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Technology > Investment Platforms

Riskalyze, InvestorCOM Deal Gives Advisors Help With Rollover Compliance: Tech Roundup

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What You Need to Know

  • A new strategic partnership between Riskalyze and compliance software firm InvestorCOM will give advisors access to rollover compliance workflows.
  • Bento this year has built on the success of Life in Numbers, the firm’s first solution, that it said draws upon 15 age-related milestones to instill financial knowledge.
  • Fintech firm Wedge is bringing its capabilities to the AppMarket from Fiserv.

Riskalyze and compliance software firm InvestorCOM on Tuesday announced a strategic partnership the companies said will give advisors access to rollover compliance workflows, “freeing up time for valuable face-to-face meetings with clients.”

Those workflows include analysis of proposed rollover transactions, plan fee lookups and documenting recommendations.

“We believe that a streamlined compliance workflow can actually be a differentiator and growth driver for firms,” according to Clifton Schaller, managing director of strategic partnerships at Riskalyze.

As part of the new integration, advisory firms can start a proposal workflow within the Riskalyze growth platform and, upon selecting “rollover analysis,” access InvestorCOM Rollover Analyzer to “seamlessly analyze and document best-interest rollover recommendations for clients,” the companies said.

After completion of that component, which the firms said “ensures full compliance with recently introduced” Department of Labor requirements governing retirement plan rollovers, advisors are” automatically redirected to Riskalyze to complete the proposal and close new business,” the companies said.

Advisory firms can use both products now and the new workflow integration will “enter general availability” in the first quarter of 2023, the companies said.

Bento Engine Surpasses 7,000 Advice Alerts

Bento Engine has “generated more than 7,000 advice alerts that enable advisors to proactively educate their clients and prospects with timely, actionable financial life advice” since the fintech firm started last year, it said Monday.

Bento has used six client relationship management systems to analyze clients’ and prospects’ age and life milestone-related information, it noted.

Advisors can leverage those opportunities to offer “targeted, invaluable insights and impactful guidance at pivotal moments in clients’ financial trajectories,” the company said.

The company this year has built on the success of Life in Numbers, the firm’s first solution, that it said draws upon 15 age-related milestones to instill financial knowledge.

In 2022, Bento launched two new programs it said were designed to “enhance client experiences, satisfaction and loyalty, ultimately leading to higher referral rates and a greater share of wallet for advisors.”

Those new programs were Life Events, which it said “enables advisors to deliver targeted financial guidance linked to dozens of lifetime milestones such as having a child, buying a home, or getting married,” and Children and Wealth, which offers “actionable, age-based financial guidance and activities to help parents teach their children key money lessons at the right time, in the right way.”

The number of advisory firms using Bento has also grown significantly this year, it said, noting that it started the year with a dozen clients and “now has more than 50 firms on its platform.”

Fiserv Teams With Wedge

Fintech firm Wedge is bringing its capabilities to the AppMarket from Fiserv, a collaborative online marketplace where financial institution clients of Fiserv can easily access what the companies said is “transformative technology.”

The new pact will enable Wedge to “bring its technology to more financial institutions more efficiently and accelerate its growth trajectory,” it said.

Wedge will also “leverage a real-time fintech ledger and debit issuing capabilities from Fiserv to further its goal of revolutionizing consumer spending,” the firms said in a joint announcement.

ML Tech Raises $1.9M

ML Tech, a non-custodial digital asset investment management platform providing institutional investors access to automated crypto trading strategies, recently raised more than $1.9 million in a strategic round that it said included investors Belvedere Strategic Capital, Hyperithm and Nascent.

Miami-based ML Tech, which launched in May 2020, previously raised $1.75 million as part of a seed round in August 2021 that it said was led by West Loop Ventures.

ML Tech plans to use the new funding to “scale its infrastructure and invest in client acquisition, growth and marketing,” it said.

ML Tech provides full ownership and control to investors via a separately managed accounts approach.

Its assets under management reached $45 million this month, up from $5 million in June, the company added.

 (Image: Shutterstock) 


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