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Onramp Invest Kicks Off Crypto Trading for Advisors: Tech Roundup

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What You Need to Know

  • Advisors can now open accounts and trade Bitcoin and Ethereum for clients through Onramp’s partnership with Gemini.
  • ProNvest launches a Future Capital fintech platform, developed to gain access to DC plan assets for key partners.
  • Gideon Strategic Partners advisors have affiliated with Leaders Group to access its digital platforms and tools.

Trading starts today on the Onramp Invest crypto-asset integration platform for financial advisors, the company said Wednesday.

Financial advisors can now open accounts and trade Bitcoin and Ethereum on behalf of their clients courtesy of Onramp’s partnership with Gemini, Onramp Invest CEO Tyrone Ross said during an “Onramp Invest State of the Union” online presentation.

Onramp selected Bitcoin and Ethereum first because those are the two biggest “brand” names in the still-nascent crypto market and have the “most credible investment thesis,” which, therefore, offers the “most clarity from” the Securities and Exchange Commission and other regulators, he explained.

Onramp is open to offering more than two options but “will be very thoughtful about what we add … based on demand,” he said.

“We are working on billing right now,” he also said, noting one thing advisors keep asking about is how they bill when it comes to crypto investing. But he conceded: “Advisors are going to have to get creative here” for now because that is “one of those things that have just been left to the wayside.”

The retail component of the Onramp platform, however, won’t be active for a while, he told viewers. Many RIAs, including large RIAs, are remaining on the sidelines and it is “our responsibility to get them in thoughtfully,” he said, adding that when that happens, the retail component will follow.

Ongoing challenges, including the SEC postponing a decision on approval of the first Bitcoin exchange-traded fund, continue to cause hesitation among advisors, RIA firm executives and industry experts told ThinkAdvisor.

New Retirement Fintech Platform Launches

ProNvest launched Future Capital, a fintech platform that the retirement planning and investment management service said Wednesday was “designed to unlock access to defined contribution assets for key partners, including advisors, banks, broker-dealers, credit unions and insurance companies.”

Future Capital represents a “natural evolution of ProNvest’s offering, representing a move towards non-integrated account management,” it said.

The platform offers a unique suite of tools, providing financial professionals with the ability to offer investment management services to their clients, while eliminating the need for partners to have a recordkeeper integration or plan sponsor relationships to do so, the company explained.

Gideon Strategic Taps Into Leaders Group’s Tech

Gideon Strategic Partners, a Santa Monica, California wealth management and financial planning firm overseeing more than $500 million in assets, announced that its financial advisors have affiliated with The Leaders Group, an independent broker-dealer located in Littleton, Colorado.

Explaining the reason for selecting The Leaders Group, Gideon said Leaders has been supporting financial advisors in the wealth management industry for more than 25 years.

Leaders Group also provides “cutting-edge digital platforms and tools for client relationship management, product due diligence and comparison, client account management and financial planning, along with an industry-leading product shelf that features a broad range of investment strategies,” Gideon said.

The firm provides concierge-style services to high- and ultra-high-net worth individuals and businesses, and oversees more than $500 million in client assets.

Envestnet Teams With StratiFi

Envestnet | MoneyGuide and StratiFi, developer of PRISM Rating technology for financial advisors, announced a new integration partnership they said was designed to “empower more advisors to discuss risks just like they discuss goals in the context of a client’s financial plan.”

Through the partnership with StratiFi, risk analysis has become “amplified within MoneyGuide’s software package,” the firms said in a joint announcement.

StratiFi’s PRISM Rating technology uses “proprietary algorithms, once only available to institutional investors, to analyze thousands of securities to quantify a portfolio’s correlation, volatility, tail, and concentrated stock risk into an easily understood score,” the companies said. The scores, along with actionable insights, allow advisors to “effectively mitigate risk and communicate complex risk exposures in ways investors can understand,” they added.

Broadridge Selects OpenFin

Broadridge Financial Solutions announced it will use fintech OpenFin’s operating system for financial desktops.

With the new digital workspace solution, asset managers using Broadridge’s next- generation portfolio and order management system “will benefit from componentized apps with highly configurable layouts and intuitive workflows,” Broadridge said.

Traders and portfolio managers will now be able to “manage their desktop real estate more efficiently and increase productivity by reducing the effort and time navigating across multiple windows and screens,” Broadridge said.