Home Financial Planning The Newest In Monetary #AdvisorTech (November 2023)

The Newest In Monetary #AdvisorTech (November 2023)

The Newest In Monetary #AdvisorTech (November 2023)


Welcome to the November 2023 challenge of the Newest Information in Monetary #AdvisorTech – the place we take a look at the large information, bulletins, and underlying tendencies and developments which are rising on the earth of expertise options for monetary advisors!

This month’s version kicks off with the information that Apply Intel has launched a brand new “progress platform” centered round quantifying the standard of an advisor’s consumer relationships with an all-in “Relationship High quality Index” (RQI) – which whereas doubtlessly precious in serving to advisors perceive and enhance their consumer expertise (and subsequently enhance consumer retention and enhance the lifetime worth of every consumer), additionally raises questions on whether or not advisors can be keen to spend money on instruments to enhance their consumer expertise given their already-high common consumer retention charges, in addition to what actually is the ‘greatest’ metric for measuring satisfaction within the first place, since different platforms additionally purport to quantify buyer satisfaction (a few of that are notably more cost effective than Apply Intel’s suite of apply administration instruments).

From there, the newest highlights additionally function numerous different fascinating advisor expertise bulletins, together with:

  • FinanceHQ has launched as a brand new digital lead technology platform for monetary advisors, which takes a extra niche-focused method to matching potential shoppers with advisors – representing a guess that capturing prospects looking for assist for particular issues (whom it may possibly then discuss with an advisor specializing in that downside) will cut back the prices of bringing on new shoppers and assist it develop and scale amongst a crowded marketplace for lead technology companies
  • Know-how-focused RIA startup Farther has introduced a $31 million Collection B funding spherical at a whopping $131 million valuation – which whereas reflective of its speedy progress in property and income in recent times, additionally raises questions on whether or not its progressive expertise providing will actually create sufficient worth to meet its buyers’ expectations, or if it might want to as an alternative deal with merely bringing in additional advisors to justify its valuation
  • Constancy has stopped giving ‘screen-scraping’ information aggregators entry to its consumer data, requiring them as an alternative to undergo its sanctioned direct information feed – which, whereas finished within the identify of guaranteeing extra secure information connections and higher account safety, additionally highlights the enterprise alternative for information platforms and establishments that personal and supply entry to consumer information

Learn the evaluation about these bulletins on this month’s column, and a dialogue of extra tendencies in advisor expertise, together with:

  • 2 new AI-driven compliance expertise options, Avery and Hadrius, have launched – which, on the one hand might characterize a big step ahead in automating and streamlining the time-consuming, repeatable processes of following compliance procedures; however on the opposite, raises questions on whether or not AI expertise itself is actually prepared but for the extremely technical, low-margin-for-error area of compliance
  • Morgan Stanley has launched a brand new AI instrument for its 16,000 wealth administration advisors, which notably does not give monetary recommendation – however does create the potential to streamline advisor processes from funding analysis to assembly follow-ups and even probably producing potential planning concepts.

And be sure to learn to the tip, the place we’ve got offered an replace to our common “Monetary AdvisorTech Options Map” (and in addition added the modifications to our AdvisorTech Listing) as properly!

*And for #AdvisorTech corporations who need to submit their tech bulletins for consideration in future points, please undergo TechNews@kitces.com!

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