One of the country’s largest wealth management broker-dealers is updating its technology to better serve its existing high-net-worth clientele.
Oppenheimer & Co. announced today that it is launching a strategic alliance with fintech firm InvestCould to accelerate the creation of a “digital experience platform” for it’s advisors, other professionals and clients, according to a company announcement.
InvestCloud will help produce a new web-based advisor-client portal for Oppenheimer’s private client division, which will integrate with Oppenheimer’s existing technology. It’s expected to launch in the first half of next year.
“Our advisors and our clients are deserving of an experience that focuses on delivering cutting-edge solutions,” said Ed Harrington, executive vice president and head of Oppenheimer’s private client division. “It was important to look at the partnership with InvestCloud as an opportunity to provide tools that allow a collaborative, immersive experience.”
According to Harrington, many of Oppenheimer’s high-net-worth clientele are already operating in a digital-forward manner, but do not want the generic experience offered by much of the fintech world.
“We’re enhancing a high-touch approach with things that make the basic functionality all but automated and a near-frictionless experience,” Harrington added.
Moving forward, the Oppenheimer-InvestCloud partnership will enhance the broker-dealer’s technology along three issues facing its advisors: Recruiting and transitioning prospects, client onboarding and retention, and business growth and process efficiency.
News of the partnership comes after Oppenheimer completed the implementation of AdvisorWorks, an adaptive CRM and dashboard for advisor applications. Previous digital enhancements include Passport, Oppenheimer’s portfolio management platform, as well as a cloud-based e-signature and document management platform.
“We’re supporting out advisors ina way that allows them to support the most important thing we need to do: Address specific client goals and objectives,” said Harrington. “We’re thrilled to deliver a scalable, immersive environment and collaborate on an end-to-end solution that offers a best-in-class experience for all parties involved.”
Oppenheimer now has a workforce of over 1,000 advisors and is approaching $100 billion in AUA, according to Harrington.