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Envestnet Institute On Campus Adds Franklin Templeton as Sponsor: Tech Roundup

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What You Need to Know

  • New EIOC sponsor Franklin Templeton will work with Envestnet to increase participation in the program at participating colleges and universities.
  • A new partnership with LinkedIn simplifies the review process for RIA in a Box archiving users.
  • Willow Insights for Advisors provides advisors with the skills, content and training they need to attract, retain and grow relationships with clients the firm classifies as the New Majority.

The latest company to sign on as a sponsor of the Envestnet Institute On Campus online education program is Franklin Templeton, the companies said Tuesday.

As part of its sponsorship, Franklin Templeton will help enhance the EIOC curriculum with the addition of courses related to a wide spectrum of topics, including sustainable investing, alternative investments and exchange-traded funds, according to the firms.

Participants will be granted access to various on-demand trainings and coursework in multiple languages, they said.

Franklin Templeton will also work to increase EIOC participation at participating colleges and universities and bring the program to more schools, according to the companies.

In addition, Franklin Templeton will host virtual and in-person career networking events for EIOC participants, and act as program ambassador by placing interns and filling entry-level openings within the company where available, the companies said.

Envestnet also announced that 882 students participated in the EIOC program during the 2022 spring session, noting that was the highest number of participants in any session of the online career-training initiative so far.

One quarter of those participants (221 people) were first-generation college and university students, Envestnet added.

LinkedIn Partners With RIA in a Box on Compliance

RIA in a Box said Tuesday it was selected as LinkedIn’s latest compliance partner, noting the partnership will enhance its MyRIACompliance Communications Archiving and Review solution.

The Advisers Act Rule 204-2 (Books and Records Rule) and Advisers Act Rule 206(4)-7 requires all RIA firms to monitor and maintain records of firm and individual social media communications, RIA in a Box pointed out.

Explaining why LinkedIn selected RIA in a Box, Moza Anthony, LinkedIn business development manager, said in a statement: “When looking for a new compliance partner we wanted a partner who is trusted in the space to confidently manage investment advisers’ regulatory compliance needs, all while allowing for industry compliant use of LinkedIn’s free and paid products.”

The new partnership “simplifies the review process for RIA in a Box’s archiving users by allowing firms to store, review and filter communications from their website, email and social media within the same platform where they conduct their overall compliance program,” RIA in a Box explained.

With the addition of LinkedIn, its MRC solution now includes firm and individual communications from four major social media platforms, also including Facebook, Instagram and Twitter, RIA in a Box added.

New Offering Coaches Advisors on Adding ‘New Majority’ Clients

Fintech firm Willow launched a new product: Willow Insights for Advisors.

Through practice management seminars and coaching that count toward continuing education requirements, Willow Insights for Advisors provides advisors with the skills, content and training they need to attract, retain and grow relationships with clients the firm classifies as the “New Majority.”

Those clients are increasingly multicultural and diverse and include women, underrepresented groups, the next generation, LGBTQ+ and individuals experiencing life transitions such as divorce, widowhood and career transitions, Willow said.

The New Majority represents the “greatest growth opportunity in wealth management today,” according to Willow. Citing a recent study by McKinsey, Willow said more than $30 trillion is being transferred to women over the next 3-5 years.

That’s especially important because 70% of women change financial advisors after a major life event such as a spouse’s death or divorce, Willow noted.

The McKinsey study also said that just by retaining baby-boomer women as clients, advisory firms could see one-third higher revenue potential, and by attracting and growing relationships with younger female clients, they can realize up to four times faster revenue growth, according to Willow.

BlackRock is among the firms that have already partnered with Willow to better serve New Majority clients, Willow added.

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