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Envestnet to Create Unified Annuity Investment Platform for Advisors: Tech Roundup

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What You Need to Know

  • Jack Henry & Associates announced a collaboration with Envestnet Yodlee on Thursday.
  • Edelman Financial Engines is launching a new podcast and radio show.
  • The fintech Tifin has signed an agreement to acquire Qualis Capital.

Envestnet is advancing its Envestnet Insurance Exchange with a new collaboration between Fiduciary Exchange and Simon Markets that will establish a unified platform for financial advisors to “assess annuity products from high-quality insurance carriers and incorporate them into client portfolios,” the companies said in a joint announcement on Wednesday.

The announcement came only about two weeks after Envestnet said it was partnering with the Goldman Sachs fintech spinoff Simon Markets to enable advisors to offer structured investments as fee-based solutions.

The new integrated platform will offer “full retail annuities lifecycle functionality, bringing together the best technology from FIDx and SIMON to power the Envestnet Insurance Exchange and enhance the end-to-end experience for advisors,” the companies said.

The integration will “streamline the entire process of investing in annuities, from pre- to post-trade, within one digital experience,” and will include pre-trade, trade and post-trade functionality, they added.

Separately, Jack Henry & Associates, a provider of technology solutions and payment processing services mainly for the financial services industry, announced a collaboration with Envestnet Yodlee on Thursday.

As part of the deal, the almost 530 financial institutions leveraging the Banno Digital Platform can quickly and easily add financial wellness apps and experiences supported by Envestnet Yodlee into their digital experiences, the companies said in a joint announcement.

Edelman Launching Podcast/Radio Show

Edelman Financial Engines is launching ”Everyday Wealth With Soledad O’Brien and Jean Chatzky,” a new podcast and radio show that it said Wednesday will examine “the most important and topical financial decisions affecting our lives today.”

Each week, personal finance expert Chatzky and journalist O’Brien will discuss current events, the financial markets, policy updates and “other key life issues impacting American wallets,” the company said.

They will be joined by Edelman wealth planners and other expert guests to offer guidance and insights to help listeners “build wealth and take control of their financial potential,” the company said.

Starting Jan. 1, new, one-hour episodes will air every weekend in 75 radio markets across the country, including Boston, Chicago, Los Angeles and New York, and will be available to listeners via major podcast platforms, the company added.

Tifin to Buy Qualis Capital

The fintech Tifin is expanding the capabilities in its WealthTech division across private markets, philanthropy and planning with an investment in and an agreement to acquire Qualis Capital, it said Wednesday.

The deal is subject to regulatory approvals. Financial terms were not disclosed.

Qualis Capital, launched in 2019, built a fintech platform to provide advisors access to select private market managers in a direct format, saving their clients added fees that are often associated with access to such alternative investments.

Cathie Wood, CEO and chief investment officer at Ark Investment Management, joined the Tifin board in July.

Flourish Adds Ethereum Support

Flourish said Thursday it added support for direct Ethereum investing through its Flourish Crypto platform, a turnkey cryptocurrency investing solution built for RIAs and their clients.

Since launching in September, dozens of RIAs with an average AUM of about $1 billion have signed on to Flourish Crypto, it said.

“Demand for additional cryptocurrencies such as ethereum, as well as additional regulatory and compliance resources, quickly emerged as some of the most highly-requested additions by current and prospective advisors,” it noted.

Flourish Crypto enables RIAs to offer discretionary or client-directed accounts, a decision that can be made for all clients or on a client-by-client basis, it said.

About 40% of RIAs have signed on to Flourish Crypto with the option to offer discretionary accounts, a decision that it said “heightens regulatory and compliance implications for RIAs.”

The Flourish platform is already being used by over 400 RIAs managing over $1 trillion in combined assets, it added.

 (Image: Shutterstock)


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