A floor sign at a T3 tech conference in February. (Photo: Jamie Green)

Got a great idea that could transform the investment advisory business?

On Monday, TD Ameritrade Institutional introduced Innovation Quest, a competition that invites fintech innovators to develop cutting-edge solutions for RIAs.

Entries must submitted by Sept. 15, and a month later, the top three finalists will be announced. Each will receive $25,000 to develop his or her ideas, including a video and proof of concept.

The competition’s final round will take place Feb. 7 in San Diego during TD Ameritrade Institutional’s annual National LINC conference. The finalists will present their ideas before competition judges and a live audience of RIAs, who will have the opportunity to participate in voting for the winning idea.

The winner will be announced the next day and will receive an additional $25,000.

The 2018 National LINC took place in January.

Innovation Needed

TD Ameritrade noted in its announcement that a survey it recently conducted showed that RIAs have been increasing technology spending, focusing on technology that improves the client experience.

In a separate poll, it found that individual investors generally appreciate the improved investing experience provided by technology.

“RIAs need game-changing technology to elevate the client experience and run more efficient, scalable businesses,” Jim Dario, managing director of product management at TD Ameritrade Institutional, said in the announcement.

Dario said good ideas can come from anywhere, and that with the competition, these could be endless.

“We hope to open the floodgates on the creativity that’s driving fintech innovation and get behind ideas that can transform the way RIAs do business,” he said.

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