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Envestnet Adds Structured Products, Teaming With Goldman Spinoff: Tech Roundup

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What You Need to Know

  • InspereX licensed its BondNav fixed income market technology to Goldman Sachs Advisor Solutions.
  • Eaglebrook Advisors launched a crypto educational platform for advisors.
  • Custodian Equity Advisor Solutions adds crypto trading for advisors.

Envestnet is partnering with Goldman Sachs fintech spinoff Simon Markets to enable advisors to offer structured investments as fee-based solutions, the companies said in a joint announcement Tuesday.

Envestnet’s integration plan will make it possible for advisors using Envestnet’s financial wellness ecosystem and unified managed account platform to offer structured investments as fee-based solutions and also “seamlessly manage these products across their lifecycle using analytics, education, and portfolio allocation tools” from Simon, they said.

UMAs are a key component of many broker-dealers’ fee-based businesses, the firms noted.

Simon’s tools and analytics will also be integrated in workflows within Envestnet | MoneyGuide and Envestnet | Tamarac.

Separately, Envestnet | Yodlee and Capital One Financial Corp. announced a data access agreement for mutual customers on Wednesday. The deal allows Capital One customers to more reliably and effectively connect to and send their financial information to the more than 1,500 third-party applications powered by the Envestnet | Yodlee financial data aggregation platform, the companies said in a joint announcement.

Goldman Selects BondNav

InspereX licensed its BondNav fixed income market technology to the Goldman Sachs Advisor Solutions platform providing custody solutions to independent RIAs, the companies said.

InspereX granted the exclusive license to Goldman Sachs to be the only custodian with a white-labeled version of BondNav providing the front-end user experience for fixed income, they said in a joint announcement.

BondNav digitizes fixed income capital markets by aggregating retail, middle-market and institutional bond markets, giving advisors a “competitive advantage,” the firms said.

BondNav makes it simple for RIAs to customize their fixed income market experience to align with their workflows so they see the bonds they want, when they want, reducing market complexity and rapidly accelerating RIA productivity, they said.

Goldman Sachs also increased its equity position in InspereX. As a shareholder of predecessor firm Incapital since 2012, Goldman had a long history with Incapital before Incapital’s merger with 280 CapMarkets to form InspereX earlier this year. Specifics on Goldman’s equity stake weren’t provided.

Eaglebrook Intros Crypto Education Platform

Eaglebrook Advisors launched Eaglebrook IQ, a crypto educational platform for advisors, providing training and education on the emerging digital asset market.

Eaglebrook IQ is available for free to more than 2,000 advisors across the U.S. as part of Eaglebrook’s network, it said Thursday. Eaglebrook now works with more than 500 advisors who it said are actively allocating to Eaglebrook’s Crypto separately managed accounts.

The new education platform “enables financial advisors with the educational resources needed to educate themselves as well as their clients on investment in digital assets,” according to the company.

EAS Adds Crypto Trading for Advisors

The clients of custodian Equity Advisor Solutions will be able to trade industry-leading cryptocurrencies as EAS becomes one of the earliest companies to offer trading of standard, alternative and cryptocurrency assets on a single platform.

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The EAS cryptocurrency offering will have a variety of features available to advisors, including: a simple trading and investing process; trades that settle the next business day; access to leading cryptocurrencies; a single platform where all assets are maintained including standard, cryptocurrencies, and alternative investments; and the ability to include accounts holding cryptocurrency in the advisor billing, it said.

The EAS integrated trading solution allows for fast and easy cryptocurrency trades. It gives advisors the ability to trade the newest currency prices with immediate execution, providing simple investing in a few clicks, EAS said.

Advisors and their clients will have access to cryptocurrencies including Bitcoin, Ethereum, Zcash, Litecoin, Stellar Lumens, Bitcoin Cash, Ethereum Classic, Bitcoin SV, and Chainlink, EAS said.

Next day settlement with daily reconciliation to blockchain and digital depository “provides independence and clear line-of-sight for investors,” EAS noted.

Skience Enhances Its Platform

Skience made several enhancements to its platform including the addition of a Securities and Exchange Commission 17a-4 compliant repository to store documents as the firm marked its 20th anniversary.

The firm’s solution to keeping firms compliant is the Skience Safe, which stores documents originated either inside or outside of its platform.

Companies can determine the length of time a document is stored and can leverage events-based retention, Skience said. Private folders for mutable documents are also available and documents are automatically uploaded and indexed from DocuSign and Envestnet.

Also new will be an upcoming integration with financial services client relationship management firm Redtail Technology and enhanced client-advisor collaboration within Skience’s Advisor Transitions feature.

Improvements to the popular Advisor Transitions feature include its ability to facilitate greater collaboration between advisors and clients.

Luma Appoints CTO

Luma Financial Technologies hired Arun Kumar as its chief technology officer, reporting directly to Tim Bonacci, Luma CEO and president.

Kumar is replacing Adam Hutcheson, who left Luma in August to pursue a new opportunity.

Based in Luma’s New York City office, Kumar will “oversee the development and dissemination of the firm’s superior technology, which is relied upon by a growing universe of financial professionals transacting in the structured product and annuity marketplaces to drive better client outcomes,” the firm said.

Kumar joins Luma from Citadel, where he was responsible for core platforms, enterprise data and analytics.

 (Image: Shutterstock)