Smaller custodians like Trade PMR are offering better tech experiences for advisors to give to clients, including a highly customizable advisor dashboard and integration with AdvisorEngine to deliver a completely white labeled robo solution.
TD Ameritrade Institutional selected AdvisorEngine for its 4th annual Veo Integrated Awards, which recognize firms doing the most to leverage integrated technology. AdvisorEngine is the winner of the Innovation Award for offering advisors an online advice solution to improve the technology experience of traditional offerings or function as a separate “robo-advisor” for select clients. Through AdvisorEngine advisors can open accounts, transfer cash, generate billings and sync up investment models. AdvisorEngine has also leveraged Veo Open Access Advanced Alerts, that notifies advisors when clients update information or conduct transactions in their accounts.
Addepar's acquisition is the latest deal struck by wealth management platforms this year. Earlier this month, enterprise platform provider AdvisorEngine purchased Kredible, a move that followed its February acquisition of client-adviser collaboration tool Wealthminder.
Digital advice platforms are becoming an increasingly valuable tool in the financial advisory world but there are distinct differences between retail providers and technology designed specifically for advisors. AdvisorEngine conceived and built their platform from the beginning to help advisors grow and improve their client service experience.
Noted fintech thought leader, Michael Kitces summarizes the acquisition of Kredible by AdvisorEngine as making sense because it provides a way to help its advisors actually get better at attracting prospective clients. He explains, "robo tools won’t help most financial advisors reach Millennials until/unless they get better at digital marketing in the first place."
The acquition of Kredible marks the second purchase by the B2B robo company in 2017, following the purchase of goals-based financial planning technology from Wealthminder in February. CEO RIch Cancro said, “The financial investment and strategic relationship with WisdomTree has allowed us to expand the AdvisorEngine platform to deliver an innovative and sophisticated set of tools that advisors can use to differentiate themselves from the competition.”
AdvisorEngine has acquired the assets of Kredible, a technology-enabled, research-driven firm targeting financial advisors with the goal of helping advisors modernize and enhance their online presence. Kredible research, including eye-tracking studies of high net worth clients, shows that approximately 72% of the clients surveyed said online information is “extremely” or “very” influential to who they hire.
Big news at the T3 Conference was AdvisorEngine's partnership with FinMason for institutional-level risk analytics, and it's the purchase of Wealthminder for the first integration of a sophisticated financial planning calculation engine into the “traditional” suite of robo services. "It’s not hard to imagine prospects going to your website, comparing their current portfolio’s performance to your models, and then doing some of their own financial planning work on the computer screen—before they ever meet you face-to-face."
Wealthminder founder, Rich Ellinger, discusses discusses how combining with AdvisorEngine will deliver a more robust offering for advisors. The Wealthminder software helps advisors more easily develop a financial plan, deliver advice and recommendations on that plan, and track results for their clients.