Welcome to the December 2024 problem of the Newest Information in Monetary #AdvisorTech – the place we take a look at the large information, bulletins, and underlying tendencies and developments which are rising on the earth of expertise 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 clients “on-platform” by giving them referrals to advisors who will hold them at Robinhood somewhat than pulling them to a unique custodian (whereas concurrently benefiting from the profitable referral charges that advisors could also be prepared to pay for referrals from Robinhood’s next-generation shopper base)
From there, the most recent highlights additionally function quite a few different fascinating advisor expertise 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 expertise wants for UHNW and non-UHNW shoppers is shrinking as different belongings like hedge funds and personal fairness turn out to be extra obtainable 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 solely UHNW base
- Paid lead technology 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 to the leads it offers (which serves to focus on the starvation for options that may assist advisors throughout all the advertising funnel, not simply on the highest finish with lead technology or the underside with advertising and gross sales)
- Zeplyn, an AI-powered assembly notice device, has raised $3 million in seed capital because it seeks to distinguish itself because the “most correct” AI notice taking resolution somewhat than on the breadth of various capabilities it will possibly carry out, which is smart in an period when advisors are more and more wanting “best-of-breed” options over “all-in-one”, although it should nonetheless be troublesome 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 tendencies in advisor expertise, 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 present choices for CRM options (though it is nonetheless not sure what the ‘proper’ quantity of capabilities is that advisors will nonetheless be prepared to pay for)
- Ezra Group, which has been utilizing its proprietary Integration Rating to objectively price the mixing capabilities of over 500 AdvisorTech options, has introduced a brand new portal the place expertise suppliers can enter their very own info to replace their scores, permitting for sooner 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 expertise)
And be sure to learn to the tip, the place we now have offered an replace to our standard “Monetary AdvisorTech Options Map” (and likewise added the adjustments to our AdvisorTech Listing) as nicely!
*And for #AdvisorTech corporations who wish to submit their tech bulletins for consideration in future points, please undergo TechNews@kitces.com!
