© 2019 SourceMedia. All rights reserved.

TD Ameritrade rolls out Alexa briefings, analytics and more

SAN DIEGO — TD Ameritrade Institutional is deploying technology upgrades and new features for advisors that include analytics tools, a fresh advisor-client portal, a virtual assistant and connectivity with Amazon’s Alexa.

These changes are meant to improve the user experience, make financial planners more efficient and meet the rising digital expectations of clients and advisors, the firm says.

“It’s no longer good enough to just be good enough. Client expectation is quickly overtaking price and product as the key differentiator," Tom Nally, president of TD Ameritrade Institutional, said during a presentation Thursday at the company’s National LINC conference.

TD Ameritrade’s efforts are a sign of the quickening pace of adoption in wealth management of AI-powered technologies and voice recognition software. When UBS first partnered with Alexa in 2016, the service was limited to clients asking general finance and economic questions. Since then, many firms have been exploring how to tap that technology and others like it for wealth management uses. TD Ameritrade has been in early experimenter with Alexa technology.

Advisors report what they love — and hate — about tech at companies holding client assets.
January 4

Now, clients with a TD Ameritrade Institutional account will be able to ask Alexa about balances, positions, quotes and market updates, according to the company. Using the Alexa app, clients can authorize account access and set a voice PIN, the firm says.

The firm’s tech rollout also includes enhancements to its advisor desktop dubbed Veo One. The more than 6,000 RIAs who use Veo One will now have access to an analytics dashboard that leverages data provided by TD Ameritrade’s FA Insight Benchmarking Tool, according to the company. This customizable dashboard is intended to provide advisors insights into their performance, from asset growth to revenue trends, and how they stack up against peers.

TD Ameritrade building photo Bloomberg News
Pedestrians pass in front of a TD Ameritrade Holding Corp. location in San Francisco, California, U.S., on Friday, Jan. 13, 2017. TD Ameritrade Holding Corp. is scheduled to release earnings figures on January 18. Photographer: David Paul Morris/Bloomberg

Other new features include a goal tracker for net new assets and a window on recently opened accounts, the company says.

The firm also upgraded portfolio management capabilities for advisors; iRebal on Veo now incorporates covered call option strategies when rebalancing portfolios, helping advisors identify option positions that need to be closed out when underlying stock holdings are sold.

Through Alexa, TD Ameritrade will offer a daily “flash briefing” to financial advisors who will hear practice management insights, information about upcoming events and tech tips.

The service will be tested by advisors and refined over time through advisor feedback in the Alexa app, according to the company.

“We wanted to find a new way to get you the information you need right when you need it the way you wanted to receive it,” John Tovar, managing director of wealth management services at the firm, said at the conference.

Meanwhile, clients with a TD Ameritrade Institutional account can ask Alexa about balances, positions, quotes and market updates. Using the Alexa app, clients can authorize account access and set a voice PIN, according to TD Ameritrade.

TD Ameritrade says it’s also working on another addition to Veo One: A virtual agent to answer advisor questions on topics ranging from opening new accounts to taking distributions. The virtual agent is meant to add more ways to contact the company without having to pick up a phone, according to TD Ameritrade, which is testing its functionality with some small advisory firms.

The final product will be launched later this year, TD Ameritrade says.

A demonstration site of the redesigned client portal, which will be compatible with mobile apps for Android and Apple devices, is now available to advisors. The portal is open architecture and includes a document center for clients to view and retrieve electronic statements and tax information for their accounts, according to TD Ameritrade.

For reprint and licensing requests for this article, click here.