Envestnet deepens Schwab partnership with beefed-up CRM features

The waves of change continue to come at Envestnet as the wealth tech behemoth rolls out a new slate of CRM updates under an extended integration partnership.

On Monday, Envestnet officially introduced new capabilities to its Tamarac CRM platform, designed to support advisors managing Schwab accounts.

The "suite of highly requested custodial features," as the wealth tech firm described them, aim to streamline processes and improve efficiency through deeper integration with Schwab Advisor Services.

The updates to Tamarac, unveiled just ahead of Schwab's annual IMPACT event in San Francisco, represent a collaborative effort to optimize workflows and better serve advisors in a competitive wealth management landscape, according to the leader of Envestnet's wealth management platform.

“At Envestnet, supporting the needs of advisors is our top priority,” Molly Weiss, group president of wealth management platform at Envestnet, said in a statement. “These new features enhance the Tamarac CRM solution, empowering advisors with Schwab custody clients to further streamline their processes and focus on what truly matters: their clients.”

Following the update, Schwab advisors can now submit service requests directly through Tamarac CRM, providing a more secure and efficient method for transmitting forms and documents. Additionally, a new alert system will notify advisors of account updates, including money movements and client-initiated transactions, helping them stay informed and responsive.

Through a single sign-on integration feature, advisors can access Schwab's Move Money Tool from within Tamarac CRM, supporting internal transfers, ACH transactions, and wire requests while enabling clients to approve these actions from their devices.

“At Charles Schwab, we believe in the power of collaboration to elevate the advisor-client experience, and we greatly value our long-lasting and ongoing relationship with Envestnet,” said Alison Dooher, head of Schwab Digital Advisor Solutions.

Envestnet's targeted upgrades to Tamarac build on a stream of improvements and integrations it unveiled in the last few months since its take-private acquisition deal with Reverence Capital and other strategic investors was announced in July.

Last Wednesday, it revealed a partnership to help give DPL advisors a comprehensive view of clients' annuity and insurance product holdings. Earlier this month, it bolstered its footprint in the managed accounts and 401(k) sectors via integrations with Axos Clearing and Pontera.

With more than $6.5 trillion in platform assets, Envestnet claims to serve over 111,000 advisors and collaborates with leading financial institutions, including 48 of the 50 largest wealth and brokerage firms and hundreds of the biggest RIAs.