US-based wealth manager Oppenheimer has entered into a strategic alliance with fintech firm InvestCloud to ramp up the buildout of its digital experience platform.

The partnership will aid the development of a new digital portal for Oppenheimer’s Private Client Division.

The adviser-client web-based portal is designed, built, and powered by InvestCloud. It will integrate with Oppenheimer’s technology infrastructure.

The portal is slated to roll out in the first half of 2021.

Oppenheimer CEO and chairman Albert Lowenthal said: “Our partnership with InvestCloud will provide intuitive, automated, and modern interfaces that improve the wealth management experience for both our advisers and their clients.

“This investment will optimise and enhance prior investments as we work to anticipate the preferences our clients have for both in-person and digital delivery.”

The tie-up is anticipated to improve Oppenheimer’s ability to provide various technology-enabled tools to its advisers.

These tools will support recruit and prospect transitioning, business growth, and client onboarding and retention.

InvestCloud will help enhance other digital platforms of Oppenheimer along with its document creation and delivery solutions.

The alliance will help Oppenheimer leverage InvestCloud’s Prospect Portal and Digital Client Onboarding apps.

The Prospect Portal provides an intuitive hub, facilitating clients’ engagement with Oppenheimer’s advisers.

InvestCloud’s Digital Client Onboarding solution enables prospects to open new accounts. The company combines prospect data with data gathered through InvestCloud’s Multi-Question Multi-Answer (MQMA) system.

This enables Oppenheimer to automatically create intuitive proposals and offer tailored onboarding experience.

InvestCloud co-founder, CEO and chairman John Wise said: “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.”

Developments at InvestCloud

This March, InvestCloud launched a new product called InvestCloud White.

The product is designed to serve as an end-to-end digital platform for RIAs and also support turnkey asset management programmes (TAMPs).

In the same month, James Hambro & Partners tapped InvestCloud to support digital client communication, automation and management capabilities.