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

The Newest In Monetary #AdvisorTech (October 2023)

The Newest In Monetary #AdvisorTech (October 2023)


Welcome to the October 2023 subject of the Newest Information in Monetary #AdvisorTech – the place we take a look at the large information, bulletins, and underlying traits and developments which might be rising on the planet of know-how options for monetary advisors!

This month’s version kicks off with the information that custodial platform Altruist is eliminating the $1 per account month-to-month payment for its portfolio administration and reporting know-how for advisors on its platform, which on the one hand means that the economies of scale Altruist has achieved within the wake of its transfer to turn into a completely self-clearing custodian have been such that it will probably now afford to ‘give away’ its software program, whereas however serves as an ominous signal for standalone portfolio administration know-how platforms that they might stand to be disrupted if extra custodial platforms resolve to compete on their know-how choices and remove the necessity for advisors to pay $5,000-$10,000 annually for a separate supplier.

From there, the most recent highlights additionally function a lot of different fascinating advisor know-how bulletins, together with:

  • Holistiplan, after reaching success with its tax planning and evaluation software program, has introduced an funding from Lead Edge Capital, signaling that it might be able to broaden into different monetary planning areas past tax – however with a slew of recent ‘Holistiplan for X’ startups within the market, it might have a tougher time repeating the exponential progress of its early years and because it seeks to satisfy the unique ‘holistic’ aspirations of its founders.
  • FMG Suite has acquired compliant texting answer MyRepChat to combine into its full-service tech stack, underscoring the potential of text-based communication as a advertising and marketing device – but additionally highlighting advisors’ challenges with integrating texting into their advertising and marketing and consumer communications workflows, in addition to the high-quality line between texting as an efficient communication technique and one which’s disruptive and worsening to each the consumer and advisor.
  • Funding analytics platform YCharts has launched a brand new function for constructing and producing proposals for potential shoppers, changing into the 2nd hottest analytics and advice device this 12 months (after Nitrogen’s rebranding earlier in 2023) to broaden into the more and more aggressive class of gross sales enablement – underscoring the concept that as advisors use know-how to offer increasingly more worth for his or her shoppers, there’s rising demand for instruments that assist advisors promote that worth as effectively.

Learn the evaluation about these bulletins on this month’s column, and a dialogue of extra traits in advisor know-how, together with:

  • Model design consultancy agency Intention.ly has launched Advisor Model Builder, a tech-enabled service answer that automates a lot of the method of designing a novel advisory agency model at a decrease value than a full-service branding course of – displaying how, when a supplier ‘tech-ifies’ a service by automating every thing potential and making use of human experience solely when it is wanted most, the ensuing product can usually be spun off and bought on a standalone foundation.
  • Testimonial IQ has launched the most recent answer for advisors to assemble and showcase consumer opinions and testimonials within the wake of the brand new SEC Advertising Rule – nevertheless it stays to be seen whether or not shoppers will let themselves be directed to a third-party web site to depart a evaluate, or if they will as an alternative naturally gravitate in direction of the overall websites (like Google and Yelp) that they already use to seek for different companies.

And make certain to learn to the top, the place now we have offered an replace to our well-liked “Monetary AdvisorTech Options Map” (and likewise added the modifications to our AdvisorTech Listing) as effectively!

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

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