What You Need to Know
- Meanwhile, Envestnet hired a new head of market research and announced an expanded partnership with Practifi.
- Craig Iskowitz has joined the Blockchange advisory board.
- Foreside introduces a new marketing platform for RIAs.
Orion Advisor Solutions completed its acquisition of portfolio stress-testing platform HiddenLevers, it said Thursday.
The acquisition was first announced by Orion in March.
Orion on Thursday also announced a 12-month roadmap for the integration of HiddenLevers’ enhancements to its wealthtech platform for advisors.
Integration of HiddenLevers’ portfolio analysis modules into Orion’s proposal and account opening workflows will be done in the second quarter of this year. Integration of its Model Blender and automated portfolio insights into Communities, Orion’s open-source model marketplace, will follow in Q3. Integration of HiddenLevers’ risk and return analytics into Eclipse, Orion’s premier trading and rebalancing solution, will follow in Q4.
Q2 2022 will see the integration of HiddenLevers’ drift monitoring and business intelligence screens and alerts into Trends, Orion’s compliance and BI framework, targeted at the emerging needs of RIAs in “high-growth mode,” it added.
Orion and HiddenLevers clients will receive beneficial pricing. Orion will automatically upgrade current Basic and Pro users to an Orion preferred Elite subscription, “combining the institutional risk analytics with a more client-friendly user experience than other institutional risk platforms,” it said.
The Orion preferred subscription features live stress testing with HiddenLevers’ scenarios, recommendation construction, proposal generation, and a custom alternatives builder. Monthly pricing on Elite is now $200 for 1-5 users, $175 for 6-10 users and $150 for more than 10 users. Current HiddenLevers clients who switch to Orion’s platform will receive six months free and discounted pricing, Orion said.
Envestnet Hires New Market Research Head
Chris Shutler joined Envestnet as head of market intelligence after leaving William Blair & Co., where he spent 13 years in equity research, including 11 years as a research analyst focused on wealth management, asset management and financial technology, Envestnet said Thursday.
In the new role, he will “provide timely information and insights for helping Envestnet shape opportunities for achieving its strategic roadmap,” it said. His industry and customer insights will also “enable Envestnet to serve as a thought leader on the wealth management and FinTech trends shaping the future of financial advice,” it said.
Shutler assumed responsibilities from Karen Lanzetta, managing director and head of market research, who retired after 11 years at Envestnet and a decades-long financial services career.
Envestnet also expanded its partnership with Practifi, a business management platform for financial advice that provides automated workflow and unified data solutions. Under the strengthened relationship, Practifi and Envestnet’s unified advice platform are now fully integrated, the companies said in a joint announcement.
As part of the Envestnet/Practifi integration, advisors can save time adding new Envestnet clients by accessing Practifi’s most updated client and member details directly from within Envestnet’s platform and they can also launch new Envestnet proposals from within Practifi and manage them as bespoke services for their firms, the companies said.
As part of the MoneyGuide/Practifi integration, with just a simple click of a button, advisors can, quickly and easily, create and update a client’s key household data in MoneyGuide from Practifi. They can also “maintain a comprehensive client view between systems by linking to, and easily accessing, the MoneyGuide My Plans page showing financial plans directly from the Practifi client record,” the companies said.
Separately, the Envestnet |Yodlee artificial intelligence solution Abe.ai and Lumin Digital, a provider of online and mobile digital banking solutions, announced a multi-year partnership that allows Lumin to offer Abe’s Virtual Financial Assistant to its clients.
Iskowitz Joins Blockchange Advisory Board
Consultant Craig Iskowitz, CEO of Ezra Group, joined the strategic advisory board of Blockchange, the operator of a digital asset management platform for professional wealth managers.
Iskowitz will advise Blockchange on product and business strategy as the company expands to support growing demand for its BITRIA digital turnkey asset management platform (DTAMP) and SMA Partner programs, it said.
BITRIA is an institutional grade solution that Blockchange said enables RIAs to diversify their clients’ portfolios into Bitcoin and other digital assets with “virtually identical processes to those they use today for traditional assets with conventional TAMPs.” The platform is used by “multiple” RIAs and Blockchange said it recently launched a partner program with Arbor Digital and Willow Crypto as the first partners.