CogniCor Commences Strategic Relationship with Charles Schwab to Deliver AI-Enabled Solutions for Affiliated RIAs

The AI-Digital Assistant and Educational Platform Provider Announces Partnership with Sequoia Financial

CogniCor, the Morgan Stanley-backed provider of artificial intelligence-powered business automation and learning platform for highly regulated industries, today announced it established a formal relationship with Charles Schwab to provide AI-enabled solutions to its affiliated registered investment advisors (RIAs) through the Managed Account Marketplace®. Sequoia Financial is the first customer as part of this new engagement.

Continued consolidation in the space has pushed RIA owners to pursue M&A-based growth, leading to a significant need for scalable solutions that enable quick and efficient onboarding and education of new staff and advisors, new account openings and helping clients transition existing accounts to their advisor’s new firm.

CogniCor Co-founder and CEO Sindhu Joseph, Ph.D., said, “AI-enabled digital assistants are uniquely positioned to alleviate the issues born of significant M&A growth within this industry. Our relationship with Schwab addresses the significant demand for these solutions from the nation’s leading RIAs.”

Charles Schwab-affiliated RIAs will have ready access to CogniCor’s suite of AI-enabled digital assistants and learning platforms through the Managed Account Marketplace®. Once an RIA establishes a direct agreement with the company, CogniCor’s digital assistant will facilitate a seamless experience for advisors and straight through processing to the custodians. The RIA can integrate these solutions into their day-to-day operations, driving efficiencies and automating critical back-office functions.

Dr. Joseph continued, “Currently, advisors and employees are forced to spend around 40% of their time executing routine, manual tasks. This time should be devoted to serving clients and performing other value-generative activities. By providing its affiliated RIAs access to our business automation and learning platforms, Schwab can fuel further growth opportunities for its customers.”

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Sequoia Partnership 

Sequoia Capital, one of Schwab’s largest RIA customers, is working closely with CogniCor to test its latest AI-enabled solution, the Meeting Assistant, on a large scale. This system works with advisors and the firm’s current Salesforce-based CRM to automate the pre- and post-meeting paperwork, create dynamic agendas and help track life events and milestones for a customer in real-time.

“As we looked to improve our advisors’ efficiency without any impact to the client experience, we identified the administrative processes around the client advisor meeting as an area ripe for improvement,” said Trevor Chuna, Chief Technology Officer with Sequoia. “Working closely with CogniCor, we selected several areas in which we believe this technology can reduce the time spent on repetitive administrative activities. We are extremely pleased to roll these seamlessly integrated tools to our advisors in the coming months.”

Dr. Joseph concluded, “We look forward to our partnership with Sequoia as we address this particular opportunity and provide their advisors a completely integrated, AI-enabled solution that can help them focus on what matters most, the relationships with clients.”

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