Wealthtechs launch personalization tools for advisers

Wealthtechs are rolling out tools designed for advisers to build customized tech stacks, with the ultimate goal of freeing up advisers’ time to focus on financial planning as the new business model for growth

In a world where Amazon and Instagram know what consumers want before they do, advisers and investors have come to expect an experience with their technology providers that is just as simple, intuitive and personalized

The registered investment adviser channel is ripe for more technology tools. In fact, RIAs are the group that’s funneling the most assets into turnkey asset management platforms, according to America’s Best TAMPs — 2021 Edition

While RIAs are experiencing steady growth with help from technology, Cerulli Associates warns in its recent U.S. RIA Marketplace 2020 report that success over the next decade will depend on how well RIAs are able to wield technology to achieve scale.

In that light, technology powerhouses are launching new tools to help advisers navigate the multiple fintechs available for their tech stacks.

Risk tolerance wealthtech Riskalyze rolled out a tool that offers a guide for integrating an adviser’s handpicked tools as part of their tech stack. Called “Build My Tech Stack,” the tool is free to use for any adviser and is found on the Riskalyze website

All a user has to do is select which of the more than 30 integration partners it wants to use — ranging from custodians like Charles Schwab Corp. to data from Morningstar Inc.

The tool will then generate a PDF document outlining step-by-step instructions for integrating and connecting the user’s choice of custodial feed into Riskalyze, syncing data back and forth across CRM, and attaching reporting and billing engines.

The tool also automatically prioritizes which integrations to set up first, including an overview of what the integration does and the necessary steps to set up each piece of software to Riskalyze.

“Advisers tell us all the time ‘it’s great that Riskalyze integrates with every major wealth-tech product, but I really need help making sense of all of these integrations and how to configure them for optimal workflow and data flow,’” said Aaron Klein, CEO at Riskalyze, in a statement Tuesday.

AssetMark, the third-largest TAMP with $67.3 billion in AUM, launched AssetMark Institutional, a new suite of services personalized to the needs of RIAs, according to the announcement Wednesday

AssetMark’s new platform launches with more than 350 RIAs and over $7 billion in assets. 

The services include investment management, access to multi-custodians and turnkey operational support. Integrated technology options are also available, like portfolio management, reporting, proposal systems and billing. 

Similar to Riskalyze, AssetMark’s open architecture strategy — meaning the TAMP offers clients both proprietary and external products and services — provides advisers with the freedom to choose the tools they want.

“The growth of hybrid RIAs and independent RIAs over the last 10 years has outpaced other channels in both adviser headcount and adviser managed asset growth,” said AssetMark CEO Natalie Wolfsen in a statement. 

“AssetMark Institutional is designed for these growth-minded RIAs whose continued success depends on embracing the rapid change that’s impacting our industry,” she said. “This means gaining access to the right service, resources, tools, and capabilities that allow RIAs to focus more time on serving clients and less time managing the technology, operational demands, and other critical resources.”

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