Integration connects Financial DNA to Schwab Advisor Center, enabling mutual advisor-clients to access to Schwab Advisor Center directly from DNA platform
DNA Behavior International, the behavioral science tech company that enables financial services organizations to access validated behavioral insights via its all-in-one cloud-based platform, announces a new integration with Schwab Advisor Services™ allowing mutual independent advisor clients to access the Schwab Advisor Center™ directly from the Financial DNA platform.
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“Schwab understands the value of behavioral finances research, and we see them as a leading custodial partner in this emerging space,” says Hugh Massie, Chairman & CEO of DNA Behavior. “We are excited to complete this integration as it will help advisors access practical, easy behavioral finance technology directly within the Schwab Advisor Center ecosystem.”
In the recent Charles Schwab Investment Management research paper, “BeFi Barometer 2019,” produced alongside Cerulli Associates, Inc. and the Investments & Wealth Institute, 58% of advisors say they want to incorporate behavioral finance into their practices.
“We have almost 20 years of R&D, including third-party validation, and this is just the sort of integration to take advantage of that behavior tech, deploying it within an already powerful platform like Schwab’s,” Massie says.
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Organizations in financial services and beyond use DNA’s advisor and investor dashboards and API to enable mass personalization, distilling human behavior into actionable understanding by building apps.
“DNA Behavior is a welcome addition to our growing integration ecosystem,” says Kartik Srinivasan, managing director, Digital Product Management for Schwab Advisor Services. “Their technology enabling advisors to efficiently share real-time behavioral insights with clients aligns well with our strategy to offer integrated solutions that help advisors serve their clients more effectively.”
Massie notes that, in the 2019 Financial Planning Tech Survey, 42% of advisors listed behavioral finance as the technology that will transform Wealth Management. Likewise, according to the “The Evolving Role of Behavioral Finance in 2020” by Cerulli, Charles Schwab Investment Management, and the Investments & Wealth Institute, the most frequently cited challenge with behavioral finance is difficulty implementing the fundamentals into existing practices. This integration is designed to solve this problem and assist in implementing practical behavioral finance methods into the existing, rich Schwab Advisor Center technology.
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