Advisor Tech Talk: 12/28/21


The wealthtech segment is saying goodbye to 2021 in style, raising capital, expanding teams, adding assets, and delivering shiny tech offerings for advisors. This year, crypto providers have increasingly made their way onto the landscape, paving the way for advisors to make the leap to digital assets. 

  • Envestnet: “Envestnet’s ‘Fully Vested’ omnichannel brand campaign kicked off in September 2021. The campaign…anchors around cross-generation stories designed to show the complexity of an individual’s financial life and how advisors and technology can help. The brand campaign spans across online video, out-of-home advertising, radio, and connected TV. In just 90 days, Envestnet saw interest far exceeding expectations, with website traffic increasing significantly—and engagement to ‘learn more’ by clicking through to the Envestnet ecosystem tripling…Returning users continue to accelerate across the Envestnet digital landscape. These early results show that this is a conversation that the wealth management and financial advisor community need to have.” 
  • iCapital Network: “iCapital Network…announced that it has closed on a $50 million funding round led by WestCap. Apollo and Temasek also invested in the round, which valued the company in excess of $6 billion. Other existing investors are expected to make follow-on commitments to iCapital early next year. Apollo is the latest alternative asset manager to invest in iCapital, joining strategic investors Blackstone, KKR, and The Carlyle Group, making iCapital the only alternative investment platform of its kind to count four of the world’s largest alternative asset managers among its strategic investors. The round further expands the consortium of industry leaders aligned with iCapital’s industry-standard technology solution for facilitating private wealth channel access to alternative investments.” 
  • LPL Financial: “LPL Financial announced that Sterling Wealth Group has joined LPL Financial’s broker-dealer, corporate RIA and custodial platforms. The Sterling team reported to LPL that it served approximately $390 million in advisory, brokerage and retirement plan assets. They join from MML Investors Services. Sterling Founder Robert Sterling Madden stated, “We looked at technology capabilities, breadth of investment options, research and resources before concluding that LPL’s integrated platform is simply unrivaled. We also appreciate the family environment and added support provided by JFC. We wholeheartedly believe this new relationship will enhance the client experience and allow us to serve their needs more effectively and efficiently.”
  • Stacked: “Stacked, a crypto-investing software that allows users to manage assets and invest in pre-built portfolios and strategies, announced that it has raised a $35 million Series A funding round led by Alameda Research, a core partner of FTX, and Mirana Ventures, venture partner of Bybit and BitDAO, to double its 40-person team and build out its suite of retail-friendly crypto portfolios and automated lending products. The oversubscribed funding round also included investors such as, Fidelity International Strategic Ventures, a dedicated venture capital team within Fidelity International set up to invest in fintech; DRW Venture Capital; Alumni Ventures and Jump Capital.” 
  • UX Wealth Partners: “UX Wealth Partners announced a custom integration with Flyer Financial Technologies’ Co-Pilot, enabling UX Wealth to execute investment strategies faster and with better price execution. Advisors using UX Wealth are now seamlessly utilizing FlyerFT’s Co-Pilot Investment Book of Record where positions are updated for every trade placed, providing real-time position quantities and valuation throughout the trading day.” 
  • Zoe: “Zoe, a digital wealth platform that connects clients with independent, fiduciary financial advisors, announced a new firm joining its selective advisor Network. Prior to partnering with Zoe Financial, RIAs must go through a rigorous vetting process that Zoe uses to ensure that clients are only connected with the top 5% of advisors countrywide. Zoe’s partners are highly qualified financial advisors who offer personalized service and always act in the clients’ best interests. The latest RIA partner that Zoe is welcoming into the Network is Commas, a financial advisory that provides fee-only service to clients. Their value proposition lies mainly in servicing the every-investor, a segment that usually doesn’t fit the standards set by traditional high-net-worth advisories. That is people who don’t necessarily have millions of dollars in their accounts but also deserve the advice to make better financial decisions. Commas are committed to offering personalized guidance without account minimums and with a payment structure based on monthly fees.”