RIAs can now provide clients reports generated by TD Ameritrade Institutional’s (TDAI) Veo platform via their own websites. Every time clients check their TDAI accounts is now an opportunity to communicate with clients, thanks to a new AdvisorVault integration with TDAI's Veo system.
TD Ameritrade Institutional deserves kudos. TDAI is opening up its system to advisors by distributing an Application Programming Interface (API) for its custody system. It's open-architecture and allows TDAI-affiliated RIAs more flexibility and choice in choosing their technology vendors. Opening data on its RIA custody platform data enables TDAI RIAs to improve their client experience.
The TDAI reports from VEO, which are updated daily, can be branded by an RIA. Until now, RIAs using TDAI as a custodian could not brand Veo reports, which feature the TDAI’s branding.
Now, your clients are going to your website — not to TDAI’s — to check their Account Balances, Holdings, and Transactions. It’s under your brand.
Moreover, when clients check their accounts, they see all your other posts to their vaults — financial plans, wills, trusts, medical emergency details, LPOAs, newsletters, correspondence with other professionals, and more — alongside TDAI account data.
The TDAI account statement is just a piece of the client view in AdvisorVault. The folders and documents show clients what you’ve done for them. It reminds clients of their long-term goals. That’s very different from what’s currently available to TDAI RIAs.
For example, after a sharp downturn you can post a newsletter article about the history of stock market volatility to all your client vaults. Next time clients log in to AdvisorVault to check their TDAI accounts, the first thing they will see is a link to the "Unread" article about volatility.
You can view a report showing who logged in and what they viewed. When you notice a client is checking his account frequently, you can call to see if all is well.
Clients can access their account balances online now anytime by going directly to TDAI’s website or using TDAI’s advisor-client website, but presenting TDAI account data through AdvisorVault better supports RIAs and, most importantly, their clients.
The fact that you can monitor client log-ins is disclosed to clients in the default user agreement clients must accept to log in to AdvisorVault for the first time. As long as you’re helping clients stick to a long-term plan that you genuinely believe is in their best interest, and you make the prop[er disclosures, using log-in report is ethical and professional, and helping clients stick to a long-term plan is easier with AdvisorVault.
Advisor cleints demand transparency. So embrace it, and view each time a client check his account balance as an opportuniy to educate, communicate, and build relationships.