Welcome to the June 2023 situation of the Newest Information in Monetary #AdvisorTech – the place we take a look at the large information, bulletins, and underlying tendencies and developments which might be rising on this planet of know-how options for monetary advisors!
This month’s version kicks off with the information that Riskalyze has accomplished its previously-announced rebranding, and can now be referred to as “Nitrogen”, a ”development platform” for advisory corporations – which represents much less of a shift within the platform’s core operate (provided that Riskalyze’s threat tolerance device was all the time extra about offering a transparent means for advisors to generate a proposal that demonstrates their worth to potential shoppers and facilitating their conversion into paid clients, than it was ‘simply’ about quantifying threat tolerance for compliance functions), and extra of an acknowledgment of its true worth proposition as a ‘gross sales enablement’ device which has allowed it to realize dominant market share (regardless of spawning quite a few low-cost threat tolerance evaluation rivals).
From there, the most recent highlights additionally function plenty of different attention-grabbing advisor know-how bulletins, together with:
- InvestCloud, a TAMP and all-in-one advisory know-how platform which has undergone fast development lately via the acquisition of quite a few disparate know-how instruments with a purpose to compete with its more-established competitor Envestnet, has introduced the departure of seven senior executives (together with the CEO), suggesting that the platform’s execution of a growth-through-acquisition hasn’t paid off as hoped for by its personal fairness house owners
- Advertising automation know-how platform Snappy Kraken has rolled out Freedom360, an outsourced advertising and marketing service working on the identical know-how that it builds and sells to advisors to implement themselves, highlighting an rising alternative for know-how suppliers to promote ‘fractional’ companies to advisors craving an economical option to outsource the duties that the know-how can facilitate (with out having to rent their very own inner employees)
- Well being and longevity software program maker Genivity has been acquired by Lumiant to hitch its suite of holistic life planning instruments, elevating questions on whether or not the wave of particular person specialised planning choices lately is starting to come across the truth that advisors can’t realistically undertake (or at the least don’t need to individually pay for) each specialised device in the marketplace
Learn the evaluation about these bulletins on this month’s column, and a dialogue of extra tendencies in advisor know-how, together with:
- CRM platform Redtail has introduced a big overhaul of its pricing mannequin by switching to a per-user payment (quite than its earlier mannequin of together with as much as 15 advisors on one database license) – which, whereas equating to massive value enhance for midsized advisory corporations, could in truth go to indicate simply how a lot it has underpriced its software program underneath its present mannequin, which can now be aligned with (and even nonetheless cheaper than some) different suppliers within the CRM class
- Retirement earnings planning platform Earnings Lab has launched a brand new ‘Retirement Stress Check’ function permitting shoppers to see how their retirement plans would have fared throughout varied historic worst-case eventualities, persevering with the platform’s push to maneuver retirement conversations past summary Monte-Carlo-style probability-of-success numbers
And make sure to learn to the top, the place we now have offered an replace to our well-liked “Monetary AdvisorTech Options Map” (and in addition added the modifications to our AdvisorTech Listing) as effectively!
*And for #AdvisorTech firms who need to submit their tech bulletins for consideration in future points, please submit them to TechNews@kitces.com!