Schwab integration: an advisor's perspective
Denis Belinskiy, Senior Technology Officer, Beacon Trust Company
My name is Denis Belinskiy. I am a senior technology officer at Beacon Trust Company, Morristown, New Jersey.
It has been an extremely exciting journey for us, for our firm, I think from the very beginning, when we just started to have those conversations about why Schwab would be the right partner. And then seeing that materialize, specifically, in terms of utilizing this advanced technology that Schwab can provide has been very exciting to most of the people on the team.
As we were onboarded to Schwab’s platform, we quickly realized that with that platform, we have a wide range of different integration options, which was new to our firm, but once we realized that we can now start building some tight integration with Schwab’s platform, we kind of built a plan around that. And we decided that we will utilize a staged approach.
You can start small and kind of repeat our path, which was get some basic information into the system and then move forward to more advanced things, like single sign-on, and getting a little bit more information like Schwab Alerts, and maybe light money movement integration.
Some of that integration resulted in some really good efficiency that we now enjoy in our CRM platform.
Talking about alerts, integrating Schwab alerts, specifically, we are now able to automatically route that alert to the person that needs to take some action. But what is even cooler is that some of those alerts, they could be only notifications, might not require any action. Because of this integration that we now have and because of this business logic that we built out in our system, we’re able to automatically archive these alerts.
This is something the client services person on the team used to have to go and do completely manually. So, of course, they’re happy we have a relatively high percentage of alerts that is now fully automatically processed, while we retain all this information, and still are able to run reports internally in our CRM.
It might feel intimating and daunting at times to customize the platform using this technology, but once you actually start on that journey and develop this roadmap, and begin working towards achieving those milestones, you will quickly realize that using the support of Schwab’s team and robust documentation that comes with it, it’s very, very possible and achievable.
It’s getting more and more efficient, and allows us to scale our efforts, while concentrating on what’s important for our clients.