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Raymond James Rolls Out Tool for Gathering Client Asset Data

February 9, 2018

Raymond James is rolling out Everplans, an online storage service for documents and data, as part of a suite of planning tools its advisors will be able to access this year, WealthManagement.com writes.

Founded in 2011 as an online tool to help with end-of-life planning, Everplans morphed into a platform for secure data storage a year later, in part because of one of the founder’s difficult experience dealing with an unorganized estate following a death in the family, according to the web publication.

Everplans’ primary business is now wealth managers who offer the platform to their clients, and the company already works with more than 50 advice firms, WealthManagement.com writes. The platform allows for dynamic upload of information across six categories, such as real estate, and 29 subcategories, the web publication writes.

Raymond James reps will be able to offer Everplans branded with their own name and contact information, and will still have access to the brokerage’s own document storage system as well, according to WealthManagement.com. Everplans co-founder and CEO Abby Schneiderman declined to tell the publication how much Raymond James is paying for the service, but advisors can use it for free, the brokerage tells WealthManagement.com.

Meanwhile, advisors using the account aggregator service provider Quovo will now be able to get alerts about activities in their clients’ accounts, including those held at third-party firms, according to the web publication. The new feature is dubbed “Cue” because it’s meant to act as a “tip-off” that advisors may want to have a conversation with their clients about a major milestone or life event, Lowell Putnam, co-founder and CEO of Quovo, tells WealthManagement.com.

One type of alert will simply notify advisors of changes in their clients’ accounts, such as a substantial jump in value, according to the web publication. But Cue can also pick up on changes in spending behavior and alert the advisor in cases when a client is spending significantly more than the year prior, WealthManagement.com writes. The platform can also employ predictive analytics to identify life events from, for example, increased spending at baby supply stores, according to the publication. Quovo is currently conducting a pilot of Cue with several large companies, WealthManagement.com writes.

Digital document storage and the handling of client data as it pertains to their assets has been an important issue at wealth management practices since the early 2000s. But it has recently become one of the first things some advisors talk to their new clients about.

By Alex Padalka
  • To read the Wealth Management article cited in this story, click here.
  • To read the Wealth Management article cited in this story, click here.