Combination enables financial advisors to incorporate smart automation across investment and business processes - regardless of CRM provider.The acquisition further enhances AdvisorEngine's open-architecture ecosystem and continues the company's approach of connecting disparate technologies, data and workflows to create a unified user experience. Junxure users will not experience any changes in service and will continue to be supported by their dedicated Junxure client success team.
As advisors come under pressure to compete on price and margin pressure becomes more intense than ever, “Advisors have to service more assets and accounts and do so as efficiently as possible — so we are automating and digitizing everything,” says Rich Cancro, AdvisorEngine CEO. The firm is “fully committed” to open-architecture technology. “We know that every advisory firm is different, so we believe in delivering powerful workflows that are CRM-agnostic. Regardless of their contact management system of choice, all AdvisorEngine users will benefit from the Junxure acquisition."
While the AdvisorEngine platform is “open architecture,” WisdomTree has made its asset allocation models easily available there. AdvisorEngine said it plans to retain Junxure employees, something that was important to Junxure President and Co-founder Greg Friedman. The Junxure acquisition was not due to cost synergies, said AdvisorEngine Founder and CEO Rich Cancro. “This is a full growth acquisition,” he said. “And when you think about CRM, that’s the heart of a wealth management technology platform, or at least it should be.” The platform will keep its open architecture model, integrating with other third-party tech providers, including other CRMs.
Greg Friedman is selling the CRM company for RIAs that he founded by accident to spend more time building the RIA he built it for in the first place. There may be a good reason why Friedman, who mostly bootstrapped Junxure during the 1st 17 years, would prefer that AdvisorEngine and WisdomTree fund the kinds of improvements that will drive the next round of adoptions and conversions to Junxure Cloud.
Junxure President Greg Friedman said, “This combination opens up new possibilities for Junxure clients across prospecting, client engagement, financial planning, portfolio construction and business operations.”Junxure users will not experience any changes in service and will continue to be supported by their dedicated Junxure client team.
AdvisorEngine expects to retain Junxure’s employees and make new hires in its offices in Atlanta and Raleigh. Junxure founder Greg Friedman will serve as a strategic advisor and speak at AdvisorEngine workshops. Junxure Vice President Mike Sbrocco will become AdvisorEngine’s new chief financial officer, while Junxure’s chief information officer, Tim Betts, will occupy the same role with AdvisorEngine.
Junxure supports 12,000 users managing a collective $600 billion in assets. The company said its users will not experience any change in service and will continue to be supported. These users will now get access to AdvisorEngine's prospecting, client engagement, financial planning and portfolio construction tools, Junxure president and co-founder Greg Friedman said.
Fintech consultant Bill Winterberg of fpPad offers this "flash briefing" in the form of a 2-minute audio in which he offers his opinion of the Junxure / AdvisorEngine marriage. The acquisition, Winterberg says, gives him hope that Junxure Cloud will receive the energy, development and expansion it deserves. Click to listen.
Acquisitions within our industry have a decidedly mixed success rate, but there are indications that this one could be a big winner. Unlike some other industry combinations that seem primarily focused on consolidation and cost cutting, this one appears to be a story of synergies and growth. The synergies are rooted in the strengths and weaknesses of each of the firms. T3's Joel Bruckenstein not only reports on the acquistion, he also provides his opinions and calls the marriage "promising."
All 12,000 users of Junxure are getting a personal note of reassurance from CEO Greg Friedman this morning after the popular CRM software firm announced it is being acquired by New York-based AdvisorEngine. Tech editor Suleman Din interviewed AdvisorEngine CEO Rich Cancro and Friedman to hear directly from them why this marriage is a match made in heaven.
The new WisdomTree Advisor Solutions program provides investment research and ETF education; portfolio construction services; ETF Model Portfolios; practice management resources, like access to thought leaders in retirement planning, leadership and behavioral finance; and wealth management technology through AdvisorEngine
Richard Cancro, AdvisorEngine CEO, and Joel Bruckenstein, "Technology Tools for Today" have a broad-reaching conversation on how advisors are using technology to deepen relationships with clients and how AdvisorEngine is positioned to help solve many of the challenges of running an advisory business.
In an in-depth review of AdvisorEngine's rapidly evolving platform, fintech expert Joel Bruckenstein says, "I’ve looked at quite a few digital advice platforms for advisors over the last several years, and while many of them have some of the components that AdvisorEngine offers, the sum of AdvisorEngine’s parts are unique. This offering deserves more attention than it has received to date."