“Digital Onboarding enhances the experience for everyone and brings a new level of efficiency to the advisor’s practice. Our Unified Data Fabric makes it possible to quickly and accurately pre-fill required fields during account opening, which eliminates wasteful errors,” said Darren Tedesco, President at Advisor360°. “Advisors can even open annuities using this capability. This major enhancement also sets the foundation for opening fixed insurance policies and bank accounts.”
Advisor360°’s Digital Onboarding transforms how financial advisors do business by reducing the amount of time it takes for their clients to start using new products and services. Features such as enhanced pre-fill and data collection, Reg BI recommendations, disclosure questions and type-ahead address functionality can be used with all the business lines on the platform. Advisors can bundle and send all account-related forms together to clients through DocuSign for unified and seamless e-signing.
Digital Onboarding uses Advisor360°’s analytics automation engine to power its principal approval system, removing the manual steps typically handled by the broker-dealer’s home office for account openings, which eliminates workflows. An enhanced dashboard introduced as part of the rollout provides status updates to the advisor, their team and the home office throughout the account opening process.
The company has built its own “low code” generation engine for Digital Onboarding to simplify and personalize the onboarding experience. The automated and configurable process facilitates faster engagement between advisors and their clients, supports the advisor’s evolving client base and regulatory requirements, and allows broker-dealers to add new registration types into the workflow without any additional programming. Advisors also benefit from the software’s open architecture and pre-built integrations with third-party applications, such as address verification, and straight-through-processing with annuity processing companies such as Firelight and iPipeline.
“A great onboarding experience helps advisors get their relationships with clients off to the right start,” said Tedesco. “As these relationships mature and client connections deepen over time, advisors need to have the technology in place that can support their growth.”
The 3Es of the New Advisor360° Experience: Essentials, Extended and Enterprise
Advisor360° has three distinct offers to provide flexibility for wealth management firms considering its integrated technology platform.
Digital Onboarding and fee-billing are available in Advisor360°’s flagship Enterprise offering, which also features an enterprise-wide workflow system, imaging tools and archiving capabilities, as well as all of the functionality and tools included in Advisor360°’s Essentials and Extended offerings.
The Essentials offering provides tools and consolidated reporting through Advisor360°’s Advisor portal, which integrates wealth data using the company’s proprietary Unified Data Fabric™ (UDF), as well as access to 1-Click Reviews™ for easy, bundled reporting.
The Extended offering includes everything in Essentials, along with advanced advisor workflows, home office trading workflows, a client portal that includes secure, mobile communications capabilities (texting and messaging) and mobile apps.
A summary of the offerings is below:
- UDF – Wealth data that is woven together from hundreds of sources.
- Advisor portal that includes portfolio management, financial planning, performance reporting.
- Integrations with third party software providers.
- 1-Click Reviews™, the reporting tool that compiles multiple reports in minutes with one click and presents investment and insurance information on a single page.
Everything in Essentials, plus:
- Upgraded Advisor portal with proposal creation, trading, model management, rebalancing and analytics.
- Client portal with compliant text messaging, account aggregation and mobile apps.
- Home office trading workflow.
- Quicken®/TurboTax®/H&R Block®/TaxAct® integrations.
Everything in Extended plus:
- Deepest advisor experience with Digital Onboarding and fee billing.
- Enterprise workflow system.
- Imaging tools for 17a-4 compliant storage.
- Account maintenance tools.
- A comprehensive compliance management toolkit.
“Recognizing that there is no one-size-fits-all solution, we’ve structured our enterprise software so that firms can have the integrated platform that their advisors need -- with everything from planning to performance reporting – and the option to upgrade or integrate third-party applications as their business changes,” said Rich Napolitano, Advisor360° Chief Executive Officer. “We are already seeing fantastic growth among our existing clients and these new capabilities will accelerate their growth and advisor productivity even more.”