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Technology > Investment Platforms

Envestnet Shows Off Tech Enhancements at Schwab Impact: Tech Roundup  

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What You Need to Know

  • At Schwab Impact 2022, Envestnet is spotlighting various technology enhancements it implemented during the third quarter.
  • Allianz, Barings and Broadridge are all investing in FLX Networks' tech platform.
  • Fidelity has completed the integration of its robo offerings and updated its fee structure.

This week at Schwab Impact 2022 in Denver, Colorado, Envestnet is demonstrating various technology enhancements it implemented during the third quarter.

The enhancements were designed to “strengthen the user experience throughout its ecosystem,” Envestnet said Wednesday.

The updates were added to its Envestnet WealthTech, Solutions, and Data and Analytics lines, it said.

“We continue to make enhancements across the Envestnet ecosystem so that advisors can better connect their clients’ daily and long-term financial decisions, through solutions, technology and intelligence,” said Tom Sipp, executive vice president of Business Lines at Envestnet.

Updates across the Envestnet ecosystem include a new Estate Flow Chart, Net Worth Over Time feature that breaks down a client’s projected net worth on an annual basis by types of assets and liabilities; and a new Prospecting Center in MyBlocks by Envestnet | MoneyGuide that enables advisors to attract new clients across demographics that are vital for the survival of their businesses, the firm said.

FLX Networks Raises $10M

Technology platform FLX Networks said Wednesday it raised $10 million in capital in an investment round led by global investment manager Barings, with participation from Allianz Life Ventures and Broadridge Financial Solutions.

The investment round “reflects cross-industry confidence in the platform and coincides with several milestones for FLX Networks,” it said. The company, which will celebrate its third anniversary in December, surpassed $1 billion in investment product sales, saved member asset managers more than $10 million in discretionary costs, and surpassed 1,000 in overall industry membership, according to a press release.

The new capital will be used for “technology builds and new personnel” designed to “continue momentum” for the company, it said.

About 60 asset management firms now “save significant time through its centralized resource platform and have access to strategic partners providing services ranging from lead generation to video production to dynamic product management solutions,” it said.

Fidelity Combines Its Robos, Updates Fee Structure

As of Tuesday, Fidelity has integrated the Personalized Planning & Advice digital offering into its mobile service, Fidelity Go.

As a result, clients can “take full advantage of the power of PPA advisors,” it said Tuesday.

Clients with less than $25,000 invested will be charged no advisory fee — an expansion of Fidelity’s 0% advisory fee for accounts from $10,000 to $25,000 — making it easier for new investors to get started or grow their investments, Fidelity said.

Those with more than $25,000 invested will receive unlimited access to one-on-one coaching with Fidelity’s PPA advisors, it added.

Fidelity previewed the planned changes in September, when the company confirmed its plan to merge its automated Fidelity Go and hybrid Personalized Planning & Advice robo-advisor businesses.

Elements Names COO

Mobile-first, client-centric financial monitoring platform Elements said Thursday it has appointed Wade Anderson as its chief operating officer.

“Anderson will provide strategic direction to the firm’s vision to revolutionize and streamline how advisors attract, onboard and deliver ongoing advice to their clients,” the company said.

Anderson has worked over the past two decades “to create operational solutions in the B2B software sector, improving processes,” the company said. At Elements, he has been “tasked with developing and improving current systems, processes, controls and procedures that will improve the overall efficiency of Elements, ensuring advisors have the tools to make clients’ financial lives better.”

Anderson most recently served as vice president of IQGeo, a company that delivers geospatial software solutions improving productivity and collaboration across enterprise planning, design, construction, maintenance and sales processes to reduce costs and operational risks, while also enhancing customer satisfaction, the company said.

OCIO Taiko Launches

Taiber Kosmala & Associates, an independent investment consulting company that advises on more than $15 billion in client assets, announced Tuesday the launch of Taiko, a boutique, full-service outsourced chief investment officer solution developed for RIAs, national advisory firms, broker-dealers and trust companies.

Taiko offers “growth-minded firms with bespoke institutional-grade investment portfolios, a personalized investment and operations back-office and an integrated technology stack by combining the institutional research platform and consulting heritage of Taiber Kosmala with custom technology, it said.

Taiko was developed to serve RIAs and financial institutions ranging from $100 million in assets under management to multibillion-dollar national enterprises, the company noted.

The company said it is looking for Taiko to be the “differentiator that its clients can use to stand out in a hyper-competitive market by providing exclusive access to leading institutional managers.”

MaxMyInterest Hires COO

MaxMyInterest said Thursday it hired Ateet Adhikari to serve as its chief operating officer.

Adhikari will be responsible for identifying new opportunities for growth and innovation for the intelligent cash management and optimization platform for advisors and individual investors, the firm said.

He will also be supporting relationships with partners; overseeing Max’s daily operations, compliance, and customer success program; and mentoring and growing Max’s team, the company said.

Prior to joining the company, Adhikari was the COO of ShopRunner, where he was a key player in the capitalization, growth and ultimate sale of ShopRunner to FedEx in 2020.

F2 Strategy Adds Senior Consultant

Wealthtech management consulting company F2 Strategy announced the addition of Jessica Brar, CFP, as its newest senior consultant serving on its Consulting Services team.

“Brar will lend her depth of expertise to the firm to drive success in the areas of digital client experience, technology assessment and implementation,” F2 said in a press release on Monday.

Prior to joining F2 Strategy, Brar spent more than 10 years with Buckingham Strategic Partners, where she was manager of operations for Advisor Services. Most recently, she also served as director of operations for Clark Asset Management.

“Brar brings an understanding of RIAs both at the strategic level from supporting firms in the TAMP space as well as a deep hands-on understanding of delivering the ideal client experience within the individual RIA office,” F2 said.

(Image: Shutterstock) 


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