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Kestra Teams With AdvicePay to Offer Fee-for-Service Planning: Tech Roundup

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What You Need to Know

  • As part of a new partnership, Kestra advisors will be able to use AdvicePay’s recently launched Engagements workflow platform.
  • Riskalyze appointed Dr. Shari Hensrud, formerly of Refinitiv, as vice president of risk and analytics.
  • Envestnet integrated with FP Alpha, an artificial intelligence-driven, holistic financial planning solution.

Kestra Financial selected AdvicePay’s billing and payment processing platform for financial professionals, the companies said in a joint announcement on Wednesday.

As part of the partnership, Kestra advisors will be able to use AdvicePay’s recently launched Engagements workflow platform that enables them to automate the entire lifecycle of fee-for-service financial planning engagements, the firms said.

The Engagements platform includes originating planning agreements, captures digital signatures, matches agreements with invoices, and processes client payments electronically, while ensuring that financial plans are delivered to clients — all in one comprehensive system, according to the companies.

AdvicePay’s end-to-end platform and automated workflows are launched from Kestra’s financial professional platform, creating greater efficiency and productivity, while also providing compliance assistance, the firms said.

AdvicePay was started by financial advisors Michael Kitces and Alan Moore, who serves as its CEO.

As of Dec. 31, Kestra had more than 1,800 registered representatives, with $96 billion in assets under administration and $41 billion in assets under management.

Riskalyze Adds to Management Team

Riskalyze appointed Dr. Shari Hensrud as vice president of risk and analytics, the company said Tuesday.

Hensrud is heading the firm’s risk methodology, its coverage of securities, products and solutions, its analytics including the Risk Number and Riskalyze GPA, and its development of advanced risk functionality across the platform, the company said.

Prior to joining Riskalyze, Hensrud served as head of product management for wealth at Refinitiv, where she was responsible for driving product innovation and development for its platform that served 180,000 users across 2,000 firms, Riskalyze said.

Before that, she was president and chief investment officer at FolioDynamix, managing $7.5 billion in AUM and $19 billion in AUA as a part of the Folio platform before its acquisition by Envestnet in 2017.

Envestnet | MoneyGuide Makes Pact With FP Alpha for Goal-Based Planning

Envestnet | MoneyGuide integrated with FP Alpha, an artificial intelligence-driven, holistic financial planning solution, the companies said in a joint announcement.

The pact will enable advisors to take their goal-based planning for clients a step further by highlighting additional planning recommendations, increasing their overall value proposition, according to the firms.

FP Alpha enables advisors to upload a client’s financial documents to instantly summarize the data and identify actionable and personalized planning opportunities, the companies said. With 40 subject matter experts, including estate attorneys and insurance specialists, FP Alpha provides comprehensive financial advice that spans an investor’s life.

Docupace Teams With JIFFY.ai

Docupace, a cloud-based fintech digital operations software provider for the wealth management industry, partnered with JIFFY.ai, a provider of end-to-end intelligent automation applications.

The companies announced in a joint statement on Wednesday that they’re jointly developing a suite of automation solutions, deploying capabilities including intelligent document processing, artificial intelligence, robotic process automation, machine learning and advanced analytics to “deliver benefits at scale across enterprise operations.”

JIFFY.ai was co-founded by Babu Sivadasan, a former Envestnet executive.

J.P. Morgan Takes Stake in Viva Wallet

JPMorgan entered into an agreement with Viva Wallet Holdings Software Development, a European cloud-based payments fintech firm, and its existing shareholders to acquire an ownership stake of about 49% in Viva, the companies said in a joint announcement on Tuesday.

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

J.P. Morgan Securities served as exclusive financial advisor to JPMorgan, while Jefferies served as exclusive financial advisor to Viva Wallet.

(Image: Shutterstock)