While independent registered investment advisors (RIAs) have enjoyed enormous growth and success during the past decade, the future may be even brighter for those who embrace technology and strategies that can make their firms more productive, scalable and sustainable, TD Ameritrade Institutional1 President Tom Nally told more than 3,200 RIAs and other executives gathered at National LINC 2020.
Nally applauded the impressive growth of RIAs over the past two decades but noted the marketplace is evolving at a quickening pace. With change come challenges that will require advisors to pursue a more modern approach: embracing technology and employing outsourcing practices that can help advisors spend less time operating the business and more time serving clients. Just as importantly, firms must adapt to a demographic changing of the guard by hiring next gen talent, as the industry’s leadership transitions to Millennials and Gen Xers from Baby Boomers.
And though news that TD Ameritrade agreed to be acquired by Charles Schwab Corp. arrived in November, Nally emphasized that the fastest-growing RIA custodian is not taking its foot off the gas pedal. TD Ameritrade Institutional continues to make strategic investments in the industry’s leading technology, investment solutions, and educational resources to help RIAs compete and grow.
“We’re honored and incredibly proud to help RIAs serve investors. We know that for all of you in this room, the future holds exciting opportunities,” said Nally. “Here at TD Ameritrade Institutional, we’re going to keep delivering the innovative tools, the practice management expertise and the dedicated client service that you need to keep your businesses firing on all cylinders.”
Making Great Technology Even Better
Technology was again front and center at National LINC. TD Ameritrade Institutional unveiled a series of enhancements to Veo® One, the game-changing, next-generation technology platform for RIAs. Overall platform performance, speed and user experience have been improved. New features and functionality, such as the ability for screen-sharing between Veo One and AdvisorClient, have been added.
Built on a flexible, open-architecture platform, Veo One enables advisors to work with more than 35 third-party technology tools and applications, including many of the most popular CRM, financial planning and investment management tools. That list continues to grow, the same way Veo Open Access has now amassed integrations with an unmatched 175 different tools and applications.
Based on feedback from advisors, Veo One alerts have been enhanced with many new features making it easier to group, sort, filter and expert alerts. TD Ameritrade has helped streamline and simplify the process of creating and submitting a management fee invoice for processing, while the Veo One Message Center likewise has been upgraded to leverage newer technologies for an improved user experience.
This summer, TD Ameritrade Institutional will introduce a new digital marketing dashboard that will help advisors measure and improve the effectiveness of their web presence and social media activity.
TD Ameritrade Institutional also told advisors it will complete the process of upgrading all firms to Veo One. To make the transition as smooth as possible, advisors will make the move to the next-generation platform in waves over the coming year, getting time to become familiar with Veo One’s innovative features, functionality and superior ease of use.
The next-generation AdvisorClient.com portal, for investors who work with RIAs on the TD Ameritrade Institutional platform, continues to evolve with new functionality and features – inspired by feedback from investors and advisors — resulting in a superior user experience. New features include different ways for clients to view and analyze their portfolios. It’s a new client site built by clients, for clients.
And soon, advisors and their clients will benefit from enhancements that will make new-account opening easier and more secure. Veo One will enable in-person signing by clients, eliminating the need to transfer forms via email when the client is in their advisor’s office. Investors also will be able to approve new-account forms using two-factor authentication via text, an alternative to answering security questions. Both enhancements are scheduled to be launched in March.
Model Market Center, the industry’s leading marketplace for third-party portfolio models, continues to offer more choices to advisors who prefer to use portfolio strategies developed by investment management experts and available off the shelf. Since its most recent expansion announced Sept. 10, 2019, Model Market Center has increased the number of investment models by 40 percent to 470 models and expanded the number of model-providers by more than a third to 47.
Helping Advisors Find and Develop Next Generation Talent
Preparing firms that can compete and thrive for decades to come also requires developing next generation talent, whether as part of succession planning or to build the human capital needed to support scalable growth. TD Ameritrade Institutional during LINC announced the launch of its new LEAD Program for Associate Advisors, through which client RIAs can enroll associate-level advisors for a year-long learning, education and development course starting with a boot camp at the company’s flagship offices in Southlake, Texas.
TD Ameritrade Institutional will also later this year unveil its new and improved RIA Connect, a matchmaking tool with a dual purpose: first, to help bring together buyers and sellers seeking M&A opportunities; and second, to help RIA firms find and hire next-generation talent as interns or associates.
“We are not slowing down. We are not pushing pause. We are accelerating efforts to deliver the best possible experience for advisors and their clients,” Nally said. “We’re going to continue to show the world what we can do, helping independent RIAs provide trusted wealth-management advice to ever-growing numbers of investors.”
To learn more about the latest enhancements at TD Ameritrade Institutional, and how they can help advisory firms, visit www.TDAI.com or call (800) 934-6124.
About TD Ameritrade Institutional
TD Ameritrade Institutional empowers more than 7,000 independent registered investment advisors to transform the lives of their clients. It provides powerful technology and resources that help simplify running a business and let advisors spend more time doing what matters most — serving their clients. Through meaningful innovation, steadfast advocacy and unwavering service, TD Ameritrade Institutional supports RIAs as they build businesses that positively impact their clients and communities. TD Ameritrade Institutional is a division of TD Ameritrade, Inc., member FINRA/SIPC, a brokerage subsidiary of TD Ameritrade Holding Corp.
About TD Ameritrade Holding Corporation
TD Ameritrade provides investing services and education to more than 12 million client accounts totaling approximately $1.4 trillion in assets, and custodial services to more than 7,000 registered investment advisors. We are a leader in U.S. retail trading, executing an average of approximately 1 million trades per day for our clients, more than a quarter of which come from mobile devices. We have a proud history of innovation, dating back to our start in 1975, and today our team of 10,000-strong is committed to carrying it forward. Together, we are leveraging the latest in cutting edge technologies and one-on-one client care to transform lives, and investing, for the better. Learn more by visiting TD Ameritrade’s newsroom at www.amtd.com, or read our stories at Fresh Accounts.
1 TD Ameritrade Institutional is a division of TD Ameritrade, Inc., a brokerage subsidiary of TD Ameritrade Holding Corporation
Source: TD Ameritrade Holding Corporation