Custodian meets CRM in what could be a boon to simplified onboarding for many advisers.
Pershing and Redtail have gone and gotten all cozy.
That's right, custodian Pershing LLC today announced its integration with the extremely popular customer relationship management application from Redtail Technologies. Pershing has integrated Redtail's CRM system into its NetX360 platform, which is meant to help advisers onboard new clients and get accounts open more quickly.
In simplest terms, the integration should allow the adviser to populate the client account application at Pershing with prospect data present in their Redtail CRM system. Any adviser using both Pershing as a custodian and Redtail will have access to the integration, and that includes both advisers working with independent broker-dealers and independent registered investment advisers.
According to today's prepared statement, Pershing currently has 140 clients using Redtail Technology for other software requirements. Three of them already synchronized their CRM with NetX360 and can thereby use the new simplified client onboarding process going forward.
“We are the first custodian to offer this CRM integration with Redtail — and note that Redtail is the first company to integrate its solution in this way via NetX360's open API,” wrote Lucille Mayer, co-CIO of Pershing, in the prepared statement.
“We are excited to work with Pershing as the first custodian to reach this level of integration with our CRM system,” wrote Brian McLaughlin, chief executive of Redtail Technology, in the same statement. “Pershing's NetX360 platform will now be able to pull data from the Redtail CRM to augment a transaction and make the client onboarding process easier for all advisers.”
Pershing appears to be escalating its efforts in working with various third parties. I recently received a demonstration of another streamlined account-opening process partnership between Pershing and the RIA side of Personal Capital. The latter firm can now onboard clients through its system and into Pershing's platform using a completely paperless straight-through-processing workflow with e-signature capabilities.
Pershing made note of the general availability of these e-signature capabilities at the end of today's statement, separate from the Redtail integration.
It should be noted that Redtail's integration with Pershing, while perhaps more comprehensive, is not its first custodial integration. The CRM and document management provider completed its first major custodial integration in January 2012 when it announced availability of feeds from TD Ameritrade Institutional's platform using that firm's open application program interface after several months of development.
