Private Advisor Group introduced Greenhouse this week, a new all-in-one technology platform for its independent advisors and their teams.
“Greenhouse was created to further integrate our technology group with additional experiences and resources,” said Patrick Sullivan, who leads technology and serves as chief of staff at Private Advisor Group, a Morristown, NJ-based RIA and supervisory office of related to LPL. jurisdiction that manages more than $35 billion in assets.
He said the new platform can be compared to an expanded resource center with a set of technology providers, resources and guides to help advisers manage their practice operations and their regulatory workflows.
Sullivan said the firm continues to support and curate technology providers that have been part of its core offering, including platforms such as Orion, eMoney, Riskalyze and Redtailand those of its leading custodian firms such as LPL, Schwab and Fidelity. Greenhouse provides a single entry to these services, which he added are integral to advisors' workflow and customer service.
There is no fee for PAG affiliated advisors to use Greenhouse. For third-party technology providers, advisors would still have their own subscriptions with the respective companies.
In addition, Greenhouse has streamlined data reporting and an online community for real-time idea sharing, customer and advisor question answering, and networking.
“The change with Greenhouse is not about replacing these tools, but about increasing efficiency and acting as a foundation for advisors to have secure access to all their essential applications in one place, without the hassle of managing multiple passwords ,” he said.
While the firm declined to provide specific details about the cost or budget for the new technology, Sullivan said the Greenhouse represents a significant investment and “will remain a key item in our overall technology budget as we have made significant investments significantly for its launch and we are committed to future additions and improvements.”
The greenhouse was partially built in-house with engineering assistance from external developer Euvic, which is based in Poland. Sullivan said Private Advisor Group has had a long relationship with the firm.
PAG was co-founded in 1997 by John Hyland and Pat Sullivan as Morristown Financial Group.