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RIA in a Box Launches Cybersecurity Insurance for Advisors: Tech Roundup

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RIA in a Box partnered with ProWriters and AssetSure to offer RIA firms centralized access to cybersecurity insurance to help protect advisors from financial losses in case of breaches.

Via the MyRIACompliance platform, RIA in a Box clients can access the ProWriters platform, which provides cyber insurance quotes from multiple carriers based on each RIA firm’s individualized needs, RIA in a Box said Tuesday.

Featured insurance carriers include Axis, At-Bay, CFC, Chubb, Coalition, Corvus, Hiscox, HCC and Tokio Marine, RIA in a Box said.

After entering basic information, RIAs will receive a customized risk assessment report they can use when comparing insurance carriers’ prices and features. The integration will decrease the time and effort needed to identify and understand the relative benefits of available cybersecurity insurance providers and plans, according to RIA in a Box.

ProWriters identifies recommended insurance carriers based on a firm’s unique business needs and AssetSure then guides RIAs through the process of selecting a carrier, answering advisors’ questions and securing coverage, RIA in a Box said. AssetSure also provides advisors with a client portal to access detailed plan information.

The announcement was made one year after the launch of RIA in a Box’s cybersecurity platform that is integrated with MyRIACompliance, it noted. The MyRIACompliance cybersecurity platform enables RIAs to efficiently construct, implement and document a robust cybersecurity compliance program with a single solution.

RIA in a Box will host a webinar with ProWriters Thursday at 12 p.m.

SEC’s FinHub to Host Virtual Meetups

The Securities and Exchange Commission’s Strategic Hub for Innovation and Financial Technology (FinHub) launched virtual peer-to-peer meetups.

In 2019, FinHub engaged with fintech communities across the U.S. by hosting in-person meetups, the SEC noted.  The meetups provided members of fintech communities with the chance to speak in person with FinHub staff at locations throughout the country to discuss general issues, specific questions or make presentations about their work, it said.

To facilitate ongoing communications amid the ongoing COVID-19 pandemic, FinHub decided to host a series of thematically based virtual P2P meetups over the next few months, it said. During each series, FinHub staff will meet virtually with innovators, entrepreneurs or firms that wish to discuss issues related to that series’ theme.

The first theme planned is regulatory technology, the SEC said, noting financial services firms are “increasingly turning to technological innovation to strengthen and add efficiencies to their regulatory compliance programs,” adding: “RegTech tools have the potential to enhance investor and market protections, and FinHub staff is inviting industry engagement concerning these technologies.” The RegTech-focused virtual P2Ps will take place the week of July 6.

FinHub staff encourages anyone working on RegTech solutions or implementations to engage with FinHub as a part of the new initiative, it said. Dates and information concerning future virtual P2P meetup series will be available on the FinHub page.

AdvisorPeak Improves Investment Analytics for RIAs

AdvisorPeak teamed with FinMason, a fintech firm and investment analytics provider, to offer AdvisorPeak users portfolio and security-level investment analytics as part of its trading and rebalancing platform.

The integration “empowers advisors through an intuitive interface designed to manage risk, data and tax efficiency with advanced asset location optimization, while providing specific recommendations to improve client portfolio outcomes and trading efficiency for financial advisors,” the companies said in a joint announcement.

FinMason analytics have been directly embedded into the AdvisorPeak platform, providing RIAs forward-looking return projections and volatility insights for individual investments, along with risk profiling and asset class data for securities, the companies said. “With access to asset class data, advisors can automate the process of assigning security classifications,” they said.

AdvisorPeak’s alternative to traditional all-in-one solutions is available free for new users through June 30.

GeoWealth Partners With Foreside on RIA Infrastructure

Fintech firm GeoWealth teamed with compliance tech solutions provider Foreside Financial Group to provide advisors with the infrastructure needed to launch an RIA firm, the companies said Tuesday.

Advisors that are either breaking away and becoming independent or are starting a new RIA firm will be able to access the “full, turnkey investment, technology, and compliance infrastructure they need to successfully launch their businesses,” the companies said.

“Before an advisor launches an RIA, they must select both a compliance and technology partner,” Colin Falls, GoWealth president, pointed out. “With the added complexities for advisors now working remotely during COVID, we are focused on simplifying and streamlining what is often characterized as an overwhelming process.”

GeoWealth’s next-generation turnkey asset management platform is powered by its proprietary enterprise technology that comprehensively supports advisors, the companies said. The cloud-based platform simplifies the wealth management process by allowing advisors to seamlessly manage all aspects of their business. GeoWealth’s flexible, outsourced model management program includes advisor-managed and third-party models.

The third-party model marketplace features investment solutions from asset managers including J.P. Morgan, Pimco, Fidelity, State Street Global Advisors, Van Eck and Global X.

Backstop Solutions Group Announces Alliance With Mercer

Backstop Solutions Group, a cloud-based productivity suite for institutional and alternative investors, announced a strategic alliance with human resources consulting firm Mercer.

As a result of the agreement, Mercer’s institutional investment data, forward-looking research and ratings are now available via Backstop’s platform, enabling asset owners to “significantly streamline research and portfolio management workflows,” the companies said in a joint announcement Tuesday.

Backstop clients who subscribe to MercerInsight, Mercer’s cloud-based investment manager research and analytics platform, will be able to access institutional investment data, research and ratings on more than 7,000 managers and 35,000 strategies via Backstop’s productivity platform, the firms said.

That will enable institutional asset owners, consultants and advisor clients to “quickly ascertain Mercer’s views on managers to bolster their own research and opinions,” the companies said.

— Check out TD Ameritrade Launches Virtual M&A Matchmaker for RIAs on ThinkAdvisor.


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