Oppenheimer signs with InvestCloud

Source: InvestCloud

Oppenheimer & Co. Inc. (“Oppenheimer”), a leading investment bank, wealth manager, and a subsidiary of Oppenheimer Holdings (NYSE: OPY), today announced the launch of a strategic alliance with global FinTech firm, InvestCloud.

The partnership will accelerate Oppenheimer’s buildout of its digital experience platform for the firm’s financial advisors and other professionals, as well as their clients. InvestCloud is one of the financial services industry’s top digital platforms for wealth management and asset management firms.

Central to this strategic alliance is the creation of a new digital advisor-client web-based portal for Oppenheimer’s Private Client Division. The digital portal, expected to launch in the first half of next year, will be designed, built, and powered by InvestCloud and will integrate with Oppenheimer’s existing technology infrastructure.

Ed Harrington, Executive Vice President and Head of the Private Client Division at Oppenheimer, said, “Oppenheimer’s new financial advisor and client portal, powered by our partnership with InvestCloud, will enable Oppenheimer’s professionals to serve their clients anytime and anywhere with the most robust suite of digital tools in our industry today. With end-to-end integration throughout the journey from prospect to client and beyond, the InvestCloud platform will take the capabilities of our firm and its financial advisors to a new level, while elevating each stage of the client digital service experience.”


The partnership is expected to significantly enhance Oppenheimer’s ability to deliver the following technology-enabled solutions to its financial advisors and other professionals:

• Recruit and prospect transitioning
• Client onboarding and retention
• Business growth and process efficiency

Oppenheimer’s partnership with InvestCloud represents the next step in a series of strategic investments in advisor-facing technology. InvestCloud will serve to augment the capabilities of Oppenheimer’s other digital platforms, while enhancing the firm’s document creation and delivery solutions. This summer Oppenheimer completed implementation of AdvisorWorks, an adaptive, proprietary CRM and desktop dashboard that serves as the landing site for all advisor applications, delivering an integrated environment for maximizing its financial advisors’ productivity with clients and prospects. Previous Oppenheimer digital enhancements include Passport, the firm’s portfolio management platform for advisors, as well as a cloud-based electronic signature and document management platform.


The new partnership will enable Oppenheimer to take advantage of InvestCloud’s unique Prospect Portal and Digital Client Onboarding apps. The Prospect Portal provides an intuitive and individualized hub for clients to learn more and engage with Oppenheimer’s advisors prior to becoming a client.

Prospects will then progress to InvestCloud’s Digital Client Onboarding solution, allowing them to seamlessly open new accounts. Unlike other onboarding solutions, InvestCloud integrates prospect data with information gathered through InvestCloud’s unique Multi-Question Multi-Answer (MQMA) system. This allows Oppenheimer to automatically create intuitive proposals and provide an onboarding experience that is tailored to the individual. Both apps utilize InvestCloud’s unique behavioral science functions for enhanced digital engagement.

John Wise, InvestCloud’s Co-founder, CEO and Chairman said, “At a time when many financial institutions are expediting their online offerings to service existing client needs, there is also a significant case to be put forward in using digital to engage with prospects. Our apps will fuel Oppenheimer’s business development engines, ensuring prospects receive intuitive, involved, and individual experiences from the very first touchpoint all the way through to the long-term relationship. By taking advantage of our industry-leading Digital Warehouse and our unique approach to behavioral science, Oppenheimer is well placed to deliver exceptional prospect and client experiences which will result in enhanced business growth.”

Albert G. Lowenthal, CEO and Chairman at Oppenheimer, said, “We continue to deploy capital in a disciplined manner as we make great progress on our digital transformation roadmap across our business segments. Our partnership with InvestCloud will provide intuitive, automated, and modern interfaces that improve the wealth management experience for both our advisors and their clients. This investment will optimize and enhance prior investments as we work to anticipate the preferences our clients have for both in-person and digital delivery.”

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