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.
A number of software and platform providers targeting RIAs and advisory firms have announced funding or M&A deals this year, including AdvisorEngine's acquisition of WealthMinder.
TD Ameritrade recognized AdvisorEngine with an Innovation Award for its deep integration with Veo technology, including iRebal and advanced alerts.
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.
Apex Clearing, which offers the AdvisorEngine digital platform, has become a significant player in the independent RIA custody and clearing space as a low cost/most digitally-capable solution, which helps advisors reduce their client costs even more.
Rich Cancro identifies three strategic considerations to be weighed when developing a strategy to digitize their firm.
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.
The recent purchase of Kredible, an online reputation management tool, gives advisors the ability to monitor and enhance their online profile - something that is important in an age of Google searches.
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."