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

technology, integration, redtail, moneyguide, sei, actifi
+ Zoom

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.

0
Comments

What do you think?

View comments

Recommended for you

Sponsored financial news

Featured video

Events

How to redesign, rebrand and recast your practice

Redesigning and reshaping your practice is a tough pill to swallow for advisers. But what got you here won't get you there, says John Kozuch, a Chicago financial adviser.

Video Spotlight

The Search for Income

Sponsored by PGIM Investments

Recommended Video

Path to growth

Latest news & opinion

The most important tax changes for 2018

The Internal Revenue Service issued inflation adjustments to more than 50 tax provisions for 2018.

Shift to Roth 401(k)s 'highly likely' part of tax reform: former Treasury official Mark Iwry

Mandated contributions to Roth accounts would likely only be partial, as opposed to having a full repeal of pre-tax accounts.

E*Trade acquiring custodian Trust Company of America

Discount broker buying second-tier custodian for $275 million.

Another thousand Dow points higher, and investors yawn

Market milestones keep falling like dominoes, with 51 records broken so far this year.

LPL retains $570 million with super-OSJ deal

Kansas-based nVision Wealth will come under supervision of Chicago-based IHT Wealth Management.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print