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Top Portfolio Products: Pershing Adds 3 Robo-Advisors to Its Platform

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New products and changes introduced over the last week include three robo-advisors added to Pershing’s technology platform and a technology-driven asset management program from Summit Financial Advisors as well as a personal financial management portal from Morningstar,

In addition, the American Academy of Actuaries and the Society of Actuaries launched a longevity risk tool; Jefferson National expanded its alternative investment options; Pacific Life added an optional guaranteed income benefit to its variable annuities; and Touchstone Investments made changes to its asset allocation funds.

Here are the latest developments of interest to advisors:

1) Pershing Adds 3 Robo-Advisors to Its Platform

Venturing more deeply into the world of open API (application programming interface), Pershing announced the addition of three robo-advisors to its custody platform. SigFig Wealth Management, Vanare and Jemstep’s Advisor Pro are the newest additions to its integrated partner list.

The open-architecture AdvisorPro is expected to be available on the Pershing NetX360 platform in the third quarter of this year. It allows investors to access a variety of professionally selected investment options across mutual funds and ETFs and lets home offices help track advisor progress, view client data in aggregate, enhance portfolio management offerings and services and manage risk. For more, see Pershing Adds Jemstep Robo-Advisor to NetX360.

2) Summit Financial Advisors Adds Tech-Driven Asset Management Program

Summit Financial Advisors introduced SF Portfolio Strategies, a technology-driven asset management program that uses Schwab’s Institutional Intelligent Portfolios. The program is accessible through an interactive website and mobile application and the Schwab platform allows Summit Financial Advisors to give clients online access.

“For current clients, the offering is an efficient and personalized approach to implementing the firm’s current investment strategies,” Cristina Petersen, the Director of Client Services, commented in a press release. “And for investors looking for truly independent advice or an opportunity to access our firm’s resources, the SF Portfolio Strategies present another way to engage with our advisory and service teams.”

3) Morningstar Adds Personal Financial Management Portal

Morningstar launched a personal financial management portal in its account aggregation service ByAllAccounts. The portal is a mobile-ready, customizable dashboard that pulls together all of an investor’s accounts and updates them daily, providing financial advisors and their home offices an aggregated way to show clients their entire balance sheet.

Advisors can customize branding of the portal and use it to analyze their entire book of business. For more, see our story Morningstar ByAllAccounts Launches Personal Financial Management Portal.

4) Actuaries Release Longevity Risk Tool

The American Academy of Actuaries and the Society of Actuaries (SOA) jointly released the Actuaries Longevity Illustrator, an online tool to calculate longevity risk. The tool allows individuals and couples to better understand the risk of outliving their retirement income.

An individual or a couple enters some basic information, such as age, gender, and general health status, and the tool generates charts showing the likelihood of living to certain ages. A couple can determine the chances of living a given number of years together as well as the likelihood that one spouse survives the other and the likely number of those additional years.

5) Jefferson National Expands Alternative Investment Options

Jefferson National added six investment options, including three alternatives, to its flat-fee investment-only variable annuity Monument Advisor.

The additions are the Janus Aspen Global Unconstrained Bond Portfolio, Columbia Strategic Income Fund and Permal Alternative Select VIT Portfolio.

6) Pacific Life Adds Guaranteed Income Option to VAs

Pacific Life added the Enhanced Income Select optional benefit to some of its VA products for an additional cost.

Enhanced Income Select offers an enhanced income percentage of up to 7.5% (withdrawal) each year,  a minimum guaranteed lifetime income of 3% should the contract value go to zero and opportunities to increase income by capturing market gains through annual resets.

7) Touchstone Changes Asset Allocation Funds

Touchstone Investments announced that its target risk allocation funds were repurposed into a suite of multi-asset strategies as of the close of business November 20, 2015. Wilshire Associates was named subadvisor to those funds.

The Touchstone Conservative Allocation Fund was renamed the Touchstone Controlled Growth with Income Fund and seeks growth and income by investing in a diversified portfolio of complementary equity, fixed-income and liquid alternative funds.

The Touchstone Balanced Allocation Fund is now the Touchstone Dynamic Diversified Income Fund, which seeks current income through a diversified portfolio of income-producing funds.

The Touchstone Moderate Growth Allocation Fund is now the Touchstone Dynamic Global Allocation Fund and focuses on capital appreciation through global exposure to a broad array of asset classes and investment strategies.

Read the May 2 Portfolio Products Roundup at ThinkAdvisor.


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