Waddell & Reed partners with Envestnet, Docupace to create integrated advisor platform

Waddell & Reed has entered into a strategic partnership with Envestnet and Docupace Technologies

Waddell & Reed has entered into a strategic partnership with Envestnet and Docupace Technologies to build a custom platform that will enhance its advisors’ portfolio management capabilities.

The integrated platform will facilitate Waddell & Reed financial advisors in opening and managing client accounts through the Envestment platform.

It will also enable advisors to transition to the account-opening process by leveraging the Docupace ePACS Straight-Through Processing solution.

Under this platform, the partnership will prepare all account paperwork and portfolio proposal documents for client signature, including electronic signature capability. Documents will then transferred via an automated review and approval process.

Waddell & Reed in a statement said that the smart-form technology and electronic validations will allow its platform to automatically detect if an application is incomplete, immediately alerting the advisor.

Waddell & Reed president Derek Burke said: “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.”

Docupace co-founder and CGO Tom Embrogno said: “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.”