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January 28, 2019 at 04:29 PM
Many firms offer services, especially aggregators, to help investment advisors set up an advisory firm, or offer them software on a platform to help work with clients. A new Software-as-a-Service-based membership organization for independent advisors launched last week takes that model further.
Chalice Financial Network, which will focus on RIAs with $50 million to $250 million in assets under management, will offer services on an unbundled basis for a $250 monthly fee (minimum one-year membership). No RIA or broker-dealer affiliation is required.
And at least for CFN, membership has its privileges, as it includes helping advisors not only run their advisory business, but provides tools for them be better business managers, says Keith Gregg, co-founder, chairman and CEO of the organization.
“It can be daunting being a business owner,” Gregg told ThinkAdvisor. “A lot of advisors have never done it before.”
He says they not only provide top-grade third-party advisory software and fintech solutions in one platform to advisors, but also provide business solutions, such as software for accounting, so advisors aren’t wasting time accessing separate programs.
“We have a single sign on where they can look at all the software,” Gregg said. Having separate sign-ons for business software can take “50% of an advisor’s day bounding around the systems and not focusing on revenue building.”
Some of the providers on the platform include Redtail, WealthForge, Venture Co., Vestwell, Oasis Outsourcing, QuickBooks, ProSites and more, CFN noted. The flat fee covers some services, but advisors can select software they want for a discounted fee.
