Advisor Tech Talk (7/7/21)


By: Gerelyn Terzo 

There are no summer doldrums for the wealthtech space, as market participants continue to expand through acquisition, hire new talent, upgrade tech and more. Let’s dive in.  

  • AdvisorPeak: Utah-based AdvisorPeak has named Mark Hollingsworth, an alum of both Riskalyze and FinMason, as its chief strategy officer in a newly created role at the wealth management software firm. Hollingsworth, a seasoned financial services professional with more than three decades of experience, will also join the board. He also founded NEXT Financial Group, an independent broker-dealer and RIA. AdvisorPeak Founder and CEO, Damon Deru, said Hollingsworth complements the firm’s product roadmap. 
  • Brighton Securities: Wealth management firm Brighton Securities has scooped up Rochester, NY-based fee-only RIA Worth Considering. The deal will lead to the formation of Brighton Securities Capital Management, an RIA that will deliver “investment advisory and portfolio management services to financial advisors and individual clients.” Once the transaction is closed, Worth Considering’s clients and talent will become part of Brighton. 
  • CircleBlack: Wealth management technology firm CircleBlack has upgraded its platform to streamline the process for financial advisors in response to client feedback. The upgrade includes “more easily accessible data, new customizable features and expanded API capabilities,” according to the company. Advisors will be able to tailor their dashboards to their liking in addition to accessing more data on one screen, resulting in “less scrolling and faster load times.” 
  • Coastal One: Wilmington, Del.-based Independent broker-dealer and RIA Coastal One has introduced access to alternative assets for advisors on its platforms. The company is using WealthForge’s Altigo platform for automated order entry and subscription processing. The automated nature of Altigo will cut down on the paperwork process, which is onerous can be prone to human error.
  • Kestra Holdings: Wealth manager Kestra Holdings has made a key hire and expanded with a new division. The Austin, Texas-based firm is launching the Kestra Investment Management division and has tapped Goldman Sachs and United Capital-alum Kara Murphy as CIO. Murphy is the maiden employee of the division and will spearhead its direction. Kestra is behind a broker-dealer and has investment advisors on its platform. 
  • Northern Trust: Northern Trust has digitized its document capture capabilities for its alternative asset division by using machine learning technology. The firm has earmarked investments over the coming years for automating its alternative asset investment arm to bolster the client experience. Digital document capture automates the documentation process as well as fund manager reports on the holdings and investment performance of alternative asset managers including private equity and hedge funds. 
  • Riskalyze: RIA CommunityAmerica Financial Solutions (CAFS) announced that its advisors will now have access to risk-alignment platform Riskalyze. CAFS touted its commitment to investment in technology as well as Riskalyze’s tools that will help CAFS’ credit union partners and advisors identify investors’ risk/return profiles. 
  • Savant Wealth Management: Rockford, Ill.-based fee-only wealth management firm Savant Wealth announced plans to acquire AMDG Financial and AMDG Business Advisory Services of Michigan. The transactions represent Savant’s expansion into Michigan and will support its Tax & Consulting division. Savant says the “deal challenges the conventional M&A approach.”