Kitces Gives Schwab's iRebal Enhancements a Thumbs Up: Tech Roundup

The enhancements that Charles Schwab made to TD Ameritrade’s popular iRebal rebalancing software received an initially positive response from advisors and financial planners including Michael Kitces, head of planning strategy at Buckingham Wealth Partners.

“Nice facelift on the UI/UX for iRebal!” he tweeted Saturday, referring to the software’s enhanced user interface and user experience. But he added it was notable that, although the revamped iRebal is available now to TD Ameritrade advisors, Schwab said the updated version of the software won’t be made available to Schwab advisors until 2023.

As Schwab continues to integrate TD Ameritrade into its operations, the company intends to expand iRebal to Schwab Advisor Services in early 2023, it said.

Since announcing in 2020 that iRebal would be retained as part of the combined Schwab Advisor Services/TD Ameritrade Institutional advisor custody platform, Schwab has invested in iRebal’s modernization and development, it said in announcing the enhancements last week.

As part of that process, Schwab “actively incorporated feedback from independent advisors and reflects Schwab’s overall efforts to continue to integrate technology from both firms and deliver an industry-leading experience,” it said.

The enhancements highlighted last week by the company include: a new, widget-based homepage dashboard view that gives advisors faster access to the information and the ability to toggle deeper if required; a new grid interface; a new grid interface designed to give advisors greater flexibility with data; improved navigation, editing and reporting.

GeoWealth Nabs More Funding

The GeoWealth turnkey asset management program for advisors raised $19 million as part of a Series B funding round led by Kayne Partners Fund, the growth private equity group of Kayne Anderson Capital Advisors, the companies said Thursday.

The round also included an unspecified follow-on investment from J.P. Morgan Asset Management, a strategic investor in GeoWealth since 2018.

Since GeoWealth’s Series A funding led by J.P. Morgan in December 2018, platform assets have increased over 300% to $16.7 billion while assets under management have grown over 700% to $7.3 billion, according to GeoWealth.

Vestwell to Acquire BNY Mellon’s 529 Plan, Auto-IRA Unit

Vestwell plans to acquire Sumday, a subsidiary of BNY Mellon that manages and administers 529 college savings, 529A ABLE, and Secure Choice/Auto-IRA state-sponsored savings programs. Terms of the deal were not disclosed.

BNY Mellon will act as the preferred servicing agent for the state programs managed by Vestwell, whose fintech engine powers workplace savings programs, the companies said. Services offered include custody, fund accounting, recordkeeping and, where applicable, sub-advisory services via BNY Mellon’s Lockwood Advisors affiliate.

“Vestwell will continue to play an integral role as part of BNY Mellon’s investment portfolio of fintech companies to enable client growth strategies and better business outcomes, the companies said.

Once the deal closes, Sumday will become a Vestwell subsidiary and be rebranded Vestwell State Savings. Its technology, overall program management responsibilities and team will transition to Vestwell, led by Douglas Magnolia, who will assume the role of president, Vestwell State Savings.

Snappy Kraken Launches New Tool

Snappy Kraken announced Marketing Opportunity Score Assessment, a new personalized and free tool that it said firms can use to determine their marketing weaknesses and opportunities. The tool also provides suggestions on how to improve in problem areas.

“Financial advisory firms can take a short, 28-question survey that will define and quantify the impact of marketing on their bottom line in less than five minutes,” according to Snappy Kraken. The survey covers key areas of marketing including social media, video usage and lead generation.