Welcome to the December 2024 concern of the Newest Information in Monetary #AdvisorTech – the place we have a look at the large information, bulletins, and underlying developments 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 desirous to compete with the likes of Schwab and Constancy within the custodial area and extra about conserving the property of its wealthier prospects «on-platform» by giving them referrals to advisors who will hold them at Robinhood somewhat than pulling them to a distinct custodian (whereas concurrently benefiting from the profitable referral charges that advisors could also be prepared to pay for referrals from Robinhood’s next-generation consumer base)
From there, the newest highlights additionally characteristic numerous different attention-grabbing 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 purchasers, which serves to focus on how the hole between expertise wants for UHNW and non-UHNW purchasers is shrinking as various property like hedge funds and personal fairness change into extra accessible to ‘mere’ mass prosperous and HNW purchasers, which could create extra competitors for platforms like Addepar and Black Diamond which have made their names working with an completely UHNW base
- Paid lead technology service SmartAsset has introduced the launch of two new prospecting instruments, additional increasing on its latest rollout of options that assist advisors with nurturing and advertising and marketing to the leads it supplies (which serves to focus on the starvation for options that may assist advisors throughout your entire advertising and marketing funnel, not simply on the highest finish with lead technology or the underside with advertising and marketing and gross sales)
- Zeplyn, an AI-powered assembly observe device, has raised $3 million in seed capital because it seeks to distinguish itself because the «most correct» AI observe taking resolution somewhat than on the breadth of various features it will probably carry out, which is sensible in an period when advisors are more and more wanting «best-of-breed» options over «all-in-one», although it can nonetheless be troublesome to face out as a comparatively new supplier in what has change into a really crowded marketplace for AI assembly notes
Learn the evaluation about these bulletins on this month’s column, and a dialogue of extra developments in advisor expertise, together with:
- Advisor CRM has launched as the newest of what has change into an growing 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 features, 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 charge the mixing capabilities of over 500 AdvisorTech options, has introduced a brand new portal the place expertise suppliers can enter their very own data to replace their scores, permitting for quicker 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 make sure to learn to the tip, the place we’ve got offered an replace to our fashionable «Monetary AdvisorTech Options Map» (and likewise added the modifications 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!
