Welcome to the final Phrase on WealthTech of 2023! The headlines over the previous few weeks haven’t slowed down—with govt transitions, new answer launches and firm partnerships—we’ve had loads to speak about round our digital watercooler. We selected these 5 massive WealthTech headlines to wrap 2023:
Dan Zitting took the reins of Nitrogen this month as Aaron Klein determined it was time for a “scaler” to run the corporate. Founders often are usually not the best folks to scale and develop corporations and with the ability to put ego apart and know when to herald an knowledgeable is a commendable talent. We’re wanting ahead to seeing the place Dan takes Nitrogen and what Aaron decides to sink his tooth into subsequent.
Wealthspire is the newest RIA to associate with Pontera to serve its shoppers extra holistically by with the ability to handle their 401(ok) belongings. Pontera’s know-how is cool as a result of it provides advisors the chance not solely to offer a extra holistic shopper expertise, however to cost a payment on it as nicely. It’s like discovered cash for advisors and we like the worth proposition it affords.
LPL is providing a brand new advisor affiliation mannequin for advisors targeted on serving high-net-worth shoppers. We applaud the information as a result of it reveals LPL is able to improve market share. Our query is, have they absolutely thought by means of their technique and method? As a result of different custodians are already doing very superior work in that house and in the event that they’re leaping into it now with an previous, fundamental answer, they’ve misplaced a possibility. They’ve the best folks, the best know-how, the best cash so we’ve got religion that they’re going to get there. We simply have not seen it to have the ability to say whether or not it is the identical degree of maturity of their friends.
(Full disclosure: Liz and I are buyers in Bento). Bento’s capability to automate delivering applicable, compliant content material fills a big gap in how advisors can put together their shoppers for retirement. The truth that FMG, which helps advisors construct advertising and shopper communication campaigns can associate with Bento is an amazing software for each Bento and advisors to assist them do a greater job speaking with shoppers and offering wealthy, actionable content material. That is a win for the trade.
For SS&C Black Diamond, that is getting on top of things. CRM was the largest lacking piece in its toolkit. It would make life lots more durable for Tamarac. Now they’re coming to market with a CRM in late 2023 so the variety of corporations that do not have already got a CRM (Salesforce, Redtail, WealthBox ,or Wealth Hub) is closing…so is the SS&C CRM aiming to switch CRMs? Searching for corporations that simply do not have a CRM? Organically discovering new corporations when folks transfer to the SS&C platform as a breakaway? These are open questions.
We hope you’ve loved our perspective on these and all of the headlines we’ve lined this 12 months. Completely happy New Yr and we’ll see you with much more perception in 2024.
