What You Need to Know
- The Dynasty-Envestnet Advisor Services Exchange joint venture launched a new marketing initiative.
- Franklin Templeton introduced a MyFi Guide financial wellness digital platform.
- Foreside Financial Group is acquiring the regulatory compliance business of JG Advisory Services.
- The fintech firm Smarsh added two senior leaders to its executive team.
- YCharts launched a new tool.
Skience launched Advisor Transitions Solution, a new tool that it said Thursday “streamlines, digitizes and simplifies the process” in which advisors switching wealth management firms can transfer client assets to a new platform.
The new Advisor Transitions Solution tool allows advisors to open client accounts and then transfer assets quicker than manual transition processes allow, as well as “easily communicate and collaborate with clients when collecting required personal information to open accounts and make transfers, and remain compliant with all industry regulations related to those tasks,” Skience said.
The new tool also allows advisors to “enjoy guided workflows, including real-time validation checks, to facilitate the seamless transmission of client data to new custodial or clearing platforms and the creation of accounts,” it said.
When changing firms, advisors, broker-dealers and custodians could face significant fines if they don’t protect client data or follow the proper transition steps, while “repapering accounts manually and other overly complicated procedures can lead to delays and leave clients frustrated,” the company noted.
The Skience Advisor Transitions Solution tool helps advisors “navigate these pivotal processes correctly and with confidence, allowing them to avoid mistakes that have led others to lose business,” it added.
ASx Introduces New Marketing Initiative
The Advisor Services Exchange (ASx) launched a new marketing initiative called “Unlocking the Essentials of Social Media.”
Envestnet and Dynasty Financial Partners teamed up to launch ASx last year. The aim of the move — which included Envestnet acquiring a minority stake in Dynasty — was to provide financial advisors using Envestnet technology with more business tools and outsourcing services for growing their practices, the companies said at the time.
The new virtual coaching platform provides advisors with digital training classes, interactive workbooks and technologies to better market their services on social media networks including Facebook, LinkedIn, Twitter and others.
The platform is leveraging proprietary technology to “scale existing consulting services and give broader access to proven digital and lead generation strategies,” according to ASx.
The course includes lessons that teach advisors how to: “efficiently use data to make impactful marketing decisions, build professional editorial calendars, create engaging content without a writer or designer, and even how to gain compliance buy-in,” it said.
The platform is being rolled out across the U.S. now and can be purchased directly from the ASx website.
Franklin Templeton Teams With iGrad
Franklin Templeton partnered with San Diego financial education company iGrad to develop MyFi Guide, a digital financial wellness platform designed for financial professionals to share with defined contribution plan sponsors and participants.
MyFi Guide is powered by iGrad’s artificial-intelligence enabled Enrich financial wellness solution, and features a financial behavior assessment that analyzes each user’s financial “personality,” the companies said in a joint announcement.