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.