What You Need to Know
- Sterling Trustees has joined the Envestnet Trust Services Exchange.
- Morningstar launches new risk measurement tools for advisors.
- InsurMark makes LifeYield’s retirement income tech a key part of the prospecting and advice delivery capabilities of the Hubbard advisor platform.
Broadridge Financial Solutions will integrate and distribute several of Tifin’s fintech wealth solutions to help advisors create hyper-personalized solutions for their clients, the companies said Wednesday.
The distribution deal follows the strategic investment in Tifin that Broadridge made in April with J.P. Morgan Asset Management and Morningstar.
Broadridge will integrate with and provide distribution for Tifin solutions including Positivly, Magnifi, Louise and Totum, each of which “addresses friction” in the wealth tech industry, the companies said in a joint announcement.
The first product to be distributed through Broadridge is Positivly, an advice personalization platform that helps advisors tailor proposals and portfolios to each client’s unique and holistic financial personality. Positivly will be available alongside Broadridge’s premium digital marketing offering including websites and personalized digital content, the firms said.
“Additional integrated offerings are planned with products that leverage Broadridge’s proprietary technologies in artificial intelligence, marketing content and holistic client centric data aggregation,” they added.
Separately, Broadridge announced the appointment of Keir Gumbs as its new chief legal officer, effective July 27, succeeding Adam Amsterdam, who will be retiring after almost 30 years leading Broadridge’s legal function. As part of a long-planned transition, Amsterdam will shift into a senior advisor role. Gumbs joins Broadridge from Uber Technologies, where he was deputy corporate secretary and deputy general counsel.
Broadridge also announced it is “further enhancing its regulatory compliance capabilities” for broker-dealers with the acquisition of the cloud-based execution compliance and surveillance service (ECS) assets from Jordan & Jordan. The price was not disclosed for the deal that Broadridge said Thursday was signed July 1.
Envestnet Adds Sterling Trustees to Its Exchange
Sterling Trustees has joined the Envestnet Trust Services Exchange, powered by Trucendent, to provide a suite of trust administration services as an embedded offering to RIAs and broker-dealers.
The Envestnet Trust Services Exchange has also been integrated with Envestnet | MoneyGuide, Envestnet | Tamarac, and other offerings across the Envestnet ecosystem, the three companies said in a joint announcement Thursday.
That integration allows advisors to “seamlessly incorporate trust account management capabilities into the platforms and workflows currently driving their practices,” the firms said.
Morningstar Launches New Risk Tools
Morningstar announced the launch of new risk measurement tools in the Morningstar Risk Ecosystem for financial advisors looking to provide “more personalized investment advice, meet evolving regulatory standards, and build better businesses.”
The Morningstar Risk Ecosystem represents a “new approach to risk measurement and analysis that aligns Morningstar methodologies for scoring portfolio risk and assessing a client’s risk profile and tolerance,” it said.
Morningstar Portfolio Risk Score is a new addition to the Morningstar Advisor Workstation for advisors in the U.S. and Canada. Morningstar Portfolio Risk Score and Risk Comfort Range are both available to third-party platforms now through Morningstar Enterprise Components, and they will “roll out across Morningstar’s flagship platforms through the remainder of 2021,” it said.