Welcome to the December 2024 difficulty of the Newest Information in Monetary #AdvisorTech – the place we have a look at the massive information, bulletins, and underlying traits and developments which are rising on the planet of know-how options for monetary advisors!
This month’s version kicks off with the information that the retail brokerage platform Robinhood is buying RIA custodian TradePMR, which seems to be much less about Robinhood eager to compete with the likes of Schwab and Constancy within the custodial house and extra about protecting the belongings of its wealthier prospects “on-platform” by giving them referrals to advisors who will hold them at Robinhood moderately than pulling them to a distinct custodian (whereas concurrently benefiting from the profitable referral charges that advisors could also be keen to pay for referrals from Robinhood’s next-generation shopper base)
From there, the most recent highlights additionally function quite a few different attention-grabbing advisor know-how bulletins, together with:
- All-in-one platform Advyzon has introduced the upcoming launch of Auria, a household workplace platform focused at advisors of ultra-high-net-worth shoppers, which serves to focus on how the hole between know-how wants for UHNW and non-UHNW shoppers is shrinking as various belongings like hedge funds and personal fairness turn out to be extra accessible to ‘mere’ mass prosperous and HNW shoppers, which could create extra competitors for platforms like Addepar and Black Diamond which have made their names working with an completely UHNW base
- Paid lead era service SmartAsset has introduced the launch of two new prospecting instruments, additional increasing on its current rollout of options that assist advisors with nurturing and advertising and marketing to the leads it offers (which serves to focus on the starvation for options that may assist advisors throughout the whole advertising and marketing funnel, not simply on the highest finish with lead era or the underside with advertising and marketing and gross sales)
- Zeplyn, an AI-powered assembly be aware instrument, has raised $3 million in seed capital because it seeks to distinguish itself because the “most correct” AI be aware taking resolution moderately than on the breadth of various capabilities it will possibly carry out, which is sensible in an period when advisors are more and more wanting “best-of-breed” options over “all-in-one”, although it should nonetheless be tough to face out as a comparatively new supplier in what has turn out to be a really crowded marketplace for AI assembly notes
Learn the evaluation about these bulletins on this month’s column, and a dialogue of extra traits in advisor know-how, together with:
- Advisor CRM has launched as the most recent of what has turn out to be an rising variety of CRM instruments that search to enhance on the performance of conventional CRM instruments by together with extra workflow capabilities, automated portfolio administration, billing, and different capabilities, which speaks to the relative dissatisfaction advisors have with the prevailing choices for CRM options (though it is nonetheless not sure what the ‘proper’ quantity of capabilities is that advisors will nonetheless be keen to pay for)
- Ezra Group, which has been utilizing its proprietary Integration Rating to objectively charge the combination capabilities of over 500 AdvisorTech options, has introduced a brand new portal the place know-how suppliers can enter their very own data to replace their scores, permitting for quicker updating as applied sciences’ capabilities change, and ideally creating extra transparency into options’ precise integration capabilities (and extra incentive for suppliers to enhance the depth and usefulness of their integrations with different know-how)
And make sure to learn to the tip, the place now we have offered an replace to our fashionable “Monetary AdvisorTech Options Map” (and likewise added the adjustments to our AdvisorTech Listing) as properly!
*And for #AdvisorTech corporations who wish to submit their tech bulletins for consideration in future points, please undergo TechNews@kitces.com!