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Welcome to the February 2024 subject of the Newest Information in Monetary #AdvisorTech – the place we have a look at the large information, bulletins, and underlying traits and developments which are rising on this planet of know-how options for monetary advisors!
This month’s version kicks off with the information that monetary planning software program platform RightCapital has launched a workflow administration device referred to as RightFlows to assist advisors handle and assign steps within the monetary planning course of to workforce members and shoppers – which on the one hand capitalizes on advisor demand for workflow options tailor-made to the monetary planning course of with out utilizing a separate third-party device, however then again raises questions on what number of completely different workflow assist instruments advisors will need to handle, on condition that many already use workflows inside their CRM software program (and different particular person software program instruments could observe RightCapital’s lead by providing their very own embedded workflows).
From there, the newest highlights additionally characteristic various different attention-grabbing advisor know-how bulletins, together with:
- Dispatch (previously OneAdvisory) lately raised $8 million in seed funding because it seeks to offer a centralized information warehousing answer for advisory companies and remove the necessity for point-to-point information integrations between particular person software program options – which though a comparatively new class for AdvisorTech, appears poised to choose up steam as advisors more and more search higher integration amongst their constantly-expanding tech stacks
- Flourish has launched a brand new annuities platform, aiming to not solely present a market of fee-based annuities for fiduciary RIAs but additionally to resolve for the operational challenges of implementing annuities (and their notoriously burdensome paperwork) via streamlining and automation of the appliance course of
- Property planning software program supplier Vanilla has introduced a partnership with Vanguard’s Extremely-Excessive-Internet-Price (UHNW)-focused Private Advisors Wealth Administration, as Vanguard seeks to enhance its property planning choices to raised compete with different UHNW-focused companies and exhibits that the marketplace for property planning know-how stays sturdy at the same time as fewer and fewer persons are truly topic to property tax
Learn the evaluation about these bulletins on this month’s column, and a dialogue of extra traits in advisor know-how, together with:
- Revenue Lab has launched Life Hub, its holistic “monetary dashboard” device, as a standalone software program providing the place it’s going to compete with Asset-Map – which underscores the rising recognition of instruments that may clearly visualize a consumer’s present monetary scenario, whereas highlighting how completely different software program firms have approached the query of whether or not to separate off in style options as their very own standalone options or to go away them “bundled” with their different choices
- On the annual T3 Know-how Convention, Synthetic Intelligence (AI)-related distributors have been current, however general the tone in direction of AI was extra measured than anticipated given the hype surrounding AI over the previous 12 months – suggesting that although AI could show transformative for AdvisorTech in the long term, it has an extended highway forward for gaining belief and adoption within the advisory trade
And make certain to learn to the tip, the place we have now offered an replace to our in style “Monetary AdvisorTech Options Map” (and in addition added the adjustments to our AdvisorTech Listing) as nicely!
*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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