Welcome to the June 2023 challenge of the Newest Information in Monetary #AdvisorTech – the place we have a look at the large information, bulletins, and underlying traits and developments which can be rising on this planet of expertise 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 companies – which represents much less of a shift within the platform’s core operate (provided that Riskalyze’s danger tolerance device was all the time extra about offering a transparent method for advisors to generate a proposal that demonstrates their worth to potential purchasers and facilitating their conversion into paid prospects, than it was ‘simply’ about quantifying danger 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 danger tolerance evaluation opponents).
From there, the most recent highlights additionally function quite a few different fascinating advisor expertise bulletins, together with:
- InvestCloud, a TAMP and all-in-one advisory expertise platform which has undergone fast development lately by the acquisition of quite a few disparate expertise instruments in an effort 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 non-public fairness homeowners
- Advertising and marketing automation expertise platform Snappy Kraken has rolled out Freedom360, an outsourced advertising and marketing service operating on the identical expertise that it builds and sells to advisors to implement themselves, highlighting an rising alternative for expertise suppliers to promote ‘fractional’ companies to advisors craving a cheap technique to outsource the duties that the expertise can facilitate (with out having to rent their very own inside employees)
- Well being and longevity software program maker Genivity has been acquired by Lumiant to affix 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 fact that advisors can’t realistically undertake (or no less than don’t wish to individually pay for) each specialised device available on the market
Learn the evaluation about these bulletins on this month’s column, and a dialogue of extra traits in advisor expertise, together with:
- CRM platform Redtail has introduced a major overhaul of its pricing mannequin by switching to a per-user charge (moderately than its earlier mannequin of together with as much as 15 advisors on one database license) – which, whereas equating to massive worth improve for midsized advisory companies, might in reality go to point out simply how a lot it has underpriced its software program below its present mannequin, which is able to now be aligned with (and even nonetheless cheaper than some) different suppliers within the CRM class
- Retirement revenue planning platform Earnings Lab has launched a brand new ‘Retirement Stress Take a look at’ function permitting purchasers to see how their retirement plans would have fared throughout numerous historic worst-case situations, persevering with the platform’s push to maneuver retirement conversations past summary Monte-Carlo-style probability-of-success numbers
And make certain to learn to the tip, the place we’ve offered an replace to our common “Monetary AdvisorTech Options Map” (and likewise added the modifications to our AdvisorTech Listing) as effectively!
*And for #AdvisorTech firms who wish to submit their tech bulletins for consideration in future points, please submit them to TechNews@kitces.com!
