The Newest In Monetary #AdvisorTech (October 2023)


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Welcome to the October 2023 difficulty of the Newest Information in Monetary #AdvisorTech – the place we have a look at the massive information, bulletins, and underlying tendencies and developments which might be rising on the earth of know-how options for monetary advisors!

This month’s version kicks off with the information that custodial platform Altruist is eliminating the $1 per account month-to-month price for its portfolio administration and reporting know-how for advisors on its platform, which on the one hand means that the economies of scale Altruist has achieved within the wake of its transfer to grow to be a totally self-clearing custodian have been such that it could now afford to ‘give away’ its software program, whereas however serves as an ominous signal for standalone portfolio administration know-how platforms that they may stand to be disrupted if extra custodial platforms determine to compete on their know-how choices and eradicate the necessity for advisors to pay $5,000-$10,000 annually for a separate supplier.

From there, the most recent highlights additionally function numerous different attention-grabbing advisor know-how bulletins, together with:

  • Holistiplan, after attaining success with its tax planning and evaluation software program, has introduced an funding from Lead Edge Capital, signaling that it might be able to develop into different monetary planning areas past tax – however with a slew of latest ‘Holistiplan for X’ startups within the market, it might have a tougher time repeating the exponential progress of its early years and because it seeks to meet the unique ‘holistic’ aspirations of its founders.
  • FMG Suite has acquired compliant texting resolution MyRepChat to combine into its full-service tech stack, underscoring the potential of text-based communication as a advertising and marketing software – but additionally highlighting advisors’ challenges with integrating texting into their advertising and marketing and consumer communications workflows, in addition to the effective line between texting as an efficient communication methodology and one which’s disruptive and worsening to each the consumer and advisor.
  • Funding analytics platform YCharts has launched a brand new function for constructing and producing proposals for potential shoppers, turning into the 2nd hottest analytics and advice software this 12 months (after Nitrogen’s rebranding earlier in 2023) to develop into the more and more aggressive class of gross sales enablement – underscoring the concept that as advisors use know-how to supply increasingly worth for his or her shoppers, there’s growing demand for instruments that assist advisors promote that worth as effectively.

Learn the evaluation about these bulletins on this month’s column, and a dialogue of extra tendencies in advisor know-how, together with:

  • Model design consultancy agency has launched Advisor Model Builder, a tech-enabled service resolution that automates a lot of the method of designing a novel advisory agency model at a decrease value than a full-service branding course of – exhibiting how, when a supplier ‘tech-ifies’ a service by automating all the pieces doable and making use of human experience solely when it is wanted most, the ensuing product can typically be spun off and offered on a standalone foundation.
  • Testimonial IQ has launched the most recent resolution for advisors to collect and showcase consumer opinions and testimonials within the wake of the brand new SEC Advertising Rule – however it stays to be seen whether or not shoppers will let themselves be directed to a third-party web site to go away a evaluate, or if they will as an alternative naturally gravitate in direction of the overall websites (like Google and Yelp) that they already use to seek for different companies.

And be sure to learn to the tip, the place we now have offered an replace to our in style “Monetary AdvisorTech Options Map” (and in addition added the adjustments to our AdvisorTech Listing) as effectively!

*And for #AdvisorTech firms who wish to submit their tech bulletins for consideration in future points, please undergo!

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