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Envestnet, Dynasty Report Strong Demand for ASx Platform: Tech Roundup

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What You Need to Know

  • The joint venture Advisor Services Exchange (ASx) topped internal expectations in its first year.
  • Ark's Cathie Wood is joining fintech Tifin’s board of directors.
  • AltsAxis launched a mobile-first alternative investment platform and social network.

The Envestnet and Dynasty Financial Partners joint venture Advisor Services Exchange (ASx) “exceeded its own expectations” since the tech-enabled advisor services platform launched at the 2020 Envestnet Summit, ASx said Wednesday.

Envestnet and Dynasty announced the platform in January 2020, ahead of its launch.

“We are seeing terrific engagement from advisors across each of our offerings,” according to Ed Swenson, ASx president. “Clients, after seeing the benefits of one successful engagement, are coming back to do multiple services with us as they gain confidence in our team and offerings,” he said in a statement. “They can now see results showing up in scale benefits as well as in their firm’s financial performance.”

Of the eight services being offered to advisors, a few standouts have emerged in terms of demand, ASx said.

Those standouts have included: the Performance Marketing suite of tools offering social and digital expertise tailored specifically to the advisory space; Advisor M&A Strategy, which helps structure deals and provides access to deal capital; and the ASx CFO Program, which “removes the burden and the cumbersomeness of running back-office books and records while providing industry/peer group benchmarking on both the revenue and costs side of the advisory business,” ASx said.

Also popular have been the CFO Dashboard, added in April, that it said “consolidates scattered in-house data and many disparate financial reporting functions,” and ASx Smart Compliance.

Cathie Wood to Join Tifin Board

Cathie Wood, CEO of ARK Investment Management, will be joining the Tifin board of directors, Tifin announced Tuesday.

“I believe Tifin is helping guide the asset and wealth management industry through the shift towards end-investor needs, preferences and demands,” Wood said in a statement. “I look forward to continuing that journey as a board member now.”

Tifin also said its subsidiary Magnifi’s natural-language-powered investment marketplace has reached 10 million searches and introduced brokerage services allowing users to invest without any direct commissions.

Magnifi “has its sights on disrupting the traditional brokerage business model that often drives users to trade with short time horizons, by encouraging them to become investors with longer horizons,” Tifin said.

Magnifi’s proprietary technology is built on the foundation of semantics and investment intelligence making it easy for amateur and seasoned investors to find, compare and act on investment options, according to the company.

“In an era with thousands of ETFs, mutual funds, stocks, and model portfolios to choose from, Magnifi demystifies and simplifies investing, providing insights and information that enable users to make investment decisions in areas that they understand and find relevant and interesting,” it explained.

AltsAxis Launches Alternative Investment Platform

AltsAxis has launched a proprietary mobile technology ecosystem that it said connects all parties across the alternative investment industry on one centralized platform.

The company is led by a veteran team of experts with decades of experience in the alternative investment sector, including Mark Salameh, co-founder and former CEO of Context Summits. AltsAxis was formed to “fill the unmet need for a one-stop shop where family offices and institutional allocators can find unconflicted, real-time data on alternative asset managers, and fulfill all their sourcing requirements for these asset classes,” it said.

The proprietary AltsAxis solution initially includes: the AXIS Platform, serving as a one-stop shop where family offices, pensions, endowments, foundations and other institutional investors allocating to alternative investments can securely access up-to-date data on a wide range of alternative strategies and managers; and a proprietary social network that it said “enables allocators and managers to securely foster relationships and share information on an ongoing basis — from the convenience of their hand-held devices.”

Starting in the fall, LiveAxis, the events offering of AltsAxis, will host in-person events to complement the AXIS platform, it said.

Redtail to Relaunch In-Person Training

Redtail Technology has expanded its training department and will relaunch its Redtail University in person next year, it said Wednesday.

After over a year of successful RTU Online training sessions for Redtail Technology users, those interested in attending its educational offerings in person will be able to do so starting in 2022, it said.

Rick Williamson, who was managing training team lead at the fintech, has been promoted to director of training. He has been given his own department to “lead after a decade of dedicated service in training,” Redtail said.

Rick and his team led a dozen RTU Online sessions since March 2020 and have two more slated before the end of summer, it said. Since Redtail University’s first session in 2008, there have been more than 105 in-person learning opportunities through these events around the U.S., it said.

Mammoth Scientific Launches Venture Capital Fund

Mammoth Scientific, a health science and technology venture capital firm, announced the launch of a $100 million venture capital fund.

“Mammoth’s competitive edge comes from its creation of venture capital investment pathways for the highly underserved RIA advisory market,” it said. The U.S. RIA market manages more than $5.7 trillion, but it has “historically been hindered from providing venture capital investments to clients due to regulatory challenges, uncertainty around risk and how to best engage clients,” it said.