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Welcome to the February 2024 concern of the Newest Information in Monetary #AdvisorTech – the place we take a look at the large information, bulletins, and underlying tendencies and developments which can be rising on this planet of expertise options for monetary advisors!
This month’s version kicks off with the information that monetary planning software program platform RightCapital has launched a workflow administration device known as RightFlows to assist advisors handle and assign steps within the monetary planning course of to crew members and shoppers – which on the one hand capitalizes on advisor demand for workflow options tailor-made to the monetary planning course of with out utilizing a separate third-party device, however however raises questions on what number of completely different workflow help instruments advisors will wish to handle, on condition that many already use workflows inside their CRM software program (and different particular person software program instruments could observe RightCapital’s lead by providing their very own embedded workflows).
From there, the most recent highlights additionally characteristic plenty of different attention-grabbing advisor expertise bulletins, together with:
- Dispatch (previously OneAdvisory) just lately raised $8 million in seed funding because it seeks to supply a centralized information warehousing answer for advisory corporations and eradicate the necessity for point-to-point information integrations between particular person software program options – which though a comparatively new class for AdvisorTech, appears poised to choose up steam as advisors more and more search higher integration amongst their constantly-expanding tech stacks
- Flourish has launched a brand new annuities platform, aiming to not solely present a market of fee-based annuities for fiduciary RIAs but in addition to unravel for the operational challenges of implementing annuities (and their notoriously burdensome paperwork) by streamlining and automation of the applying course of
- Property planning software program supplier Vanilla has introduced a partnership with Vanguard’s Extremely-Excessive-Web-Price (UHNW)-focused Private Advisors Wealth Administration, as Vanguard seeks to enhance its property planning choices to raised compete with different UHNW-focused corporations and reveals that the marketplace for property planning expertise stays sturdy whilst fewer and fewer individuals are really topic to property tax
Learn the evaluation about these bulletins on this month’s column, and a dialogue of extra tendencies in advisor expertise, together with:
- Revenue Lab has launched Life Hub, its holistic “monetary dashboard” device, as a standalone software program providing the place it’ll compete with Asset-Map – which underscores the rising recognition of instruments that may clearly visualize a consumer’s present monetary state of affairs, whereas highlighting how completely different software program corporations have approached the query of whether or not to separate off in style options as their very own standalone options or to go away them “bundled” with their different choices
- On the annual T3 Know-how Convention, Synthetic Intelligence (AI)-related distributors have been current, however general the tone in the direction of AI was extra measured than anticipated given the hype surrounding AI over the previous yr – suggesting that although AI could show transformative for AdvisorTech in the long term, it has an extended street forward for gaining belief and adoption within the advisory business
And be sure to learn to the tip, the place we’ve supplied an replace to our in style “Monetary AdvisorTech Options Map” (and in addition added the modifications to our AdvisorTech Listing) as nicely!
*And for #AdvisorTech corporations who wish to submit their tech bulletins for consideration in future points, please undergo [email protected]!
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