“This is a human-driven advice service,” Ritholtz CEO Josh Brown said of the GoodAdvice digital service, powered by AdvisorEngine technology.
The beginning of 2024 will see the annual conference “Technology Tools for Today'' (T3) for financial advisors and other stakeholders in the independent wealth space, bringing with it a number of technology innovations and updates. I will.
This year's event, helmed by producer Joel Blackenstein, celebrates T3's 20th anniversary.This week it will be held here Cosmopolitan Resort & Hotel in Las Vegas. Speakers and participants include Josh Brown of Ritholtz Wealth Management, Natalie Wolfsen of Orion, Kunal Kapoor of Morningstar, and Abby Salameh of CAIS.
As with other technology-focused gatherings, T3 attendees will be able to learn more about the latest advisor-focused innovations, including software tools, platforms, and applications. Emerging technologies, such as those related to artificial intelligence and machine learning.
Below is a summary of what has been announced so far from technology companies and other companies in early 2024 (in alphabetical order). ThinkAdvisor will update this list as we become aware of new developments in the fintech space.
AdvisorEngine and Ritholtz Wealth
Platform provider AdvisorEngine and RIA Ritholtz Wealth Management recently acquired digital advice service FutureAdvisor and shared details about Good Advice, a service Ritholtz launched last year after leveraging AdvisorEngine technology in its services. Good Advice is designed to serve large, high-net-worth clients ($250,000 to $1 million in assets).
Josh Brown, CEO of Ritholtz Wealth, said: “While we are leveraging technology where it is warranted, this human-driven advisory service represents the future of the industry. I think I do,” he said. The partners said the collaboration focuses on “where the wealth management industry is heading, a future where firms must be able to offer digital-first services and reach new customer segments.” (AdvisorEngine is also integrated into his Charles Schwab iRebal platform.)
alphathena
The maker of an AI-powered direct indexing platform for RIAs announced it has secured a $4 million investment led by ETFS Capital with participation from Hyde Park Angels. The technology is intended to enable advisors to “leverage direct indexing and tax loss recovery to build better personalization strategies for their clients…” [in order to] Differentiate yourself in a highly competitive market. ”
amplify
Amplify has updated its Unified Managed Account (UMA) trading functionality. This allows users to, for example, queue up trades for uniform execution at a later point in time. “This means greater flexibility for global and accurate portfolio updates with the ability to comply with fiduciary requirements for uniform execution across client accounts. ” to the company.
vertex
Apex Advisor Solutions, part of Apex Fintech Solutions, has introduced a new user interface (UI), Apex Astra. Apex Astra says it's designed to give advisors “control over innovation, client onboarding, data, and services.” to the company. It can be integrated with tools for rebalancing with fractional trades, onboarding digital clients with automatic account opening, and using AI with advanced third-party overlays.
C.A.I.S.
The company, which provides an alternative investment platform for independent advisors, recently announced the launch of its educational program CAIS Live. This includes his one-day in-person event in Atlanta in 2024. Boston; Charlotte, North Carolina. Chicago; Dallas; Denver; New York; Seattle and Washington, DC. We also hold our annual conference in Los Angeles in October.
Electronic money
The enhancements will be rolled out to: Electronic money advisor's financial planning platform throughout 2024 to improve more collaborative planning between advisors and clients. T3 attendees will be able to try out a redesigned client portal, which will be “a major revamp starting with the release of the My Advisor page in Q1,” the company said in a statement.
Envest Net
Envestnet has launched a new RIA consulting program, RIA Growth Lab. This includes practice assessment and enrichment services, performance benchmarks, and insights on how advisors can deepen their engagement with the platform's tools and resources. The program is led by Dani Faba, Group Head of Product Innovation at TAMP Providers.
Envestnet also announced that its MoneyGuide software will integrate with life insurance company Ladder, allowing advisors to use MoneyGuide Elite's Advanced Lifetime Protection tool to estimate customers' coverage needs, generate quotes, and send customers a link to apply. He said he could.
heaven tower
Telecommunications company Haven Tower Group has rolled out Haven Mark Partners, a marketing solutions platform for wealth managers and related businesses. The effort combines the company's in-house marketing and project management teams with “pre-vetted and carefully selected third-party solution providers.” [to] It says it “helps clients…deliver high-impact marketing experiences” and brand strategies that incorporate “the best elements of successful technology, consumer, and broader financial services campaigns.”
orion
Orion Advisor Solutions announced several enhancements and integrations related to email and calendar management and generative AI. For example, Redtail Suite Sync aims to serve as a “seamless email, calendar, and contacts sync tool,” the company says. We're also introducing some advanced AI features to help advisors autocomplete sentences in messages written to clients. Additionally, the Redtail Speak AI assistant can now scan an advisor's messaging history to provide multiple possible answers to a client's query.
tiffin
Fitech platform provider TIFIN ihas spun off TIFIN AG, an AI-driven platform designed to help advisory firms grow their assets. The company also appointed industry veterans Rajni Kodiaram and Brian Carlin to its board of directors. Mr. Kodiaram founded his E-3 Technology Partners and co-founded Focus Financial Partners. Mr. Karlin previously served as CEO of JPMorgan Private Capital and JPMorgan Wealth Management Solutions.
vanilla
Estate planning software maker Vanilla has added the first version of several new features to its platform, including expanded availability of its document builder solution, including VAI chat, collaborative onboarding, and the option to work directly with law firms. VAI Chat, for example, is an AI-powered assistant designed to “simplify estate planning for wealth planners, advisors, and their clients,” according to the company.
(Posted by Josh Brown of Ritholtz Wealth; Credit: Bloomberg)