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RIA in a Box, Morningstar Team With Fintech Firms to Assist Advisors: Tech Roundup

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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:

  1. 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.
  2. 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.
  3. 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.

Envestnet teamed with AdvisorStream and Apprise Labs to build Envestnet Connect, creating a centralized personal application that Envestnet said was “designed to help clients achieve financial wellness through deeper connections with their advisors.”

Envestnet Connect “can serve as a digital touchpoint for advisors to use with their clients,” it said, adding the application was designed to be accessed by clients via a mobile device.

TD’s Thinkorswim Web Enables Seamless Online Trading

TD Ameritrade is bringing its Thinkorswim trading platform to web browsers with Thinkorswim Web, a new addition to the Thinkorswim suite of platforms.

Retail traders can now access Thinkorswim equity and derivative trading from any modern internet browser on a new streamlined platform, the company said.

“As macroeconomic conditions drive unprecedented volatility, TD Ameritrade is fulfilling its clients’ desire to access Thinkorswim technology with a fully synchronized experience on any device, wherever they may be,” the firm said.

Citing a survey conducted by The Harris Poll on behalf of the firm, TD noted that 60% of traders say they need access to their trading accounts 24 hours a day, seven days a week. That need could “cause friction for traders in households where homeschooling and other factors are causing family members to share computers or mobile devices more than usual, making the ease of a web-based platform even more important,” TD said.

Highlights of the online platform include:

  1. Clean interface: Functionality most critical to a trade is placed front-and-center, enabling faster, more intuitive trading, the company said.
  2. Preconfigured trade strategies: Set up any trade, from a simple stock trade to a multi-leg options trade, with just one click of a button.
  3. PaperMoney: Test out new trading strategies risk-free with Thinkorswim’s popular stock market simulator.

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