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Welcome to the February 2023 challenge of the Newest Information in Monetary #AdvisorTech – the place we have a look at the massive information, bulletins, and underlying tendencies and developments which can be rising on the earth of expertise options for monetary advisors!
This month’s version kicks off with the information that the “monetary monitoring software program” platform Parts has raised $5 million in a seed-extension funding spherical because it seeks to determine a foothold within the quickly rising AdvisorTech class of “recommendation engagement” instruments designed to attract purchasers additional into the ongoing (not simply upfront) monetary planning course of. As a result of as the main focus of monetary recommendation shifts from “The Plan” that’s created initially after which solely periodically up to date each few years, to a year-round means of ongoing “planning”, the demand has grown for extra instruments that assist advisors join and interact with their purchasers extra ceaselessly (whereas additionally giving them actionable info to really interact about). For which Parts has positioned itself as an early chief that’s now gaining momentum.
From there, the newest highlights additionally characteristic plenty of different fascinating advisor expertise bulletins, together with:
- TradingFront, the white-label “robo advisor for advisors” is shutting down amid broader struggles amongst B2B robo advisor platforms to persuade advisors to pay for higher digital onboarding that they count on their custodians to offer (and enhance upon) for ‘free’
- Zoe Monetary launches a brand new TAMP for advisors in its lead-generation community to make it simpler to onboard and serve the smaller (below-traditional-minimums) purchasers that Zoe is bringing to them
- Advisor360° buys onboarding software program platform Settlement Categorical to deepen its personal middle- and back-office automation capabilities and increase its alternatives with enterprise (insurance coverage broker-dealer) purchasers
Learn the evaluation about these bulletins on this month’s column, and a dialogue of extra tendencies in advisor expertise, together with:
- BridgeFT launches a brand new custodial knowledge warehousing and integration resolution known as WealthTech API, to present bigger advisory companies (and even different AdvisorTech suppliers) extra capacity to construct their very own customized software program with out having to obtain, reconcile, and retailer the info themselves
- Kwanti unveils a brand new fund Screener characteristic to its funding analytics platform, making it simpler for advisors to seek out the following new addition or enchancment to their current mannequin portfolios.
And make sure to learn to the tip, the place we now have offered an replace to our in style “Monetary AdvisorTech Options Map” (and likewise added the adjustments to our AdvisorTech Listing) as properly!
*And for #AdvisorTech firms who need to submit their tech bulletins for consideration in future points, please undergo TechNews@kitces.com!
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