Welcome to the September 2017 issue of the Latest News in Financial Advisor #FinTech – where we look at the big news, announcements, and underlying trends and developments that are emerging in the world of technology solutions for financial advisors and wealth management!
This month’s edition kicks off with the big news that Personal Capital has crossed $5B of AUM, and raised another $40M of venture capital as it looks to expand by hiring more financial advisors in multiple major cities across the US, as the revenue growth of “cyborg” (tech-augmented human) advisors continues to outpace pure robo-advisors, and Personal Capital’s revenue continues to stay ahead of all other major robo-advisors combined, thanks in large part to its innovative Personal Financial Management (PFM) app that serves as the company’s client acquisition funnel (even as banks continue to struggle to monetize PFM software solutions at all!).
And also in the big news this month is the announcement that Canadian financial planning software company PlanPlus has acquired risk tolerance assessment provider FinaMetrica, raising the question of whether PlanPlus is about to make a push into the US financial planning software market to compete against the likes of eMoney Advisor, MoneyGuidePro, and NaviPlan.
From there, the latest highlights also include a number of major new partnership announcements this month, including:
- JemStep picks up two major enterprise deals, with the Advisor Group broker-dealers, and KeyBank’s Investment Services division, as its efforts to integrate with the Pershing platform is finally beginning to pay dividends with its Invesco parent backing;
- Apex Clearing announces yet another partnership, this time with tech-savvy TAMP provider FolioDynamix, setting up a new RIA custodian pricing war in 2018;
- Advicent’s NaviPlan rolls out a new integration with Envestnet, and expands the APIs in its Narrator platform; and
- Envestnet’s Tamarac announces a new in-depth integration available in the Salesforce App Exchange, despite the fact that Tamarac’s own Advisor CRM is built on Dynamics!
You can view analysis of these announcements and more trends in advisor technology in this month’s column, including Vestwell being selected as the winner of the recent XY Planning Network FinTech competition, WealthAccess rolling out a new Business Intelligence dashboard to roll up advisor/client PFM data into a consolidated business reporting tool, TD Ameritrade rolls out a Facebook Messenger Chatbot as a sign of the future of client service and communication, and the emergence of a new category of “client financial profiling” tools, including ROL Advisor, DataPoints, and Whealthcare, that aim to deepen the client relationship far beyond what a mere risk tolerance profile alone can reveal about a client’s attitudes about money.
I hope you’re continuing to find this new column on financial advisor technology to be helpful! Please share your comments at the end and let me know what you think!
*And for #AdvisorTech companies who want to submit their tech announcements for consideration in future issues, please submit to TechNews@kitces.com!
source https://www.kitces.com/blog/the-latest-in-financial-advisor-fintech-september-2017/?utm_source=rss&utm_medium=rss&utm_campaign=the-latest-in-financial-advisor-fintech-september-2017
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