Waddell & Reed Partners with Industry Leaders to Build Integrated Advisor Platform
February 02 2016 - 4:30PM
Business Wire
Envestnet, Docupace align tech solutions to
help advisors seamlessly open accounts, conduct straight-through
processing
Recognizing an opportunity to bring increased efficiency and
functionality to its advisors and their clients, Waddell &
Reed, Inc. has taken a substantial step toward building the firm’s
next-generation technology platform.
As the initial step in a multi-phased plan, the firm is working
to enhance its advisors’ portfolio management capabilities while
streamlining the account-opening and maintenance processes. Waddell
& Reed this week announced a strategic partnership bringing
Envestnet, Inc. (NYSE: ENV) and Docupace Technologies together to
create a custom platform that will help Waddell & Reed
financial advisors open and manage client accounts. The integrated
solution will facilitate efficient portfolio creation through the
Envestnet platform and enable advisors to transition seamlessly to
the account-opening process by leveraging the Docupace ePACS®
Straight-Through Processing solution.
“It’s imperative that we continue aligning our technology and
support with how advisors and clients want to work together today,
quickly and efficiently,” said Derek Burke, President of Waddell
& Reed, Inc. “This unique partnership brings together the best
aspects of three entities: Envestnet’s technologically advanced
portfolio creation and management tools, Docupace’s solution for
secure and electronic straight-through processing, and Waddell
& Reed’s client-centric focus across a national network of
advisors.”
While both Envestnet and Docupace have separately offered wealth
management technology solutions for many years, for Waddell &
Reed they will together deliver an integrated straight-through
processing solution.
All account paperwork and portfolio proposal documents will be
bundled and prepared for client signature, including electronic
signature capability. Digital paperwork will then be routed through
an automated review and approval process. Smart-form technology and
electronic validations will allow the new Waddell & Reed
platform to automatically detect if an application is incomplete,
immediately alerting the advisor.
“Straight-through processing brings unprecedented benefits to
advisors, clients and broker/dealers, dramatically cutting
processing time and freeing advisors to focus on the client’s needs
and goals,” said Tom Embrogno, co-founder and Chief Growth Officer
of Docupace.
“As the leading wealth management platform offering the
necessary scale, efficiency, integration and support to empower
Waddell & Reed to deliver improved outcomes, we will continue
to help the firm grow by unifying its technology applications and
systems,” said John Yackel, Managing Director and Head of Global
Institutional Business Development at Envestnet. “We find that a
fully unified and integrated approach to wealth management enables
faster growth for advisory practices, and we are glad to support
Waddell & Reed as it embarks on this new path.”
“We’re extremely pleased to announce these partnerships and the
progress we’re making toward launching our next generation
technology platform,” said Burke.
About Waddell & Reed
Founded in 1937, Waddell & Reed, Inc. is one of the oldest
financial planning firms in the U.S., providing total planning
services to clients throughout the United States through its
network of nearly 1,800 financial advisors. It is a subsidiary of
Waddell & Reed Financial, Inc. (NYSE: WDR), which had firmwide
assets under management of approximately $104 billion at Dec. 31,
2015.
About Envestnet
Envestnet, Inc. (NYSE: ENV) is a leading provider of unified
wealth management technology and services to investment advisors.
Our open-architecture platforms unify and fortify the wealth
management process, delivering flexibility, accuracy, performance,
and value. Envestnet solutions enable the transformation of wealth
management into a transparent, independent, objective, and
fully-aligned standard of care, and empower advisors to deliver
better outcomes.
Envestnet’s Advisor Suite® software empowers financial advisors
to better manage client outcomes and strengthen their practices.
Envestnet provides institutional-quality research and advanced
portfolio solutions through our Portfolio Management Consultants
group, Envestnet | PMC®. Envestnet | Tamarac provides leading
rebalancing, reporting, and practice management software.
For more information on Envestnet, please visit
www.envestnet.com and follow @ENVintel
(https://twitter.com/envintel).
About Docupace
Docupace Technologies, founded in 2002, provides secure and
compliant electronic processing solutions for financial services
firms and their advisors. The company created and implemented the
industry’s first Web-based, SEC/FINRA compliant
Straight-Through-Processing (STP) platform.
###
Securities and Investment Advisory Services offered through
Waddell & Reed, Inc., a Broker/Dealer, Member FINRA/SIPC and a
Federally Registered Investment Advisor.
Waddell and Reed is not affiliated with Envestnet or Docupage
Technologies.
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Waddell & ReedRoger Hoadley, 913-236-1993VP, Director
of Communications
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