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Financial Planning > Tax Planning

UBS Expands Workplace Wealth Solutions: Tech Roundup

By Jeff Berman

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UBS UBS AG’s headquarters in Zurich, Switzerland. (Photo: Gianluca Colla/Bloomberg)

UBS Global Wealth Management enhanced its UBS Workplace Wealth Solutions offering with updated, personalized digital capabilities to address the financial wellness concerns of its corporate clients’ employees and expand their understanding of their personal finances.

The enhancements include a collaboration with FutureFuel.io, a platform that empowers employees of its corporate clients to manage student debt. Starting this fall, a UBS corporate client can provide its employees with access to the FutureFuel.io student loan offering through the enhanced UBS Financial Wellness platform.

UBS also expanded its offering to include its Retirement Plan Advisor solution, a new advisory program designed to deliver enhanced services in an efficient manner to smaller participant-directed defined contribution plans.

A new digital experience is also being launched that UBS said was “built around the understanding that an individual’s finances are deeply emotional.”

LaSalle St. Introduces Financial Planning Platform

Chicago broker-dealer/RIA LaSalle St. has become the latest firm to introduce a financial planning platform.

GuideTrack, announced by the company Thursday, is a flexible and technology-enabled financial planning platform that it said “empowers financial advisors to more effectively serve tech-savvy clients who want a digitally enhanced service experience but still value the counsel of a trusted advisor.”

The platform is being offered to all financial advisors in LaSalle St.’s network. Its turnkey capabilities are also “well-aligned with the needs of advisors based at financial institutions such as banks and credit unions,” the firm said.

GuideTrack uses the Fidelity Automated Managed Platform that was co-developed with Fidelity’s eMoney Advisor.

The platform features a streamlined interface through which advisors can seamlessly manage relationships through each stage of the client life cycle, including: Initial engagement/onboarding; planning; funding (including online, paperless account opening with full e-signature capabilities); and ongoing management (including alerts and dynamic dashboards to help advisors and clients track progress toward goals), LaSalle St. said.

FactSet to Buy Truvalue Labs

Data provider FactSet says it entered into an agreement to acquire Truvalue Labs, a company that specializes in artificial-intelligence driven environmental, social and governance data. The purchase price wasn’t disclosed.

The transaction, yet another indicator of investor interest in ESG and sustainability, is expected to close in late 2020 and is not expected to have a material impact on FactSet’s fiscal 2021 results, the companies said in a joint announcement. FactSet is best-known for its data on earnings and earnings expectations.

Founded in 2013 and headquartered in San Francisco, Truvalue Labs applies AI-driven technology to more than 100,000 unstructured text sources in 13 languages to provide daily signals that identify positive and negative ESG behavior. Its Insight 360 Platform digs deep into available data on a real-time basis using AI and big data to develop ESG scores.

The platform covers more than 19,000 public and private companies and generates short-term, long-term and momentum scores derived from hundreds of signals, according to the companies.

Carson Group Adds Holistiplan Tax Planning Software

Carson Group is integrating Holistiplan’s comprehensive tax planning software into its tech stack, the companies said in a joint announcement. The Holistiplan subscription costs will be covered in full for all Carson Partners, they noted.

Earlier this year, Holistiplan launched with a select group of Carson Wealth private clients to unveil tax planning opportunities. Now, it is being made available for all advisors in the Carson Partners network.

Erin Wood, senior vice president of Financial Planning and Advanced Solutions at Carson Group, has been working with Carson Partners in 36 states to make the software accessible and the resulting planning opportunities available to the families these advisors serve, the companies said.

Jeff Berman

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