RIA in a Box used the Technology Tools for Today Advisor Conference in San Diego to introduce a new open application programming interface Tuesday for its MyRIACompliance tool.
The new open API will allow technology providers and RIA firms to connect into the MyRIACompliance platform to “ensure that compliance requirements are addressed quickly,” RIA in a Box said.
Although RIA in a Box already integrates with several leading industry vendors, the new open API will enable additional technology providers and “even tech-savvy RIA firms to plug directly into” the compliance software, it said. The API platform is live and available to all current MyRIACompliance clients.
One use case for the new open API is integrating third-party data sources from portfolio management systems with the MyRIACompliance software to allow firms to “seamlessly track registrations and notice filings in real time,” the company said.
What Your Peers Are Reading
The other use case enables integrations with additional customer relationship management solutions providers to view and complete tailored regulatory compliance tasks, all within the CRM’s task and calendar system, it said.
That type of integration “allows for increased engagement with clients, streamlined operations, and automated completion of regulatory compliance requirements,” according to RIA in a Box. It also “removes the need for an RIA firm to manage multiple calendars or log into multiple software systems and automatically stores all compliance activities completed within the CRM in the firm’s MyRIACompliance digital compliance log,” the firm said.
Also, RIA in a Box can now add new use cases for the API as technology providers and RIA firms look for ways to connect directly into MyRIACompliance, either by accessing their data to display into other dashboards, or by pushing relevant data from other technology systems into MyRIACompliance, it said.
“It was important for us to develop the open API for MyRIACompliance because we understand that we are a critical compliance technology and data hub for thousands of firms around the country,” according to GJ King, RIA in a Box president.
“By unveiling this API, we invite other leading technology providers in the industry and even RIA firms themselves to push data into our system to save compliance officers time and create deeper integrations within the tech stack,” he said in a statement.
New AI-Powered Tech Solution for Advisors Introduced
Andrew Altfest, president of RIA Altfest Personal Wealth Management, launched FP Alpha, telling T3 attendees that the new wealth management platform uses artificial intelligence.
The software “enables advisors to transform financial planning into comprehensive wealth management by streamlining financial planning processes and offering more services to clients,” he said.
FP Alpha was “designed to easily integrate with financial planning software on the market today, he said, noting its technology “allows advisors to scale efficiently and decrease the burden of time-consuming spreadsheets, checklists and labor-intensive tasks — enabling them to save time in the process and add more value to client relationships.”
By cutting down on “laborious, manual tasks within wealth management services and financial planning processes, FP Alpha helps advisors deploy high impact and personalized recommendations to clients in a scalable, intelligent and cost-efficient manner,” he said.
FP Alpha gives advisors a “competitive advantage as fee-compression continues to affect the advisory space,” according to Joel Bruckenstein, T3 CEO and founder. The new technology offers “impactful recommendations with limited insight into a prospect’s financial and personal circumstances — jump-starting relationships and allowing planning to be a living, breathing experience for all parties,” he said in a statement. “I believe this technology is essential to the evolution of the industry as we enter into a new generation of wealth.”
The “tangible benefits” of FP Alpha, along with its “compelling output displays, enable advisors to demonstrate their value beyond investments and differentiate themselves from robo-advisors and discount alternatives, while justifying their fees and showcasing value,” according to Altfest.