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Docupace Enhances Integration with Envestnet, Strengthening Digital Solution for Managed Accounts

Docupace, the leader in cloud-based fintech digital operations software for the wealth management industry, announces the next phase of its strategic integration with Envestnet, further streamlining and digitizing the process for opening managed (advisory) accounts.

“Docupace and Envestnet share purpose and passion for improving financial outcomes and making financial wellness a reality for more people,” said David Knoch, chief executive officer for Docupace. “At Docupace, we exist to turn financial planning into financial planning well-executed. Partnering the best of Docupace with the best of Envestnet brings the financial advice and investment industry one step closer to making this a reality.”

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Creating a Digital Reality for Advisory Accounts

Over the past year, the Product Organization at Docupace has worked to enable its legacy system to utilize the APIs available through Envestnet. These APIs allow Docupace to customize the advisor, client, and back-office experiences related to proposal and account opening workflows.

The deep, data-rich integration includes a real-time data exchange between the platforms, along with several back- and front-office enhancements, to deliver a streamlined experience to clients, advisors, and home office professionals which eliminates duplicate data entry, and creates a single-sign-on (SSO) experience for accessing and managing one or multiple accounts.

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The integration also enables customers to:

  • Create a new Managed Account proposal (investment portfolio proposal and goal modification) within Docupace and seamlessly transition into the created proposal via SSO.
  • Quickly launch into the Envestnet dashboard from Docupace (via SSO) to work on draft items previously created and not yet completed.
  • Send completed proposals and goal modifications with a click of a button.
  • Fulfill supervision or compliance requirements via Docupace workflows in accordance with firm rules.
  • Automatically initiate the funding process once the signed Statement of Investment Selection (SIS) is moved to IGO status via Docupace workflows.
  • Authorize single signing ceremony for multiple advisory accounts.

“Our ongoing collaboration with partners like Docupace helps us optimize the digital experience for more advisors and organizations across the wealth management industry,” said Molly Weiss, chief product officer of wealthtech and solutions for Envestnet. “A unified portal where advisors can seamlessly perform as much as possible on behalf of clients—using data-driven insights and a holistic view of each client’s financial picture—is essential for making them the heroes who enable clients to make sense of their financial lives, and achieve better outcomes.”

This new digital advisory experience is just the initial innovation for financial advisors, and work has already begun to connect this experience to the Envestnet Insurance Exchange powered by FIDx.

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[To share your insights with us, please write to sghosh@martechseries.com]

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