Oisin's Two Bits: Private Client Resources hires bankers as per rumor, but not, CEO says, for an ...
Summary
A sale would make sense, says Craig Pearson, CEO of Charlotte, N.C.-based UHNW aggregation rival Private Wealth Systems, via email. Indeed, of late, a number of technology firms (15 to date) have been pairing up with PCR as resellers of its aggregation software, including Envestnet-owned Tamarac, FundCount, and Charles Schwab & Co. Each of these firms software will connect directly into TDs revamped account opening tools to counter what is often a tedious, labor-intensive process: repetition, more often than not, leading to errors that result from "fat fingers. After 44 years in business, TD administers north of $1.2 trillion in assets on behalf of its clients, and serves as a custodian and software vendor to more than 6,000 RIAs. The amount of time its RIA advisors spend opening accounts will fall about 90%, says Michael Persiano, iPipelines chief marketing officer, via email.