Riskalyze announced a plethora of new products at the Technology Tools for Today conference in Garden Grove, California, on Wednesday.
Riskalyze Premier is a new tier of service that aims to “supercharge client engagement” and help advisors be more efficient, according to a statement from Riskalyze. It features a client dashboard, account opening capabilities, retirement plan management, synchronization with assets at other institutions and data sharing capabilities.
Autopilot is an automated account platform lets advisors build model portfolios and assign them to client accounts. It will automatically make trades at six different custodians, and features research and strategies from leading asset managers like Morningstar Managed Portfolios, SEI Investments, Stadion Money Management and State Street Global Advisors, among others.
Autopilot will be available for Riskalyze’s Pro and Premier customers. It’s available now for enterprise customers and will be rolled out in May to the rest of Riskalyze’s users.
Building on its Risk Number offering, Riskalyze is offering a series of eight models based on Sharpe ratios, internal expenses and portfolio Risk Numbers. They’re built using funds from Riskalyze’s asset management partners.
“Thousands of advisors have put the Risk Number at the center of the client engagement model, and they’ve consistently asked for our investment team to go deeper into our viewpoints on model portfolios,” Mike McDaniel, co-founder and chief investment officer at Riskalyze, said in a statement. “We believe in the advisor as fiduciary decision maker, and this research will equip them with a great starting point for building their own models.”
BNY Mellon’s Albridge announced on Thursday that it has redesigned the Albridge Wealth Reporting (AWR) platform to offer a more responsive user experience and extends dashboard access to end clients.
The redesign was based on client feedback, according to a statement from Albridge. The updated platform features a predictive-type search function, and allows for more customization, both by advisors and by investors. Advisors can save up to 40 reports for easier access and run reports in the background while accessing other features.
AdvisorEngine announced on Wednesday that it has acquired the assets and intellectual property of Wealthminder, a cloud collaboration and digital prospecting tool for advisors.
Wealthminder founder and CEO Rich Ellinger will join AdvisorEngine.
“When Rich Ellinger and I began talking, it was clear we shared similar philosophies about helping advisors connect with and serve clients,” Rich Cancro, AdvisorEngine founder and CEO, said in a statement. “AdvisorEngine will continue to be an open architecture platform with key integrations to other financial planning tools, as CRMs and planning tools are often very personal to the advisor.”
“Leading with education and an interactive planning experience builds credibility with the prospect,”Ellinger said in a statement. “Then once the prospects decide to become clients, they can electronically open and fund an account, allocate their assets, and connect with a personal financial advisor if so desired.”
External IT, an IT and compliance service provider for financial firms, has launched a digital hub to aggregate wealth managers’ IT systems, apps and data. The hub, called “workplace wealth_,” is designed to work seamlessly with firms’ existing devices and platforms, including their CRM, client portfolios and custodial platforms. It’s built with best-practice cybersecurity features like multi-factor authentication and data encryption, and features security monitoring and other SEC/FINRA-required controls, according to a statement.
Sam Attias, managing director at External IT, said the hub has “productized the concept of traditional IT services for financial firms.”
The hub uses a “a new cloud-delivery mechanism—a software overlay which aggregates technology, apps and workflows, and ensures businesses can remain secure and compliant, while enabling their advisors to work smarter,” Attias said in a statement.
“Financial services firms are big targets for cybercriminals, and this is not going to change any time soon. workplace wealth_ helps financial institutions and advisors secure all their workplaces in order to protect data from hackers,” Justin Kapahi, vice president of solutions and security at External IT, added in the statement. “Our built-in cybersecurity features provide the end-point control and monitoring that advisors need to ensure they keep their infrastructure secure, and remain in compliance with SEC/FINRA protocols, as they grow their businesses.”
The regtech industry is booming, especially for those serving the financial services industry, according to VC research firm CB Insights. Regtech companies have raised $2.3 billion in the last five years, the firm wrote in a February blog post, and “the bulk of startups in this space are focused on compliance in the financial services sector.”
There are eight broad subcategories in the financial regtech space, according to the report.
- Anti-money laundering and Know Your Customer startups
- Blockchain and bitcoin
- Enterprise risk management
- Operations risk management
- Portfolio risk management
- Quantitative analytics
- Tax management
- Trade monitoring
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