Welcome to the February 2023 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 can be rising on this planet of expertise options for monetary advisors!
This month’s version kicks off with the information that the “monetary monitoring software program” platform Parts has raised $5 million in a seed-extension funding spherical because it seeks to ascertain a foothold within the quickly rising AdvisorTech class of “recommendation engagement” instruments designed to attract shoppers additional into the ongoing (not simply upfront) monetary planning course of. As a result of as the main focus of economic recommendation shifts from “The Plan” that’s created initially after which solely periodically up to date each few years, to a year-round means of ongoing “planning”, the demand has grown for extra instruments that assist advisors join and interact with their shoppers extra incessantly (whereas additionally giving them actionable data to really interact about). For which Parts has positioned itself as an early chief that’s now gaining momentum.
From there, the most recent highlights additionally characteristic a variety of different attention-grabbing advisor expertise bulletins, together with:
- TradingFront, the white-label “robo advisor for advisors” is shutting down amid broader struggles amongst B2B robo advisor platforms to persuade advisors to pay for higher digital onboarding that they count on their custodians to supply (and enhance upon) for ‘free’
- Zoe Monetary launches a brand new TAMP for advisors in its lead-generation community to make it simpler to onboard and serve the smaller (below-traditional-minimums) shoppers that Zoe is bringing to them
- Advisor360° buys onboarding software program platform Settlement Categorical to deepen its personal middle- and back-office automation capabilities and increase its alternatives with enterprise (insurance coverage broker-dealer) shoppers
Learn the evaluation about these bulletins on this month’s column, and a dialogue of extra traits in advisor expertise, together with:
- BridgeFT launches a brand new custodial information warehousing and integration answer referred to as WealthTech API, to present bigger advisory companies (and even different AdvisorTech suppliers) extra capacity to construct their very own customized software program with out having to obtain, reconcile, and retailer the information themselves
- Kwanti unveils a brand new fund Screener characteristic to its funding analytics platform, making it simpler for advisors to search out the subsequent new addition or enchancment to their current mannequin portfolios.
And make certain to learn to the tip, the place we’ve supplied an replace to our in style “Monetary AdvisorTech Options Map” (and in addition 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!