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November 03, 2022 at 01:08 PM
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.
