A T. Rowe Price app on a cell phone
55ip, a financial technology company, recently announced a collaboration with T. Rowe Price to bring custom model portfolios to advisors.
Advisors can design and implement custom model portfolios using T. Rowe Price strategies, powered by 55ip's ActiveTax Technology. The firms will jointly support the distribution and servicing of these models, which are now available to all advisors, according to a statement.
Custom models have proved to be an efficient method for customization at scale, Mike Camp, head of client solutions at 55ip, told ThinkAdvisor.
"We have confirmed interest from multiple advisors in this joint offering," he said.
The collaboration builds on 55ip's existing model partnerships with JPM Asset Management, BlackRock and Fidelity, said Camp.
55ip's process for facilitating T. Rowe Price's custom models follows the standard process it uses for other asset manager providers on its platform, he said.
"Advisors will work with T. Rowe Price's distribution and investment teams to develop an ideal, custom solution for their clients," he said. "55ip then tax-smartly transitions this product onto our platform and manages the ongoing tax-loss harvesting and trading, facilitating any investment direction or rebalancing that the financial advisor or asset manager may request."
This latest news follows T. Rowe Price's partnership in January with Vestmark, the wealth management technology platform, aimed at delivering tax-efficient model portfolio construction capabilities.
Along with 55ip and Vestmark, Josh Horesh, head of U.S. model portfolio distribution at T. Rowe Price, told ThinkAdvisor that the firm collaborates with a variety of platforms and tech providers, "all to ensure an ideal experience for clients to access and implement our model portfolio offerings."
"55ip is a pioneer in tax management capabilities and provides a simple and intuitive advisor experience, as well as seamless integration with existing custodian relations," he said.
55ip, the marketing name used by 55 Institutional Partners, has been a wholly owned subsidiary of J.P. Morgan Asset Management, the asset management business of JPMorgan Chase & Co., since 2020.
Founded in 1937, T. Rowe Price had $1.71 trillion in assets under management as of March 31 and serves millions of clients.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.