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Welcome to the November 2023 difficulty of the Newest Information in Monetary #AdvisorTech – the place we have a look at the massive information, bulletins, and underlying developments 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 Follow Intel has launched a brand new “progress platform” centered round quantifying the standard of an advisor’s shopper relationships with an all-in “Relationship High quality Index” (RQI) – which whereas doubtlessly beneficial in serving to advisors perceive and enhance their shopper expertise (and subsequently enhance shopper retention and increase the lifetime worth of every shopper), additionally raises questions on whether or not advisors might be prepared to put money into instruments to enhance their shopper expertise given their already-high common shopper retention charges, in addition to what actually is the ‘finest’ metric for measuring satisfaction within the first place, since different platforms additionally purport to quantify buyer satisfaction (a few of that are notably more cost effective than Follow Intel’s suite of observe administration instruments).
From there, the most recent highlights additionally function quite a lot of different attention-grabbing advisor expertise bulletins, together with:
- FinanceHQ has launched as a brand new digital lead technology platform for monetary advisors, which takes a extra niche-focused strategy to matching potential purchasers with advisors – representing a wager that capturing prospects searching for assist for particular issues (whom it will probably then consult with an advisor specializing in that drawback) will scale back the prices of bringing on new purchasers and assist it develop and scale amongst a crowded marketplace for lead technology companies
- Know-how-focused RIA startup Farther has introduced a $31 million Collection B funding spherical at a whopping $131 million valuation – which whereas reflective of its fast progress in property and income lately, additionally raises questions on whether or not its progressive expertise providing will actually create sufficient worth to satisfy its buyers’ expectations, or if it might want to as a substitute concentrate on merely bringing in additional advisors to justify its valuation
- Constancy has stopped giving ‘screen-scraping’ knowledge aggregators entry to its shopper data, requiring them as a substitute to undergo its sanctioned direct knowledge feed – which, whereas carried out within the identify of guaranteeing extra secure knowledge connections and higher account safety, additionally highlights the enterprise alternative for knowledge platforms and establishments that personal and supply entry to shopper knowledge
Learn the evaluation about these bulletins on this month’s column, and a dialogue of extra developments in advisor expertise, together with:
- 2 new AI-driven compliance expertise options, Avery and Hadrius, have launched – which, on the one hand might signify a major step ahead in automating and streamlining the time-consuming, repeatable processes of following compliance procedures; however on the opposite, raises questions on whether or not AI expertise itself is absolutely prepared but for the extremely technical, low-margin-for-error area of compliance
- Morgan Stanley has launched a brand new AI device for its 16,000 wealth administration advisors, which notably would not give monetary recommendation – however does create the potential to streamline advisor processes from funding analysis to assembly follow-ups and even probably producing potential planning concepts.
And make certain to learn to the tip, the place we now have offered an replace to our in style “Monetary AdvisorTech Options Map” (and in addition added the adjustments to our AdvisorTech Listing) as properly!
*And for #AdvisorTech corporations who need to submit their tech bulletins for consideration in future points, please undergo TechNews@kitces.com!
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