Here’s your Riskalyze Fintech Five for October, a focused take on what we think are the last five best stories in wealth management technology.
First, it is a digital-first manager making big moves. It might not be one you’ve heard of before, but I can guarantee you’ll soon learn their name. Entrustody has added Kumar Velugla, a former UBS and AQR director, as its new CTO and Anthony Stich, former COO of NaviPlan, as its new Chief Revenue Officer.
You know Mr. Stich better as “Mr. Purple” and we are happy to have him here with us at the summit right now.
Now, I know you’ve heard of digital trustees before, but Entrustody claims to offer full fee transparency with its advisers and their clients, as well as software enhanced with natural language processing tools.
A custodian is one of the most critical choices an advisory firm makes, and multiple choices ultimately lead to better advisor results. I’m excited to see how Entrustody’s differences push our industry forward.
What does everyone think of a one-sided financial plan?
It’s something Elements, a mobile-first financial monitoring platform, strongly believes in, and they’ve launched a new one-page plan in their app.
We all know that financial plans cannot be designed to last twenty years. At best, they can capture a moment and then adjust as life changes.
By simplifying plans, Elements wants to address the real way advisors and their clients plan together, and make adjusting them as life progresses less daunting.
What’s better than a one-page financial plan? If RightCapital’s latest tool is any indication, it can be a one-page plan over everything in a client’s life.
RightCapital recently released the Blueprint, which is a visual representation of a household’s net worth, income, goals, as well as savings and investment data.
A one-page visualization of an entire household’s financial picture reads one a lot which Asset-Map has pioneered, but you know what they say, “imitation is the sincerest form of flattery.”
What this news comes down to is a recognition that clients do not want complexity from their advisor. They want to be shown what they have, where they are going, and what they need to do to get there if they are not already on track. A picture on one page captures all that information so much better than a long, complicated conversation ever could.
FA Match, a recent winner of the Wealth Management Industry Awards, has launched the Advisor Test Drive, which essentially allows advisors looking for a firm to associate with to dip their toes into the firm’s Advisor Match AI technology, find a firm that suits them, and engage in a discussion with the firm – without ever registering or sharing their information with FA Match.
Ryan Shanks, a former Riskalyze board member, co-founded the firm and has been aiming to disrupt the adviser recruitment space for some time now, and FA Match now has over 500 wealth management firms in its adviser matching ecosystem.
Keep an eye on FA Match – it’s fascinating to see how they’re leveraging technology to create a far better recruitment experience for both firms and advisers.
We started Fintech Five with custody news, and we’ll end it there as well.
Fidelity Institutional has unveiled a new integration with the Salesforce AppExchange. If you’re a Salesforce user, this news could be important to how your company runs its day-to-day operations.
The integration connects accounts from Fidelity Wealthscape to Salesforce, which will allow advisors to take action on those accounts without leaving their CRM of choice. It’s in beta now and will see a full release early next year.
