Schwab taps Tamarac as next integration partner

MAY 17, 2012
Schwab Advisor Services announced today that Tamarac would be the latest “selected participant” to be added to Schwab's set of advisory platforms. Those platforms, known collectively as Schwab Intelligent Integration, have been under development for two years. The integrations with Tamarac, once completed, will provide a real-time conduit for custody data to flow from the Schwab Advisor Services back office systems directly into the modules making up the Tamarac Xi adviser platform including both its Advisor CRM (built on Microsoft Dynamics) and its Advisor View billing applications. And Schwab has worked out a 20% discount off the first year's licensing of Tamarac for those firms interested in using it. That could end up representing $5,000 to $10,000 in savings for a new firm, depending on its size in terms of accounts and assets under management. RELATED: View the InvestmentNews Technology Directory and view more than 170 products specifically designed for a financial advisory firm. I spoke yesterday to Neesha Hathi, vice president of technology solutions for Schwab Advisor Services. She was not yet ready to provide a formal schedule for when integrations would be completed or the full extent or depth those integrations would take. Tamarac already has a history with Schwab; it uses PortfolioCenter as the portfolio management piece of its Advisor Xi platform. I should point out that the Tamarac integration will be joining the Schwab OpenView Gateway and is under a relatively new group created with in Schwab called Schwab Intelligent Technologies, which sprang to life in 2011. I would also probably be remiss if I did not remind advisers of the recently completed acquisition of Tamarac by Envestnet Inc.; in fact while it forms its own group within Envestnet its new official moniker is Envestnet | Tamarac. ([email protected]) on Twitter @ddjanowski Related stories: Envestnet completes Tamarac acquisition Envestnet agrees to acquire Tamarac Schwab tries to wow advisers with its technology progress Schwab launches business unit targeting RIAs Tamarac takes a leap by offering a single solution

Latest News

Why financial honesty is key to harmonious relationships
Why financial honesty is key to harmonious relationships

Nearly half of single Americans think their net worth shapes their fate in dating, but the biggest financial green flags tell a different story.

Osaic hit with class action over cash sweep payments
Osaic hit with class action over cash sweep payments

The hybrid RIA is the latest firm to face allegations that it enriched itself at customers' expense by paying unfairly low interest rates in its cash sweep programs.

LPL's Rich Steinmeier turns the page on CEO firing with eye on firm's growth
LPL's Rich Steinmeier turns the page on CEO firing with eye on firm's growth

Installed after Dan Arnold's abrupt termination, the new leader at LPL Financial is highlighting the firm's refocusing on the individual advisor.

Pershing discussing move to control portion of broker-dealers’ cash.
Pershing discussing move to control portion of broker-dealers’ cash.

The clearing and custody giant is kicking the tires on new cash sweep plan with broker-dealer clients.

LPL, Raymond James boost advisor ranks anew
LPL, Raymond James boost advisor ranks anew

LPL Financial welcomes a $345 million investment and planning team from Ameriprise as RayJay's employee advisor arm adds a seasoned Well Fargo breakaway.

SPONSORED Taylor Matthews on what's behind Farther's rapid growth

From 'no clients' to reshaping wealth management, Farther blends tech and trust to deliver family-office experience at scale.

SPONSORED Why wealth advisors should care about the future of federal tax policy

Blue Vault features expert strategies to harness for maximum client advantage.