RIA in a Box said Tuesday it teamed with Morningstar and fintech firms Redtail Technology and Riskalyze to help new RIAs work remotely and more efficiently in the wake of COVID-19.
The new Path to Independence Promotion will enable advisors who partner with RIA in a Box to register a new RIA to use cloud-based technology from the supporting firms, free of charge, based on their unique business needs through December, RIA in a Box said.
“As the RIA industry adapts to the new remote work environment, RIA in a Box recognizes the important role technology plays in helping RIAs service their clients efficiently and effectively, especially during a firm’s genesis,” it said.
When registering with RIA in a Box, new advisors will gain free access to the proprietary MyRIACompliance cybersecurity platform that it said “empowers RIAs to efficiently construct, implement, and document a robust cybersecurity compliance program with a single solution.”
Registrants will also have the ability to secure contracts with Morningstar, Redtail or Riskalyze for complimentary access through the end of 2020 to:
- Morningstar Office Cloud: Portfolio management software that combines performance reporting, billing and rebalancing with Morningstar’s investment research and security databases. Advisors can connect with clients through an interactive portal, automate tasks, assess risk, aggregate custodial accounts and track client holdings, dividends and returns, and more.
- Redtail CRM: Redtail’s client relationship management provides tools to help advisors strengthen client relationships, improve team collaboration and work more efficiently. Some of the features include Workflow, Integrations, Reporting, Calendar, Notes, Seminars, Opportunities, Retriever Cloud and Redtail’s mobile app.
- Riskalyze Elite: Tools that advisors will have access to include Next-Gen Risk Assessment, Portfolio Risk, Retirement Maps, Stress Tests, Scenarios, The Risk/Reward Heatmap, Meetings, Check-Ins and the Lead Generation Questionnaire. Advisors will also be able to access analysis tools including Detailed Portfolio Stats and Individual Security Analysis.
“As of right now the promotional period will conclude at the end of 2020 — but these are obviously fluid times and RIA in a Box may certainly revisit down the road,” RIA in a Box president GJ King told ThinkAdvisor.
King will host a webinar on how to start an RIA Friday at 1:30 p.m. ET. He will be joined by Morningstar head of independent advisor software James Carney, Redtail CEO Brian McLaughlin and Riskalyze CEO Aaron Klein. The executives will provide tips and considerations for advisors who are looking to start their own firms, including how to leverage different technology platforms to accomplish their goals.
AI-Driven Envestnet Connect Coming Soon
Envestnet plans to launch Envestnet Connect in the second half of this year, it said, noting the new application is artificial-intelligence driven and integrates a client’s household financial data with personalized news content aligned with their values and financial journey progress.