Fintech platform improves and simplifies the client onboarding and account opening experience for advisors and investors

HERNDON, Va.–(BUSINESS WIRE)–Skience, a leading fintech platform that helps financial advisors and wealth management organizations digitally transform their operations and enable business growth, today announced the awarding of Patent No. 11,900,462 B2 from the United States Patent and Trademark Office for its proprietary systems and methods that automate and improve the creation and maintenance of financial accounts, including the related integrations.

The challenges advisors face today include capturing the appropriate level of information about the client and the account being opened and the ability to share that information with the required systems and platforms without the need to capture it multiple times.

The central differentiator of Skience’s solution starts with a user entering client information into a system configured to initiate a series of steps that analyzes the data, identifies a custodian to process client information (out of several custodian options), and automates the establishment of a new client account. Based on the data entered, the system can generate and complete the forms required by the designated custodian, communicate with the external form service to create a signable version, and then submit it for signature. Based on that signed form, the system can then open and even fund a new account with the selected custodian.

This system provides numerous benefits to both advisors and their clients. It eliminates the need for advisors to be familiar with the different proprietary application programming interfaces, portals, and account-opening processes used by various custodians and saves advisors the significant time required to complete and submit the required forms. The solution integrates with CRM and other vendor systems, which reduces duplicate data entry and the errors that can result, improving overall data quality and integrity. By leveraging CRM data, the system can also integrate with cloud-based partners to perform compliance, surveillance, and record-keeping functions and can even create a financial plan through integration with a vendor such as Envestnet | MoneyGuide’s MoneyGuidePro.

“Skience is dedicated to helping advisors unify and simplify their technology and data into one centralized hub that increases productivity and business growth,” said Sanjeev Kumar, CEO and Co-founder of Skience. “We are honored to be recognized with this patent, signifying the spirit of innovation we bring to our solutions, platform, and consulting services.”

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For more information, please visit skience.com

Skience is a fintech platform and consulting service that helps financial advisors and wealth management organizations simplify their practice by integrating their systems and data. Headquartered in Herndon, Virginia, with offices in Bangalore, India, Skience allows financial advisors to focus their energy on client service and business growth. Learn more at www.skience.com.

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