What if we’re getting the so-called “great wealth transfer” wrong?
Welcome to Advisor Tech Talk where we’re going to run through an entire week’s worth of wealth management technology news—including some interesting items from FNZ, Nitrogen, Orion and Envestnet.
But first, let’s discuss the impending/incipient/ongoing flood of tens of trillions of dollars from Baby Boomers and their parents towards Generation X, millennials and Generation Z, because wealth management loves talking about morbid events in terms of dollars and cents.
This week we have a bit of pap written by a respectable family office executive, Sharon Olson, for an enjoyable online wealth management publication, Family Wealth Report, asking if we’ve gotten this great wealth transfer so wrong—her argument is that in thinking about the wealth transfer in terms of dollars and cents, financial advisors are making a mistake by applying old values to younger generations with more idealistic and philanthropic values. Her argument goes on to say that the inheritance is less important, and finding purpose for the money is more important.
We agree with her first point—that wealth management is making all kinds of mistakes when it comes to a so-called great wealth transfer—but we differ on the reasons.
For one thing, the author’s view of younger generations is still a view of young people through an older person’s eyes. While there are statistics—in fact, there are always statistics—showing younger people can be more inclined towards philanthropy and volunteerism than older people, that doesn’t mean that their charitable inclinations will continue into and through middle age.
What is often happening is that the values of older generations—Baby Boomers who grew up in or came of age in the 1960s, for example—are being projected onto younger people.
Rather than being uniquely inclined to charity as a generation, as living conditions improve, younger people of every generation tend to be more optimistic, idealistic and full of hopes and plans to change or better the world that they’re inheriting. These younger people almost always tend to mature over time, realize the limits of their abilities, and turn instead to trying to make things better for their families, their own children and their more immediate communities. This is what really happened to most baby boomers with the exception of a very loud minority who never jettisoned the values of the mid-to-late 1960s—a minority that tends to be over-represented in the media, both online and traditional.
We should take generalizations about generations of young people—and how they will mature over time—with a grain of salt.
Targeting the philanthropic urge in general is not enough for generations of people acclimated to being targeted by marketing and by the pitches of various charities and organizations. To effectively speak to a person’s wish to do good with their money, you have to understand their cause, speak to their cause, and be able to uncover opportunities to do measurable good within their preferred causes, and all of this is even more effort than it sounds. Assuming you can appeal to young people by being a philanthropic generalist – and clearly with a primary aim to attract and retain their business – isn’t likely to be effective with a population that is also increasing in cynicism with every subsequent generation.
There is no one-size-fits-all for values. You can’t just change your values to serve next-generation clients. They’re going to see through your pitch.
Also, there is no “great wealth transfer.”
Wealth is transferring continuously through different means and channels and to different people, there is no one event where one generation reaps tens of trillions of dollars from another, as if on some Tuesday next year all of this money will suddenly—and magically—change hands.
Wealth managers should serve the continuity and the need for security, efficiency and assurance, that’s what people really want. If next-generation want all of this values-based stuff, they’ll be sure to ask or seek out someone with the same values. That’s how the marketplace is supposed to work.
The old assumptions about the importance of wealth and continuity and taking care of families and children should still stand.
Let’s get to your headlines.
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Amplify Platform
Amplify Platform (“Amplify”), built on an AI native data lake and created to unify the advisor and client experience from onboarding to investment management, announced today the launch of QuantumRisk™. This proprietary analysis tool fundamentally reinvents how financial advisors measure, communicate, and manage risk. QuantumRisk was designed from the ground up to help advisors and investors better anticipate and navigate extreme market outcomes.
Built on the pioneering work of Dr. Ron Piccinini, Director of Investment Research, one of the industry’s leading experts in “fat tail risk” modeling, QuantumRisk replaces outdated bell curves and standard deviation assumptions. Advances in high-performance computing and graphics processing units now make this level of precision and complexity possible in real time. This risk analysis engine models real-world probabilities and market stress scenarios to reveal both likelihood and severity beyond routine market fluctuations. The result is a clearer picture of portfolio risk for advisors and a stronger sense of security for clients.
Available now within the Amplify platform, QuantumRisk assigns portfolios and securities a value on a standardized scale between zero and 1,000, anchored to the historical tail risk of the S&P 500, where higher values reflect higher exposure to volatility and risk.
Bank of America
Erica, the most widely adopted AI-driven virtual financial assistant, is a central gateway to serving clients – assisting nearly 50 million users since launch, surpassing 3 billion client interactions, and now averaging more than 58 million interactions per month. Launched in 2018, Erica is deepening relationships with clients and driving greater efficiencies throughout Bank of America.
Clients have received and interacted with more than 1.7 billion proactive, personalized insights delivered by Erica. Clients have spent more than 18.7 million hours conversing with Erica. More than 98% of users find the information they need, significantly decreasing call center volume and allowing financial specialists to spend time focusing on more complex financial conversations with clients.
Bank of America’s data scientists have trained Erica to recognize and respond to millions of client questions using a library of more than 700 responses. The system has undergone over 75,000 updates since launch to continuously improve the client experience. Over the next year the bank will expand Erica’s abilities further to offer more personalized insights to help clients know more about their finances.
Cambridge Investment Research
Cambridge Investment Research, Inc. (“Cambridge”), a leading independent financial solutions firm, has announced the successful implementation of an agentic-AI-driven tool designed to fully execute direct account openings at the firm. The new tool delivers in 17 minutes what previously took a small team over nine days to accomplish – without compromising accuracy or precision – according to internal testing.
In developing this technology, Cambridge took the same measured approach it has used to successfully deploy its existing internal generative AI tools. The firm utilized its comprehensive associate training program and oversight procedures to ensure the tool’s performance aligns with its high standards for providing consistent and accurate results.
While the firm’s digital associates are currently limited to direct account opening, Cambridge is at work expanding their agentic-AI capabilities, with brokerage account opening functionality nearing completion. The firm’s goal is to deploy an integrated team of human and digital associates that will work together to elevate service and support across the organization.
DriveWealth
DriveWealth, a leading financial technology platform providing Brokerage-as-a-Service, has announced the appointment of Naureen Hassan as Global Chief Executive Officer (CEO). Hassan succeeds Michael Blaugrund, who is stepping down as CEO to accept a newly created position at ICE (Intercontinental Exchange).
Hassan joins DriveWealth with decades of deep expertise in digital and product innovation, operational excellence and regulatory management across global banking and wealth management. She will guide the company’s operations, lead its continued growth and expansion across markets, and help fulfill DriveWealth’s mission of democratizing investing around the world.
Prior to DriveWealth, Hassan served as President of UBS Americas, where she led a $14B revenue division with more than 25,000 employees, while also spearheading UBS’s integration of Credit Suisse in the Americas—the first-ever acquisition between two globally systemically important financial institutions. She also worked at the Federal Reserve Bank of New York, where she drove innovations across payment operations, technology, human resources, risk management, and finance.
Envestnet
Envestnet, Inc., a leading provider of connected technology, advanced insights, and comprehensive wealth management solutions, today announced that John Hofmann will join its executive leadership team as Chief Financial Officer (CFO), effective September 1, 2025. In this role, Hofmann will oversee the Company’s finance, M&A and transformation organizations. Hofmann brings extensive software industry and financial leadership experience and will report to CEO, Chris Todd. He will succeed Josh Warren, who has served as CFO since 2023.
Hofmann brings more than 25 years of proven financial, operational, and M&A experience across SaaS, enterprise software, healthcare technology, data analytics, and fintech/payments. Hofmann has served as CFO for multiple private-equity-backed companies, most recently at athenahealth, a leading healthcare software company, where he led the finance organization and oversaw several major operational transformation initiatives. Previously, he served as CFO of Omnitracs and CFO of Infogroup (now Data Axle). He also has extensive technology investment management experience at private equity firms Silver Lake Sumeru and GTCR. He began his career in management consulting at McKinsey & Company.
Farsight
Farsight today announced the acquisition of Presentable AI, marking the next phase of workflow automation in financial services. This strategic move enables Farsight to streamline full PowerPoint slide editing and configuration using natural language, extending its automation leadership.
Farsight has established itself as best-in-class in workflow automation—handling structured slides, content configuration, and standardized content changes tailored to each firm’s standards. Until now, the industry has lacked a solution for true free form slide editing through natural language. Presentable AI’s technology changes that, enabling users to configure and edit any PowerPoint slide through simple conversational commands instead of manual manipulation.
With this capability, users can instantly make sophisticated changes to completely custom slides, whether restructuring complex layouts, updating intricate data visualizations, or reimagining designs from scratch.
FNZ
FNZ, the global wealth management platform, has today announced the global launch of FNZ Advisor AI, a generative AI solution embedded directly into FNZ’s market leading wealth management platform. The solution will help financial advisors enhance productivity, deliver more personalized advice and serve more clients at scale. Today’s financial advisors face growing pressure to meet evolving client expectations, regulatory obligations and business growth targets, all while managing rising operational complexity.
Recent FNZ research found that 73% of wealth management clients expect more personalized services from their advisor in the next two years, while 70% of advisors believe better technology is essential to meeting those expectations. FNZ Advisor AI addresses these challenges by integrating intelligent automation and AI-driven efficiencies directly into FNZ’s market leading platform, placing powerful capabilities right at an advisor’s fingertips.
With more than 650 financial institution partners, over 26 million end investors and close to $2 trillion in assets on platform, FNZ provides access to one of the largest wealth management data sets in the world. This enables FNZ Advisor AI to support smarter, faster decision-making by generating real-time insights based on client and portfolio data. Advisors can proactively identify opportunities, flag risks and tailor their recommendations across their full book of business, ultimately driving better client outcomes.
FNZ
FNZ, the global wealth management platform, has today announced that it has reached a record milestone of US$2 trillion in Assets on Platform.
This achievement reinforces FNZ’s leadership position in the global wealth industry and highlights its growing role in transforming the way wealth management services are delivered.
It also reflects the accelerating global demand for FNZ’s market-leading, AI-powered, end-to-end technology. Leveraging this has enabled its partners to deliver faster innovation, deeper personalization and significantly lower costs.
Fruition
Fruition, the financial empowerment platform that aggregates personal financial data in one place and provides tools and experienced human mentors to help members find financial security, today announced its flexible Budget feature is available to all members. This powerful tool arrives as 90% of Americans report budgeting their money, with 95% stating that budgeting is more important than ever according to a 2024 survey from Debt.com.
The Budget feature eliminates the traditional method involving paper statements, receipts, calculators, and spreadsheets into an intuitive process that uses connected data from members’ Folio to build a custom budget. While conventional budgeting tools leave unallocated funds; Fruition’s zero-based budgeting philosophy ensures every dollar has a purpose – for spending, saving, or investing – creating order out of financial chaos. Alongside the Fruition Debt Paydown tool, members can see how their daily spending decisions impact their full financial picture.
Underpinned by real-time transaction feeds from connected financial institutions, members can create a budget in minutes. With Bud Financial’s AI-powered Enrich technology, transaction categorization accuracy has improved by 42.6% meaning instead of members spending time correcting misidentified transactions, they can focus on building financial security.
FusionIQ
Templum, the infrastructure powering the future of private markets, and FusionIQ, the leader in digital wealth management, are announcing their partnership to bring highly sought-after investment opportunities natively to the FusionIQ platform. Broadening investor access and choice with private market and alternative securities is a rising requirement as most investors are challenging the time-trusted stocks and bonds investment, leaving low interest rates, volatile performance, and rapidly changing markets in their wake.
Specifically, the partnership is centered around a tailored configuration of Templum One for FusionIQ, including an automated technology platform for investment workflows, regulatory infrastructure, and supermarket of exclusive private market investments. FusionIQ users will gain seamless access to Templum’s technology, to make investing in private markets as easy as public markets.
Templum One’s technology framework was built specifically to automate the private markets investment lifecycle workflows in an end-to-end system. Deployment model options include white label, API, or hybrid. The regulatory platform can be configured to include broker-dealer operational services and support and includes a full compliance toolkit. Templum One offers access to a supermarket of the most popular and trending investment opportunities powered by Templum, giving partners the ability to transact in private securities.
Groundfloor
Groundfloor, the award-winning alternative investment platform, is announcing significant updates to its mobile apps, now offering users a seamless multi-product investing experience alongside more tools and reporting features to make investing in real estate debt easier than ever before. To date, more than 280,000 users have invested $1.8 billion into Groundfloor’s products, including the Flywheel Portfolio, individual LROs, Notes, Rollover Notes and emerging asset classes via Groundfloor Labs. These app updates position Groundfloor to compete more aggressively in an evolving retail investment landscape, where alternatives are increasingly mainstream.
The new features available in Groundfloor’s iOS and Android apps also underscore the company’s mobile-first approach, allowing both accredited and non-accredited investors to diversify across hundreds of real estate investment projects — all within seconds.
Groundfloor’s model differs from many real estate platforms in that it originates and underwrites loans in-house, and provides direct access to asset-backed investments. These investments are also typically qualified with the S.E.C., adding another layer of transparency and oversight. Almost all offerings start at a $100 minimum, making them accessible to both accredited and non-accredited investors. Since its founding in 2013, the company has maintained consistent historical returns of 9–10% annually while focusing on short-term, secured investments in residential homes across the United States.
iCapital
CAZ Investments, one of the top 125 allocators to private equity worldwide1, is pleased to announce that access to one of its core investment strategies, GP stakes, is now available on the iCapital Marketplace. GP stakes is an investment strategy generally focused on the purchase of a minority and passive interest in a private equity (or private credit) firm.
GP stakes have surged in popularity as they provide a direct way to potentially benefit from the growth in private assets. The total global allocation to private markets is approximately $13 trillion and is estimated to grow to $60-65 trillion by 2032.2 As private equity firms seek growth capital, the number of firms looking to sell a minority GP stake is expected to increase 34% in the next 2 years.3 These transactions often help the firm finance customary GP capital commitments for new vintages and provide the resources needed to accelerate the growth of their business.
Nitrogen
Nitrogen, the leading developer of integrated risk tolerance, proposal generation, investment research, and planning software for advisors, today announced the availability of its Q3 2025 product release. During the launch event, Nitrogen showcased AI Meeting Center along with significant upgrades to Firm Controls, Risk Center, Planning Center, and Research Center—continuing its mission to equip advisors with the tools they need to deliver personalized advice at scale.
The AI meeting center is a purpose-built, compliant meeting assistant that automatically generates curated, categorized, and editable meeting notes without storing transcripts or recordings. Integrated with Zoom, Google, Microsoft, Salesforce, and Redtail (with Wealthbox coming soon), AI Meeting Center is available at no additional cost for Nitrogen Complete users and as an add-on for other plans. This tool helps advisors save time, reduce administrative burden, and maintain compliance during client meetings.
These updates come at a time when wealth management firms are under pressure to deliver more personalized advice, prove their value to clients, and navigate increasing regulatory scrutiny. AI Meeting Center addresses the industry-wide challenge of meeting administration, freeing up advisor time for higher-value client interactions. Expanded oversight tools like the Holdings Dashboard respond to firms’ need for more transparency and control over portfolio risk.
Orion
Orion, a premier provider of transformative wealthtech solutions powering the growth of financial advisors and the enterprise firms that serve them, and GiftingNetwork, a leading provider of comprehensive philanthropic solutions, today announced an integration partnership that empowers Orion advisors to offer personalized, white-labeled donor-advised fund (DAF) solutions that drive deeper family engagement, align wealth with values, and retain assets across generations.
Unlike traditional DAF offerings, GiftingNetwork enables Orion advisors to create their own firm-branded DAF experience, backed by a growing network of DAF sponsors and charities and supported by cutting-edge, mobile-first technology. Advisors gain full control over the philanthropic journey, offering clients a values-based extension of their financial plan with potential tax benefits, such as donating appreciated assets without incurring capital gains taxes and securing immediate charitable deductions.
Client expectations are shifting toward personalization and purpose-driven planning, with 71% of high-net-worth individuals expecting their advisor to help align wealth with personal values, and 83% of millennials wanting their financial plans to reflect their beliefs.1 Advisors who offer charitable planning see significant benefits, including higher client loyalty and increased assets under management.2
TaxStatus
TaxStatus, a leader in tax data intelligence solutions, today announced the appointment of Eric Clarke and Ric Edelman to its Board of Directors.
Clarke is the founder and former CEO of Orion Advisor Solutions, a trailblazer in financial technology and investment solutions who helped transform how financial advisors scale and deliver personalized advice. Edelman, founder of Edelman Financial Engines, brings decades of experience in democratizing financial planning for the masses and is a highly respected figure in the financial services industry.
In addition to Clarke and Edelman’s appointments, TaxStatus is also welcoming Randy Bullard to its Advisory Board. Bullard recently served as Global Head of Wealth at State Street and is a seasoned executive with deep fintech and enterprise experience.
