The average prospect gets 2.6 referrals and then looks up those advisors online, according to AdvisorEngine’s Matt Kress.

Clients have come to expect that finding a financial advisor should be as simple as ordering something from Amazon.

I recently attended the first ever AdvisorEngine Conference, and I was impressed. This event presented several challenges for the AdvisorEngine management, and to my mind they exceeded expectations.

How much do you need to spend to build a wealth management platform that is able to compete with the established market leaders?

Around $60 million, based on the total investments gathered by upstart wealthtech vendor AdvisorEngine.

How much do you need to spend to build a wealth management platform that is able to compete with the established market leaders?

Traditional static client portals are becoming a thing of the past. Financial advisors serving all types of clients – from high net worth to mass affluent – can use AdvisorEngine technology to establish new connections and deepen existing relationships. This new take on client portal creates a digital environment where advisors can deliver holistic wealth management.

AdvisorEngine, the fintech company that is reimagining how technology can serve financial advisors, today at the fifteenth T3 Technology Conference for financial advisors unveiled a completely redesigned environment for advisors to engage with prospects and clients. This digital space enables engagement – driven by prospect, client or advisor – using goals-based financial planning, account aggregation, paperless client onboarding, investment analytics, performance reporting and document sharing as central features.

AdvisorEngine is much more robust than their critics know or care to admit. A big part of AdvisorEngine’s appeal is the way it can seamlessly power client-facing portals. Everything beyond the “Get Started” button is hosted by AdvisorEngine, which provides a consistent client experience. Prospective clients can explore the offering from within a fully white-labeled platform (i.e., branded with the financial advisor’s logo). The portal’s primary focus is on goals, since AdvisorEngine absorbed Wealthminder’s goals-first philosophy into the redesign of the workflows and menus. 

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.