Schwab Pilots New Broadridge Proxy Polling Solution: Tech Roundup

What You Need to Know

Schwab Asset Management becomes the first large asset manager to pilot a new proxy polling solution from Broadridge.
Envestnet co-founder Lori Hardwick was appointed chair of Docupace’s board, replacing Brad Bernstein.
Hearsay Systems announced a new compliant client engagement solution for independent RIAs.

Schwab Asset Management announced Thursday that it’s the first large asset manager to pilot a new proxy polling solution from fintech firm Broadridge Financial Solutions.

The new solution allows the asset management division of The Charles Schwab Corp. to poll fund shareholders to understand their key preferences regarding key proxy issues, according to Schwab.

“Voting shares of securities held by our funds is a duty Schwab Asset Management takes very seriously,” said Omar Aguilar, Schwab Asset Management CEO and CIO. “We want to better understand shareholders’ views on important proxy issues, and we know more shareholders want to share their views with us and express their unique preferences through their investments.”

Broadridge’s new solution was designed to provide an efficient and scalable way to gather general preferences across a large base of shareholders. The pilot will engage the shareholders of one Schwab Fund and two Schwab ETFs — the Schwab 1000 Index Fund (SNXFX), the Schwab 1000 Index ETF (SCHK) and the Schwab Ariel ESG ETF (SAEF).

As of June 30, Schwab Asset Management managed about $575.9 billion on a discretionary basis and $34.4 billion on a non-discretionary basis, it said.

Lori Hardwick Named Docupace Board Chair

Docupace announced Thursday that industry veteran Lori Hardwick has been appointed chair of its board, effective immediately, replacing Brad Bernstein, FTV Capital managing partner.

Hardwick has over 30 years of experience as a senior executive, entrepreneur and board member for some of the fastest-growing and widely recognized firms in the sector, including Envestnet, which she co-founded, going on to join BNY Mellon’s Pershing as its COO before co-founding AI Labs.

“She will share that expertise with Docupace as the company continues to execute its ambitious strategic expansion goals,” Docupace said.

Hardwick also currently holds board seats at Cerity Partners, Cetera Financial Group, Orion Advisor Solutions and Vestwell, where she also serves as chair of the board of directors. She is also a member of Genstar Capital’s Strategic Advisory Board.

She takes on her new role on Docupace’s board as the company expands its executive leadership team to “support its strong growth and focused intent to deliver a comprehensive back-office ecosystem to the wealth management industry,” the firm said.

Hearsay Introduces RIA Platform

Hearsay Systems announced a new offering for RIAs on Tuesday, saying the new compliant client engagement solution will help independent advisors “thrive in today’s digital world.”

The new solution was designed specifically to meet the needs of organizations with under 50 employees so they can grow and maintain advisor-client relationships more effectively, Hearsay said.

“RIAs play an important role in financial services today, but often lack the centralized compliance and marketing functions that make robust communications strategies successful,” Hearsay CEO Mike Boese said in a statement.

“We believe that they deserve the same opportunities to connect with clients and prospects that the big firms can access,” he added.

Offered as a bundle, the new out-of-the-box solution enables, among other things: social media publishing and messaging for LinkedIn, Facebook, Instagram and Twitter, including campaigns and personalization; flexible, mobile-optimized and SEO-friendly personal websites; suggested and curated content that advisors can personalize and publish; and “seamless texting, voice, desktop and mobile options with automation,” according to Hearsay.

Mercer Advisors CMO Gary Foodim says his firm has already adopted the solution. “We chose to partner with Hearsay because it provides our team quality content for social posts, while opening up new options for texting and calling — in one easy-to-use platform,” he said in a statement. “We believe Hearsay will be a gamechanger for our advisors.”