SS&C Technologies announced in October that it has acquired CRM solution Salentica. The CRM platform will work as a partner with SS&C’s Black Diamond wealth platform, which it acquired with Advent Software in 2015.
“Fundamentally this is an acquisition about adding deep expertise in CRM, a key component of the advisor technology ecosystem, and being able to bring that experience to large, complex advisory firms,” Dave Welling, managing director and co-general manager of SS&C Advent, said in a statement. “We welcome Salentica’s unparalleled knowledge and experience in wealth management CRM implementations to clients using the Black Diamond wealth platform and other SS&C solutions in a unique and meaningful way.”
Salentica has over 5,000 users in the financial services industry, with an average firm size of $3 billion in assets. It will retain its current leadership team under SS&C.
Bill Rourke, president and founder of Salentica, said in the statement that his firm and SS&C Advent share a “mutual commitment to supporting clients and how the combination of technology and service play a key role in their growth.” He added, “We are excited to enter this next phase of our growth as part of SS&C and to deepen our already strong relationship with the SS&C team.”
Vanare Parners With FinMason on Robo Offering
Also on Monday, Vanare announced that it is partnering with financial education firm FinMason to provide risk analysis services within the Vanare platform and robo-advisor offering. “They have an incredibly intelligent risk engine,” Vanare CEO Rich Cancro said in a statement. “On a daily basis, their system regresses thousands of variables against virtually every public security in the market, isolates relevant factors, and provides derived analytics in real time via APIs.”
Mark Hollingsworth, FinMason’s Head of Advisor Solutions, noted that while fintech innovation has worked to bring more consumers access to financial services, “they fail to provide meaningful analytical measures of investments with our level of rigor.”
FinMason CEO Kendrick Wakeman added that “regardless of how experienced and skilled an advisor is, the ability to show value to the client is essential. When utilizing our system within Vanare’s offering to better explain the risks and rewards of financial investment opportunities, advisors stand to gain by strengthening their relationships with existing clients and by receiving referrals from satisfied investors.”
RiXtrema Launches DOL Fiduciary Rule Software
Earlier this month, RiXtrema announced its new software to help advisors make fiduciary rule-compliant rollovers for their retirement clients. The IRAFiduciaryOptimizer will compare clients’ existing retirement portfolios to potential new portfolios of securities approved by the advisor or broker-dealer.
Portfolios will be compared by fees, track records, the level of risk compared to the clients’ risk tolerance, and how they adhere to best fiduciary practices. The software integrates with FinaMetrica’s risk tolerance system.
“When the DOL ruling takes effect in April 2017, all advisors who manage clients’ retirement assets will have to be prepared to document that the portfolios they recommend are constructed in the clients’ best interests,” RiXtrema President Daniel Satchkov said in a statement. “While much of the recent media coverage has addressed the requirements for advisors who deal with qualified plans (401k, 403b, etc.), the fact is that all advisors, including RIAs working with clients to roll over plan assets into individual retirement accounts, will be required to meet the ‘best interest’ rules and document the results. We developed the IRAFiduciaryOptimizer to address this need.”
— Read Technology Disruption Driving M&A in Wealth Management on ThinkAdvisor’s TechCenter.