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Welcome to the February 2024 concern of the Newest Information in Monetary #AdvisorTech – the place we take a look at the large information, bulletins, and underlying traits and developments which are rising on the planet of expertise options for monetary advisors!
This month’s version kicks off with the information that monetary planning software program platform RightCapital has launched a workflow administration instrument known as RightFlows to assist advisors handle and assign steps within the monetary planning course of to crew members and purchasers – which on the one hand capitalizes on advisor demand for workflow options tailor-made to the monetary planning course of with out utilizing a separate third-party instrument, however then again raises questions on what number of totally different workflow assist instruments advisors will wish to handle, provided that many already use workflows inside their CRM software program (and different particular person software program instruments could observe RightCapital’s lead by providing their very own embedded workflows).
From there, the newest highlights additionally characteristic plenty of different fascinating advisor expertise bulletins, together with:
- Dispatch (previously OneAdvisory) just lately raised $8 million in seed funding because it seeks to supply a centralized knowledge warehousing resolution for advisory corporations and remove the necessity for point-to-point knowledge integrations between particular person software program options – which though a comparatively new class for AdvisorTech, appears poised to choose up steam as advisors more and more search higher integration amongst their constantly-expanding tech stacks
- Flourish has launched a brand new annuities platform, aiming to not solely present a market of fee-based annuities for fiduciary RIAs but additionally to resolve for the operational challenges of implementing annuities (and their notoriously burdensome paperwork) via streamlining and automation of the applying course of
- Property planning software program supplier Vanilla has introduced a partnership with Vanguard’s Extremely-Excessive-Web-Price (UHNW)-focused Private Advisors Wealth Administration, as Vanguard seeks to enhance its property planning choices to higher compete with different UHNW-focused corporations and exhibits that the marketplace for property planning expertise stays robust at the same time as fewer and fewer persons are truly topic to property tax
Learn the evaluation about these bulletins on this month’s column, and a dialogue of extra traits in advisor expertise, together with:
- Revenue Lab has launched Life Hub, its holistic “monetary dashboard” instrument, as a standalone software program providing the place it should compete with Asset-Map – which underscores the rising recognition of instruments that may clearly visualize a shopper’s present monetary scenario, whereas highlighting how totally different software program corporations have approached the query of whether or not to separate off standard options as their very own standalone options or to depart them “bundled” with their different choices
- On the annual T3 Know-how Convention, Synthetic Intelligence (AI)-related distributors had been current, however general the tone in the direction of AI was extra measured than anticipated given the hype surrounding AI over the previous 12 months – suggesting that although AI could show transformative for AdvisorTech in the long term, it has an extended highway forward for gaining belief and adoption within the advisory business
And make sure to learn to the tip, the place now we have offered an replace to our standard “Monetary AdvisorTech Options Map” (and in addition added the modifications to our AdvisorTech Listing) as properly!
*And for #AdvisorTech corporations who wish to submit their tech bulletins for consideration in future points, please undergo TechNews@kitces.com!
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