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.
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.”
Companies Integrate Kredible, a Technology-Enabled, Research-Driven Practice Management Firm Designed to Help Advisors Acquire New Clients
New York, NY – (GlobeNewswire) – April 27, 2017 – WisdomTree Investments, Inc. (NASDAQ: WETF), an exchange-traded fund (“ETF”) and exchange-traded product (“ETP”) sponsor and asset manager driven by research and technology, and AdvisorEngine Inc., a digital wealth management platform, jointly announce their commitment to providing advisor growth solutions through AdvisorEngine’s acquisition of Kredible Technologies, Inc. (“Kredible”), a technology-enabled, research-driven practice management firm designed to help advisors acquire new clients.
WisdomTree and AdvisorEngine: Collectively Helping Advisors Grow Their Businesses
In November 2016, WisdomTree, an independent-thinking asset manager with a focus on research and a history of innovation, and AdvisorEngine, a B2B full enterprise wealth management technology platform, established a strategic relationship with a common goal: to help financial advisors grow their businesses and better connect with their clients in a rapidly evolving industry and regulatory environment.
“AdvisorEngine has been continuously focused on helping financial advisors scale and grow. Our investment in Kredible’s powerful, research-based marketing tools further demonstrates our commitment to the financial services space,” said AdvisorEngine CEO, Rich Cancro. “So many advisors struggle with building out a solid online presence; Kredible’s platform streamlines the process with the goal of acquiring new clients.”
Thomas Skrobe, WisdomTree Head of Client Solutions, said, “WisdomTree and AdvisorEngine are committed to building a global advisor solutions program to help meet evolving client needs. With the wealth management industry changing quickly and significantly, financial advisors need to evolve the way they do business. Kredible’s solutions are a natural addition to our offerings, enabling advisors to differentiate themselves and grow their businesses through digital enhancements and modern techniques.”
Beyond WisdomTree’s ETF, ETP and CIT offerings, the Company provides access to an advisor solutions program, which includes portfolio consulting services, model portfolios and practice management, incorporating leadership, organizational development and marketing services.
The Incredible Opportunity for Kredible
Kredible is a technology-enabled practice management 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.
Direct benefits to the advisor include:
- Ability to attract more prospects and win more business by optimizing their digital presence, such as their social profiles and organic search rankings
- Access to relevant content and analytics
- A behavioral, research-based online property for each advisor that helps fill a void in most financial advisors’ online presence
Brad Shepard, Kredible Founder and CEO, said, “Based on our research, more than 50% of new prospects indicate that they have eliminated a financial advisor from consideration based on what they did or didn’t find about them online. The modern advisor must evolve to meet ever-changing expectations including the way their prospects and clients find them to determine if they are credible to manage their financial life and communicate with them on an ongoing basis.”
“We’re thrilled to join WisdomTree and AdvisorEngine in this effort,” Shepard adds.
Enhancing Connectivity Between Client and Advisor
In February, AdvisorEngine announced the acquisition of a financial planning technology that both streamlines the onboarding process and includes an easy-to-use digital prospecting tool that helps financial firms create and deliver advice, execute on that advice and monitor client progress. Going forward, AdvisorEngine will continue to be an open architecture platform with key integrations to other financial planning tools and CRMs, as such tools are often very personal to the advisor.
AdvisorEngine’s Cancro adds, “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. Add Kredible to the platform, and you have a deeper, broader layer of advisor growth solutions to complement our existing solutions.”
In November 2016, WisdomTree made a $20 million minority equity investment in AdvisorEngine and announced a strategic agreement whereby WisdomTree’s asset allocation models would be made available through AdvisorEngine’s open architecture platform and WisdomTree would actively introduce the AdvisorEngine platform to its deep distribution network. WisdomTree is also announcing an additional $5 million investment in AdvisorEngine to continue to fuel its growth, leadership and innovation in the advisor solutions space.
WisdomTree Investments, Inc., through its subsidiaries in the U.S., Europe, Japan and Canada (collectively, “WisdomTree”), is an exchange-traded fund (“ETF”) and exchange-traded product (“ETP”) sponsor and asset manager headquartered in New York. WisdomTree offers products covering equities, fixed income, currencies, commodities and alternative strategies. WisdomTree currently has approximately $43.8 billion in assets under management globally. For more information, visit our Investor Relations website.
WisdomTree® is the marketing name for WisdomTree Investments, Inc. and its subsidiaries worldwide.
About AdvisorEngine Inc.
AdvisorEngine, a pioneer in digital wealth management technology, was the first company to integrate private-label robo-advice technology within a full enterprise B2B digital wealth management platform. AdvisorEngine integrates online and traditional wealth management processes and workflows to help advisors build deeper relationships with their clients. Its open architecture platform provides fully customizable robo-advisor tools, dashboards to analyze and track business development online account opening and funding, billing, data aggregation and performance reporting. AdvisorEngine helps investment firms scale their existing business profitably and connect with the next generation of clients and advisors. More information about the firm, which is headquartered in New York, is available at www.AdvisorEngine.com.
About SenaHill Partners
SenaHill Partners is a merchant bank offering a full suite of investment, operating and advisory services to the financial technology sector. From inception and capital raising through scaling and growth to strategic exit, SenaHill bridges the gap between FinTech innovators and global financial institutions to bring a new level of efficiency, collaboration and success to the industry. For more information please visit www.SenaHill.com.
SenaHill Securities, LLC acted as exclusive strategic and financial advisor to AdvisorEngine.
Inertia Advisors, a division of KEMA Partners LLC, acted as exclusive financial advisor to Kredible in connection with the transaction.
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."
Judges cite innovative approach to engaging and converting prospects as key factor in their decision
NEW YORK (March 21, 2017) – AdvisorEngine, the innovative digital wealth management platform that has become a leader in the financial services industry over the past three years, was named Best On-Boarding in Wealth Management Technology at the 2017 Family Wealth Report Awards Gala last night in New York City. The firm was also named a finalist for the Innovative Client Solution and the Client Communications awards in the wealth management technology category.
“We thank the judges for recognizing our industry-leading technology for client on-boarding,” said Rich Cancro, founder and CEO of AdvisorEngine. “Our platform helps advisors jumpstart new client relationships with a fast, intuitive online account opening workflow. Our easy-to-track dashboards give advisors and their clients full visibility into the process and reduces administrative time.”
AdvisorEngine’s on-boarding supports 18 different account types, including individual, joint, IRA and trust accounts, and provides a choice of electronic signature, click through agreements, or validated print documents. Firms can seamlessly include their advisory agreements, disclosure documents and custodian forms. Both the client and the advisor receive real-time updates regarding the status and funding of the account, and all data is retained for compliance review and oversight.
The fourth annual Family Wealth Report awards was held in New York City on March 2nd. The awards recognized companies, teams and individuals within the global private banking, wealth management, and trusted advisor communities that two panels of judges deem best-in-class and that "demonstrate innovation and excellence" in their respective fields.
This is the second Family Wealth Report Award for AdvisorEngine. The firm previously won in 2016 for outstanding portfolio management platform.
AdvisorEngine, a pioneer in digital wealth management technology, was the first company to integrate private-label robo-advice within a full enterprise B2B digital wealth management technology platform. AdvisorEngine integrates online and traditional wealth management processes and workflows to help advisors build deeper relationships with their clients. Its open architecture platform provides a fully customizable robo-adviso, ashboards to analyze and track business development online account opening and funding, billing, data aggregation and performance reporting. AdvisorEngine helps investment firms scale their existing business profitably and connect with the next generation of clients and advisors. More information about the firm, which is headquartered in New York, is available at www.AdvisorEngine.com.