So much for winding down towards the end of the year—we have as much wealthtech news to cover as ever in this Advisor Tech Talk!
Wealth management is mechanizing and automating itself faster than ever before, and as a result, we’re noticing that advisors are rapidly trying to evolve and expand their value propositions. That brings us to a recent survey from CAIS and Mercer (which has some news in our headlines below) that finds financial advisors rapidly adopting alternative investments and strategies as part of their service offering.
Why are so many advisors gravitating towards alternatives in a period where investing in common, public stocks has offered impressive returns? Because there’s usually little money to be made in putting a client into an index fund, even though the S&P 500 is up almost 28% year-to-date. Anyone can get access to an index fund by themselves without the need for an advisor’s intervention.
Alternatives, on the other hand, are still more difficult to source and require additional paperwork and monitoring—putting clients in alternatives simply gives advisors more to do, which at least makes it look like they’re earning their fees.
I would caution that alternatives are probably not the best basket for advisors to be putting their value proposition eggs into. Just as firms like CAIS—and iCapital, which also makes an appearance below—have simplified and automated much of the process for sourcing and investing in alternatives for financial advisors, other technology providers are demystifying and disintermediating alternative investments for the end client.
Simply put, most people across the wealth spectrum will not only have access to truly differentiated alternative investments within the next handful of years, but they’ll also be able to invest in them and manage them through an entirely automated process that requires no assistance from a financial advisor, and which, in the end, will be considerably cheaper than using a traditional advisor to access alternative investments.
In other words, alternatives are great for some people, they can really make the difference within a portfolio, and they’re particularly interesting as customization and personalization tools—but they’re not going to serve as effective differentiators for financial advisors for much longer.
Advisors must find something else.
Let’s get to those headlines.
Interested in getting your brand in front of the massive & high level audiences of Digital Wealth News and AI&Finance? Click here to schedule a zoom meeting w/ publisher Cindy Taylor
Advisor360
GWN Securities, Inc., a leading national independent broker-dealer and registered investment adviser (RIA), announced that it has modernized its advisor technology capabilities by adopting Advisor360° software. Advisor360° provides award-winning, integrated technology solutions tailored for enterprise wealth management firms.
In May of this year, GWN selected Advisor360°’s multi-custodial, highly integrated and configurable platform as the foundation for its new technology infrastructure. Advisor360°’s robust suite of wealth management tools boosts advisor productivity, streamlines operations, and integrates seamlessly into GWN’s existing systems.
GWN consolidated multiple systems with Advisor360°’s unified suite of solutions that are built on the company’s proprietary Unified Data Fabric® — including its award-winning Account Opening, Advisor Experience, Data and Reporting and Client Portal. Using the new platform, GWN advisors will enjoy a streamlined multi-custodial account opening process and 1-Click Review® reporting for meeting preparation. Additionally, GWN advisors’ clients will join the 3 million households that have access to Investor360°, Advisor360°’s client portal and mobile app.
Advyzon
Advyzon, a comprehensive technology platform and portfolio management solution for financial advisors and investment managers, today announced a robust new integration with iCapital1, the global fintech platform driving the world’s alternative investment marketplace for the wealth and asset management industries.
The partnership will initially include data and fund activity integration from iCapital’s curated menu of alternative investment strategies into Advyzon’s portfolio reporting platform, as well as a seamless single sign-on (SSO) experience from Advyzon to iCapital. Future enhancements will incorporate iCapital’s user-friendly Document Center into Advyzon’s document vault, allowing Advyzon to surface alerts and tasks such as capital calls or subscription updates that appear in Advyzon’s CRM and dashboard.
The integration between Advyzon and iCapital will also be available in Auria, the new offering from Advyzon Institutional for family offices and UHNW clients, announced last month and launching in Q1 2025. Evolving from the comprehensive Advyzon platform, Auria unites essential capabilities – including portfolio management, performance reporting, and CRM – into a single, seamless interface while also empowering advisors to manage intricate entities, track alternative investments, provide families with a holistic view of their total wealth, and more.
Aspen Digital
Aspen Digital, a full-service private wealth management platform built for family offices and ultra-high net worth clients allocating into digital assets, co-incubated by Everest Ventures Group and TTB Partners and backed by RIT Capital Partners, Liberty City Ventures and Token Bay Capital today announced the receipt of a Financial Services Permission (FSP) from the Financial Services Regulatory Authority of ADGM, the international financial center of the UAE’s capital. Their strong global network of traditional investors and market participants across hedge funds, venture capital firms, and broader ecosystem players enables them to provide a best-in-class solution for clients.
The license grants Aspen Digital permission to provide broker-dealer, asset management, advisory, and custody services under its fully regulated and best-in-class tech platform.
Broadridge Financial Solutions
To transform the landscape of algorithmic trading, global Fintech leader Broadridge Financial Solutions, Inc. (NYSE:BR), today announced the launch of an innovative AI-powered algorithm insights service for NYFIX. Driven by real-time liquidity mapping, the service is designed to empower asset managers, hedge funds, and other buy-side firms to achieve unprecedented accuracy, seamless workflow integration, and proven cost-efficiency.
This is the first and only solution of its kind, using advanced AI to leverage public and private data to understand the liquidity landscape, particularly potential dark fill location. This approach identifies the ideal algorithmic execution for any given order, reducing outliers to improve overall trading costs. Traders benefit from real-time alerts and in-trade analysis, allowing for in-flight adjustments to stay aligned with their objectives, ensuring optimal strategy selection throughout the trading process.
The NYFIX service was developed based on decades of proven research from Jeff Alexander and Linda Giordano, whose pioneering work at Babelfish Analytics established the standard for understanding routing dynamics, analyzing venue liquidity, and optimizing algorithm selection. This collaboration brings together unique and proprietary trader-focused insights with the trusted and transformational technological capabilities and extensive distribution capacity of Broadridge, creating a powerful service to enhance the trader’s ability to improve performance.
CAIS
CAIS, the leading alternative investment platform for independent financial advisors, today announced that J.P. Morgan Asset Management, a global leader in investment management, is partnering with CAIS to provide advisors access to its alternative investment strategies.
An evergreen private equity vehicle focused on small and mid-market secondaries and co-investments is available today on CAIS Marketplace with plans in place to scale the partnership and add additional J.P. Morgan strategies to the platform over time. Funds listed on CAIS have undergone third-party due diligence by Mercer, a global leader in institutional investment and operational due diligence.
J.P. Morgan Asset Management will also gain access to CAIS’ online education platform (CAIS IQ), digital marketing support, and integrations with leading custodians, reporting providers, and fund administrators. Additionally, the firm will benefit from a custom analytics dashboard designed to optimize their platform engagement, pipeline management, and sales efforts. J.P. Morgan’s leading quarterly Guide to Alternatives will also be made available on the platform. Having just reached its 5th anniversary, the Guide to Alternatives is an extension of the industry-leading Guide to the Markets which reaches more than 450,000 financial professionals globally each quarter.
Fresh Finance
Fresh Finance, a leading MarTech solution that integrates compliance, marketing, and advisors into a unified content distribution platform, today announced the appointment of Michael Partnow to its Board of Directors. In addition to his board role, Partnow will serve as a Strategic Advisor, bringing extensive expertise to bolster Fresh Finance’s growth strategy.
Recognized for his strategic insights and leadership, Partnow’s appointment underscores his ongoing commitment to innovation in financial services. His broad expertise across business verticals equips organizations to improve customer experience and unlock the true potential of digital transformation. These qualifications make him a natural fit for Fresh Finance’s forward-thinking team.
The wealth industry is at an inflection point where the delivery of timely, meaningful content is critical. Fresh Finance is the platform enabling just that while enhancing the experience across the entire value chain. This strategic appointment is pivotal as Fresh Finance continues to expand its presence in the financial services industry.
FusionIQ
Fusion IQ and OnPoint Community Credit Union are teaming up to equip the credit union’s more than 581,000 members in Oregon and Southwest Washington with a suite of digital investment options. OnPoint members will have access to FusionIQ’s hybrid digital advice and self-directed investing capabilities within the FIQ Journey platform.
This partnership marks a significant step in OnPoint’s ongoing commitment to supporting the financial well-being of its members and enables them to grow their wealth with smart, goal-based investing tools. The FIQ Journey platform complements OnPoint’s existing wealth management offerings by providing easy-to-use digital investing tools designed for more tech-savvy users.
FusionIQ’s platform integrates with trusted financial partners like OnPoint to securely manage and monitor members’ investments, making it easier for members to start investing and track their financial growth. Arete Wealth, partners with FusionIQ to serve as the broker-dealer for the self-directed journey, while FusionIQ provides the RIA for hybrid digital advice.
Gen Digital
Gen Digital Inc. (NASDAQ: GEN), a global leader dedicated to powering Digital Freedom through its family of consumer brands, announced today that it has entered into a definitive agreement to acquire MoneyLion Inc. (NYSE: ML), a leading digital ecosystem for consumer finance that empowers everyone to make their best financial decisions. With the addition of MoneyLion, Gen builds upon its mission, now empowering people to grow, manage, and secure their digital and financial lives.
MoneyLion is a leading digital ecosystem for consumer finance. Through this acquisition, MoneyLion extends Gen’s identity solutions into offering comprehensive financial wellness through MoneyLion’s full-featured personal finance platform that includes credit building and financial management services. Additionally, Gen acquires a scaled and proven B2B2C white-labeled AI recommendation platform that can be leveraged and enhanced by Gen’s consumer base. MoneyLion’s over 18 million customers broaden and diversify Gen’s customer base, expanding the Company’s top of funnel for full credit and identity protection.
iCapital
JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) with approximately $6.6 billion in portfolio equity and debt investments, today announced a partnership with iCapital1, the global fintech platform driving the world’s alternative investment marketplace for the wealth and asset management industries.
The partnership results in JLL Income Property Trust being available on iCapital Marketplace. The platform provides financial advisors with best-in-class technology, tools, and education to invest in alternative investments.
JLL Income Property Trust is an institutionally managed, daily NAV REIT that brings investors a growing portfolio of commercial real estate investments selected by an institutional investment management team and sponsored by one of the world’s leading real estate services firms.
intelliflo
intelliflo, the global cloud-based technology solution for financial advisors, today announced that it has delivered more than 110 enhancements in the past year to intelliflo redblack, the company’s award-winning rebalancing and trading solution. Approximately 75% of these enhancements stemmed directly from customer feedback, highlighting intelliflo’s commitment to shaping its technology in line with the needs of financial advisors.
These enhancements have resulted in notable efficiency gains for advisors across the country, allowing them to spend less time on tedious manual processes and more time offering personalized client service. The automation and streamlined processes offered by intelliflo redblack have also led to a reduction in human errors and boosted compliance efforts for RIAs of all sizes, enabling them to more effectively grow.
Because of intelliflo’s modern technology, dedication to customer-inspired change and leading service and support, intelliflo redblack continued to gain traction among advisors. RIAs of all sizes selected and onboarded intelliflo redblack this year, bringing the platform’s total AUM to over $730 billion.
Pontera
Pontera™, the fintech company enabling retirement savers to receive personalized 401(k) management from their financial advisor, has formed a partnership with Independent Advisor Alliance (IAA). This collaboration will enable IAA advisors to offer enhanced wealth management services by integrating workplace retirement accounts into their holistic financial planning process.
Through Pontera’s secure, client-permissioned platform, IAA’s 140 partner firms can now view, analyze and manage their clients’ 401(k)s and other workplace-sponsored retirement plan accounts. This supports advisors in their mission of delivering comprehensive investment guidance tailored to their clients’ complete financial picture.
Pontera’s platform seamlessly integrates with SS&C Black Diamond and a dozen other leading fintech tools, streamlining workflows and enhancing the advisor and client experience.
Sanctuary Wealth
Sanctuary Wealth (Sanctuary), providing elite financial advisors the freedom, flexibility, control and choice to thrive in an evolving industry, has announced the expansion and enhancement of Sanctuary’s multi-custodial wealth management platform. By leveraging BNY Pershing’s Wove platform, Sanctuary will continue its growth momentum while offering elevated services to its partner firms and their clients.
All Sanctuary partner firms will now have access to the upgraded Sanctuary One platform powered by BNY Pershing’s Wove, designed to help connect an investor’s complete financial picture in one place.
The Wove platform incorporates BNY Pershing’s interoperable suite of products, including Wove Investor, Wove Data and Wove Advisory through a single source. Through a foundational framework designed to enable future integrations without disruption to services, Wove enables Sanctuary partner firms to improve the experience they provide to clients. It also streamlines the advisor’s workflow, letting them view assets holistically, regardless of where assets are held to better service Sanctuary’s clients. This platform includes portfolio construction and analytics tools, innovative trading and rebalancing features, a proposal tool and a client portal integrated with Sanctuary’s existing tech stack.
Saphyre
Saphyre, Inc., a leading fintech company using patented technology to help solve pre-trade activities and post-trade issues, is excited to announce a partnership with Aladdin, BlackRock’s technology platform which unifies the investment management process. This collaboration aims to enhance efficiency, reduce operational risks, and simplify workflows for common clients in the financial services industries by integrating Saphyre’s onboarding and data management solutions with the Aladdin platform.
Financial institutions often face significant challenges in pre-trade onboarding and maintenance of accounts due to fragmented systems, manual processes, and regulatory complexities. The partnership between Saphyre and Aladdin helps to address these pain points, offering a seamless solution for the investment lifecycle.
The integration delivered through this partnership will support end-to-end automation for the investment management community, addressing critical operational challenges while ensuring clients are prepared to meet evolving industry demands.
SS&C
SS&C Technologies Holdings, Inc. (Nasdaq: SSNC) today announced an initial agreement with Insignia Financial (Insignia) to deliver superannuation member administration services. Insignia Financial supports around 1.1 million superannuation fund members through its wealth management offerings.
Upon signing a final binding agreement, more than 1,000 team members in seven offices across Australia will transfer from Insignia to SS&C. The team will then leverage SS&C’s in-house technology to automate processes and streamline operations while providing top-notch service delivery to Insignia’s customers alongside SS&C’s experts.
TradeStation Securities
TradeStation Securities, Inc. (“TradeStation Securities”), an award-winning†, self-clearing online brokerage firm for trading stocks, options, futures, and futures options, announced the launch of HUB, an enhanced central portal designed to provide applicants and clients with a more streamlined experience. TradeStation’s HUB will replace its current Client Center, which is an online resource for TradeStation clients to access their account information, customer profile, tax preparation, and support tools.
HUB will improve TradeStation’s account application and onboarding process, making it faster and easier to open an account, fund it, and begin trading. By consolidating a wide array of resources, including TradeStation’s trading platforms, trade ready checklist, account management tools, allocation breakdown, portfolio highlights, tax documents, and help and support, HUB is designed to provide a seamless user experience, enabling traders to move effortlessly between tools and services. These improvements are part of TradeStation’s ongoing commitment to deliver institutional-grade services tailored to meet the needs of traders. HUB is already live, and initial results show that it has achieved a 35% adoption rate for clients within the first 30 days of its launch.
Vanguard
Vanguard today announced it will establish a new Advice & Wealth Management division focused on enhancing a range of capabilities to improve outcomes for its clients. Industry veteran Joanna Rotenberg will join Vanguard in January 2025 to lead the new division as a managing director and a member of the firm’s senior leadership team.
Vanguard’s existing advice and wealth management businesses are among the fastest growing offers within a large and growing industry segment, grounded in the firm’s core philosophy of high-quality, diversified, low-cost solutions designed to help clients keep more of their return.
Joanna Rotenberg most recently served as the president of Personal Investing at Fidelity leading the company’s retirement, brokerage, and wealth management businesses. Previously, she spent over a decade at BMO Financial Group as a member of the bank’s Executive Committee and served as a partner at McKinsey & Company serving clients in wealth and asset management.
Vise
Vise, the technology-driven investment management platform, today announced the appointment of Kamal Jafarnia as Chief Legal Officer and General Counsel. With more than 30 years of experience at the intersection of law, compliance, and financial innovation, Jafarnia brings critical expertise to support Vise’s mission of revolutionizing the wealth management landscape.
Most recently, Jafarnia served as Co-Founder and General Counsel at Opto Investments, Inc., a fintech platform revolutionizing access to private funds by empowering fiduciaries with technology to confidently invest in private markets. He will continue to maintain his role as an Advisor to Opto Investments in addition to serving as Vise’s Chief Legal Officer and General Counsel. Jafarnia previously held the role of General Counsel at Artivest, where he led the company’s successful acquisition by iCapital in 2020.
Jafarnia has distinguished himself by building robust compliance frameworks while enabling innovation. His experience includes leadership roles at W. P. Carey and Franklin Square Capital Partners, where he developed a reputation for navigating complex regulatory landscapes.
Wealthbox
Wealthbox, the highest-rated CRM software for financial advisors, today announces a new enterprise CRM agreement with Steward Partners, an independent wealth management firm managing over $38 billion in assets. Steward Partners will initially implement Wealthbox across a network of 60 users, with a vision to expand its use to the full network of 500 partners. This partnership highlights Wealthbox’s commitment to providing tailored solutions that enhance client service and operational efficiency for financial advisory firms.
Steward Partners selected Wealthbox for several reasons, including the CRM’s multi-workspace configuration that offers the flexibility to manage multiple advisor teams as an RIA acquirer. Additionally, Wealthbox’s enterprise user management capabilities will streamline operations and enable Steward Partners’ home office to efficiently oversee user management across the organization.
YCharts
YCharts, a leading investment research and client engagement platform trusted by financial advisors and investment professionals across North America, is excited to announce a new partnership with Designed Securities, Canada’s premier financial services provider. This collaboration aims to enhance the workflow of Designed users by integrating YCharts’ powerful tools and features.
This strategic collaboration is set to transform the advisor experience by streamlining workflows and enhancing client engagement capabilities for Designed users.
