11 June 2019

New Custodial Integrations with Black Diamond Make Advisors’ Lives Easier

By Robert Roley

As the saying goes in the RIA wealth management business, all roads lead through the custodians. After all, that is where client accounts are housed, transactions take place, and reports are generated.

We get it. Tight integration with leading custodians is more critical than ever if you are going to run an efficient operation and delight clients with an engaging digital experience.  That is why the Black Diamond® Wealth Platform team has been working extensively with the industry’s top custodians to deliver more robust and useful integrations that will make advisors’ lives easier.

We recently announced two major enhancements with TD Ameritrade. Advisors now have one click access to log into TD Ameritrade Institutional Veo One® from Black Diamond, as well as a direct connection to the account opening “wizard.”  Advisors can launch the Veo One experience right from within Black Diamond with a single click.

Building on the tremendous success of Black Diamond’s Schwab OpenView Gateway integration and custodial statement import, Schwab and our team are working together to make the advisor-investor dialogue even easier. Instead of having to download custodial statements manually from Schwab Advisor Center, we have automated the process so that monthly statements, tax documents, and any corrections flow automatically from Schwab Advisor Center to Black Diamond. 

Black Diamond is also working closely with Pershing and Fidelity to enhance our existing integrations with features that make communication between advisors and investors easier, while also giving the advisor new tools to be more productive.  Similar digital account opening initiatives and delivery of custodial documents, such as statements and tax documents, from those firms’ advisory platforms is also on the roadmap. This will eliminate the need for advisors to download documents manually and enable them to share custodial information more quickly via the Black Diamond Client Experience.

As you can see, the Black Diamond team has been very busy making custodial integrations a priority so that RIAs can continue to grow, scale and improve their workflows, while enhancing the client experience.  These enhanced integrations further reinforce the value of Black Diamond as the hub of an advisory business – the single point of connection to a vast ecosystem of solutions and capabilities that help make your business more competitive and valuable in the eyes of your clients. 

To learn more, read our recent press release.