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Technology > Investment Platforms

Cetera Teams With Credit Union in Kentucky: Tech Roundup

By Jeff Berman

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What You Need to Know

  • Abound will leverage Cetera's integrated technology, growth and operations support, and advice-focused platform, the companies said.
  • Future You Wealth, an RIA, extended its deal with Zoe, whose platform connects clients with advisors.
  • Blockchain technology firm tZERO’s BD subsidiary added support for clearing and settlement securities transactions.

Cetera Financial Group entered into a strategic relationship with Abound Credit Union that the companies said Wednesday will “expand investment services and enhance the member experience.”

The credit union is based in Radcliff, Kentucky, and has $2 billion in assets, according to Cetera.

As part of the deal, Cetera Investment Services will provide insurance solutions and investment advisory services to Abound, which will “leverage Cetera’s integrated technology,” growth and operations support, and advice-focused platform, the companies said in a joint announcement.

The partnership provides Abound financial consultants with access to a larger variety of tools, technologies and solutions, including AdviceWorks (Cetera’s platform for financial professionals and members) and Growth360 (Cetera’s peer-based methodology that helps financial professionals learn from and incorporate the successes of their fastest-growing peers), the firms said.

Zoe Extends Pact With NY RIA

Future You Wealth, an RIA based in New York, has extended its deal with Zoe, whose platform connects clients with interest-aligned financial advisors, Zoe said Wednesday.

The partnership enables clients to connect with Future You Wealth through Zoe’s platform.

Future You Wealth was founded by Ryan Sterling in 2019 and now manages over $50 million in assets, Zoe said.

“Zoe has been a major channel for growth for our firm,” according to Sterling. “Beyond being a lead generation source, Zoe has become a partner to us, providing us with ongoing feedback that helps us improve our practice and continuously deliver a more valuable service to our clients,” he said in a statement.

“For the past two years, this partnership has enabled us to help many clients who need guidance to build and grow their wealth more strategically,” he added.

BD Launches Clearing Support

Blockchain technology firm tZERO’s broker-dealer subsidiary, tZERO ATS, launched support for clearing and settlement securities transactions for itself and its BD affiliates on Tuesday, the company said.

TZERO’s broker-dealer subsidiaries can now “independently onboard additional private securities at a faster pace, accelerate the settlement times of transactions on its private security trading platform, and improve the user experience in transferring cash and securities to and from third-party platforms,” the company said.

The new capability will “significantly increase the velocity at which we can onboard new assets to the tZERO ATS, giving customers a greater variety of investment opportunities and enabling increased liquidity for private capital markets,” according to Alan Konevsky, tZERO interim CEO and chief legal officer.

The clearing and custody model supports current and future private digital securities that trade on the tZERO ATS, which are uncertificated securities with blockchain functionality. It will also support National Market System securities, which are public securities that trade on national exchanges, the company said.

In addition to supporting traditional BD custody, tZERO “expects, subject to regulatory approval, to implement parallel clearing, settlement, and custodial solutions to support digital asset securities, which are securities issued and settled on a blockchain, to its platform,” the company said.

That solution will initially be implemented via user-directed settlement in partnership with a custodian and, later, in conjunction and in accordance with the Securities and Exchange Commission’s statement that outlined how BDs can engage with digital asset securities, tZERO said.

Innocap to Buy BNY’s HedgeMark

Innocap Investment Management, a managed account platform for institutional investors, entered into a definitive agreement to acquire BNY Mellon’s HedgeMark business in a move that Innocap said will “create a single technology-enabled alternative investment platform and become the global industry leader.”

Innocap said the purchase was being made with a combination of cash and Innocap shares but did not say how much it was paying.

The deal will allow BNY Mellon to own a minority equity stake in Innocap’s combined $50 billion global platform, which focuses on helping institutional allocators access their investments via managed account services providing customized investment solutions, “meaningful control,” increased transparency and operational alpha over their investment portfolios, Innocap said.

The transaction is subject to normal closing conditions and regulatory approval and is expected to close in the first half of 2022, Innocap said.

(Image: Shutterstock) 

Jeff Berman

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