Welcome to the December 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 Lincoln Financial has decided to build its AdviceNext advisor workstation on Fidelity’s Wealthscape, as Fidelity’s investment into eMoney Advisor is starting to pay off by becoming the most holistic-wealth-management-oriented custody and clearing platform… a notable threat to both technology competitors like Envestnet, and custody-and-clearing competitors like Pershing. And with DoL fiduciary pushing more and more broker-dealers towards financial planning, Fidelity suddenly seems incredibly well positioned to gain market share in the shifting landscape!
From there, the latest highlights also include a number of major announcements of new capital for advisor FinTech startups, as well as new partnerships and big feature rollouts this month, including:
- AdvicePay raises $500k of seed capital to provide custody-compliant payment processing for one-time and retainer financial planning fees
- Gainfully raises $2.5M of seed capital for a content sharing platform for advisors to distribute client-friendly compliance-pre-approved content… paid for by asset managers and other product manufacturers!
- Morgan Stanley partners with LifeYield to offer household-level asset location tax alpha tools
- Morningstar launches its new Office Cloud, providing a deep integration of Morningstar research capabilities on top of a performance reporting portal for clients
Read the analysis about these announcements, and a discussion of more trends in advisor technology, in this month’s column, including a look at the evolving landscape of account aggregation as Fidelity launches Fidelity Access (allowing a direct API feed of client financial data without the need for screen scraping) and UBS begins to waive account fees for clients who agree to account-aggregate held-away accounts, MoneyGuidePro launches client-directed data-gathering and Discovery Lab tools (and a study that shows 2/3rds of clients would prefer to enter data and evaluate goals in the comfort of their own home), and a look at how even as advisor FinTech increasingly matches the capabilities of “robo-advisors” when it comes to onboarding, the robo-advisors continue to innovate, with robust new capabilities in financial planning software (Wealthfront), and new facilitate to more easily facilitate tax-savvy charitable giving (at least, until/unless the rules change with a new requirement for FIFO accounting!).
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-december-2017/?utm_source=rss&utm_medium=rss&utm_campaign=the-latest-in-financial-advisor-fintech-december-2017
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