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Retirement Planning > Retirement Investing

LifeYield, Allianz Life Team Up on Retirement Solution for Advisors: Tech Roundup

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Fintech firm LifeYield has expanded its partnership with Allianz Life Insurance Co. of North America to offer a new retirement solution for advisors and other financial professionals.

LifeYield’s Social Security Advantage solution, which helps identify the appropriate times for an individual or couple to file for Social Security benefits, will support Allianz Life annuities within Income Layers, providing a dynamic view of a client’s retirement income sources set against their income needs, the companies said in a joint announcement.

Financial professionals who do business with Allianz Life will be able to show how an annuity can help supplement clients’ retirement strategies by adding a source of guaranteed retirement income in conjunction with other income sources as a part of designing an overall retirement income strategy, they said.

“Added support for Allianz Life products within Income Layers gives financial professionals greater transparency into the dollars-and-cents impact of annuities on a client’s retirement portfolio,” they said. “Armed with this information, advisors and investors can work together to find ideal solutions to meet their individual retirement needs.”

Broadridge Launches ESG Service

Broadridge Financial Solutions teamed with Third Economy, a specialist in sustainable investment research and advisory services, to introduce ESG Advisory Services. Third Economy was founded in 2018 by Chad Spitler, a former BlackRock executive.

The new service leverages proprietary data and “will help corporate issuers and asset managers improve sustainability strategies while effectively positioning their” environmental, social and governance programs with stakeholders, the companies said.

The service combines Broadridge’s data, technology and communications expertise and Third Economy’s proprietary methodology for systematically evaluating sustainable investment efforts of companies, “enabling clients to move from strategy through execution to communication,” the companies said.

InvestCloud Completes Recapitalization

InvestCloud completed a recapitalization that values the fintech firm at $1 billion, with new investors led by Motive Partners with Clearlake Capital Group and including other InvestCloud client shareholders.

As part of the agreement’s terms, Motive will also contribute two portfolio businesses — Finantix and Tegra118 — to InvestCloud, creating a global Software-as-a-Service (SaaS) wealth solutions platform, InvestCloud and Motive said in a joint announcement.

InvestCloud will now have more than $4 trillion of assets on its platform and revenues over $285 million, with a team of over 900 people and a “truly global footprint, by adding locations and expert knowledge of continental European and Asian markets,” the firms said.

InvestCloud plans to now organize its business to serve clients via “four distinct market opportunities for its unique and proven platform capability within the wealth and asset management arenas,” it said.

Those four opportunities are: Wealth Advisor Platform; Private Banking Platform, using the Finantix product as the core of this international offering; Financial Supermarket, using the Tegra118 product and its extensive network of existing distribution relationships with asset managers, broker-dealers and custodians; and Custom Financial Platform, using a “hyper-modular cloud platform” to design and build unique intellectual property, the firms said.

Milo Eyes More Innovation, Growth Behind New Funding

Milo, a home lending solution for advisors and their high-net-worth global clients, closed a $6 million seed financing round that it said was led by fintech specialist QED Investors with participation from MetaProp and 10X Capital.

The capital will support continued technological innovation and team growth, Milo said.

“U.S. financial advisors face complex challenges when tasked with identifying mortgage loan options for international clients,” according to Josip Rupena, the firm’s CEO and co-founder, who previously worked for Morgan Stanley (2016-2018) and Goldman Sachs (2007-2008), according to his report on the Financial Industry Regulatory Authority’s BrokerCheck website.

Foreign nationals are often self-employed with offshore income sources, and as such are limited by not having a Social Security number, traditional credit score or U.S. residency, according to Milo. “They often won’t qualify for a loan in the U.S. or are tied up in paperwork for months, compared to closing in a matter of weeks via Milo,” said Rupena.

Milo is looking to bridge that gap by working with advisors to offer a digital, remote home direct lending solution to their clients, it said.

“Utilizing Milo’s platform for loan transactions offers FAs [a] quick and robust multi-language solution, a chance to increase their assets under management with cash outs and refinancing, and an opportunity to protect their business from competing institutions that offer loan products to global consumers investing in U.S. real estate,” Rupena said.

RegEd Makes New Exec Hire

RegEd appointed Adam Schaub vice president, Platform Product Management. In the role, Schaub will direct the firm’s platform product management team and “lead the strategy and vision for the continuous evolution of RegEd’s enterprise platform,” it said.

Schaub “will collaborate cross-functionally to identify opportunities for new products and lead strategic initiatives,” it added.

He joins RegEd from Avantax, formerly known as 1st Global, where he served as director of compliance services, according to his LinkedIn profile.

— Check out eMoney Launches Rebranded Digital Marketing Solution: Tech Roundup on ThinkAdvisor.


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