Envestnet deepens Schwab partnership with beefed-up CRM features

Envestnet deepens Schwab partnership with beefed-up CRM features
The wealth tech giant's latest rollout of much-requested updates will enhance its support for Schwab affiliated advisors.
NOV 18, 2024

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.

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.

Latest News

Retirement delays, Social Security fears prompt advisors to rethink income strategies
Retirement delays, Social Security fears prompt advisors to rethink income strategies

Concerns about outliving savings and healthcare costs are reshaping how "Peak 65" Americans and advisors approach income planning.

Merrill Lynch on the hook for $3.7M after clients claimed sale of unsuitable private equity
Merrill Lynch on the hook for $3.7M after clients claimed sale of unsuitable private equity

Some investors recently have seen million dollar plus decisions by FINRA arbitration panels involving complex products decisions go their way.

Barred ex-Merrill Lynch advisor arrested in alleged $2.6M theft of former Miami Dolphin Pro Bowler
Barred ex-Merrill Lynch advisor arrested in alleged $2.6M theft of former Miami Dolphin Pro Bowler

Former advisor Isaiah Williams allegedly used the stolen funds from ex-Dolphins defensive safety Reshad Jones for numerous personal expenses, according to police and court records.

RIA moves: Modern Wealth tops $8.5B AUM as Aspen expands in Connecticut
RIA moves: Modern Wealth tops $8.5B AUM as Aspen expands in Connecticut

Modern Wealth's latest deal for a California-based fee-only RIA marks its fourth acquisition of 2025.

Empower defends private market access in 401(k)s in response to Warren scrutiny
Empower defends private market access in 401(k)s in response to Warren scrutiny

Sen. Warren has warned of private market investment risks due to opacity, illiquidity, and past regulatory issues.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.