Advisor Tech Talk (6/16/21)


By: Gerelyn Terzo 

The wealthtech space has been abuzz with M&A activity and new hires over the past week, including the following announcements: 

  • Allfunds: Swiss fund distribution platform Allfunds is teaming up with US wealth management fintech platform iCapital to bolster global client access to the private markets. More specifically, Allfunds will integrate iCapital’s tech and solutions to deliver private market investment opportunities and expand the offerings on its global distribution network. iCapital is lending its fund selection and structuring muscle to Allfunds’ distributors as well as the retail and small institutional investors on its platform. 
  • Broadridge Financial Solutions: New York-based fintech Broadridge Financial Solutions has purchased AdvisorStream, a digital marketing platform for financial advisors. The deal bolsters Broadridge’s wealth capabilities from the front to the back office and gives it the opportunity to engage with advisors who are looking to use key digital channels for reaching clients. 
  • Cetera Financial Group: Financial advice firm Cetera Financial Group has secured its acquisition for the coveted assets in Voya Financial’s independent financial planning channel. The cohort will be rebranded as Cetera Wealth Partners and will join the acquirer’s regional director model almost immediately. Cetera managed to gain more than 90% of Voya’s army of 900 financial advisors as well as almost 95% of its assets under administration. 
  • D.A. Davidson: New York-based D.A. Davidson is acquiring investment banking and advisory firm Marlin & Associates to strengthen its expertise in the fintech sector. Marlin is known for advising buyers and sellers of mid-market firms including those that operate in the fintech, wealthtech, insuretech, banktech and legaltech market segments. Marlin’s advisors have been mandated for hundreds of deals across two-dozen countries. As a result of the deal, D.A. Davidson expands its tech equity capital markets team to 60 people. 
  • Foreside Financial Group: Maine-based Foreside Financial Group has scooped up of Golden Bear Consulting Group in an acquisition, bolstering its regulatory compliance muscle in the interim. Foreside, which delivers governance, risk management, and compliance service and technology offerings to the wealth management community, has been on the acquisition trail, with the latest deal marking its seventh purchase in the past two years. Golden Bear supports private equity funds, hedge funds, emerging managers and wealth managers with compliance consulting solutions. 
  • STP Investment Services: Penn.-based STP Investment Services is giving some relief to investment managers on the DTCC OASYS platform. The fintech solutions provider is offering investment managers on the soon-to-be-decommissioned tech OASYS the opportunity to migrate to the STP settlements service platform sans any setup or implementation fees. Firms that are hunting a replacement for the legacy tech, which has been around since 1990 and will expire in October 2021, can transition to STP’s software solutions and bolster their tech stack in the process. 
  • Thrivent Advisor Network: Minneapolis-based Thrivent Advisor Network has tapped Carolyn Armitage as head of the advisor platform. Armitage joined Thrivent on June 14 and brings with her more than three decades’ worth of experience in financial services, including serving as managing director at wealth management consultancy Echelon Partners most recently. While at Echelon, Armitage had the opportunity to work with Thrivent Advisor Network teams. She said she is looking forward to “onboarding advisors from the industry.”