers have banded together to do it for them.

The companies — SEI Advisor Network, PIEtech Inc., maker of MoneyGuidePro, Redtail Technology Inc. and ActiFi Inc. — are teaming up to create a combined workflow system they plan to release later in 2014, the firms said Monday.

(See also: Technology integration at custodians moving into second wave)

The system will allow advisers to automate certain tasks that may incorporate components of MoneyGuide Pro's financial planning software, Redtail's customer relationship management system and SEI's custodial platform, which includes investment management. ActiFi's practice management experts designed the workflows processes.

“Advisers are always looking for areas that they can automate further and for deeper integration between the tech solutions they use," said Brian McLaughlin, chief executive of Redtail Technology, in an email.

The firms are demonstrating the process at the T3 Conference in Anaheim, Calif.

“What makes this unique is nobody has made the entire workflow seamless from one end to the other," said Tony Leal, chief technology officer at MoneyGuidePro, speaking on the sidelines of the T3 conference. "They never took you to the finish line.”

He said the system would allow an adviser to find a prospect on the Redtail CRM, move directly to the MoneyGuidePro financial planning software and then into SEI’s proposal system, which can move to SEI’s trade execution system.

“This strategic partnership is a game change for financial advisers,” said Kevin Crowe, SEI Advisor Network's head of product development. “We have created a level of integration and automation that was never before available and made it broadly accessible to all advisers free of charge.”

Advisers are increasingly looking for ways to streamline the workflow process and boost the efficiency of their practices. An Aite Group white paper released last year showed firms with integrated technologies earn 20% more in annual income than registered investment advisers without united systems.

Joyce Hanson contributed to this story.

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