TRX Unplugged: What happens when a tech provider eschews formality and unplugs for the day

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State Secrets: Inside The Making Of The Electric State

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Family Secrets: Chris Pratt & Millie Bobby Brown Share Stories From Set 22:08

5 weeks önce22:08

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Host Francesca Amiker sits down with directors Joe and Anthony Russo, producer Angela Russo-Otstot, stars Millie Bobby Brown and Chris Pratt, and more to uncover how family was the key to building the emotional core of The Electric State . From the Russos’ own experiences growing up in a large Italian family to the film’s central relationship between Michelle and her robot brother Kid Cosmo, family relationships both on and off of the set were the key to bringing The Electric State to life. Listen to more from Netflix Podcasts . State Secrets: Inside the Making of The Electric State is produced by Netflix and Treefort Media.…

10 yıl önce 5:28

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Total Rebalance Expert, or TRX, is widely known for its impeccable portfolio rebalancing and tax management features. After all, TRX was born from Sheryl Rowling’s own need for an extremely precise tool to manage the demands of her RIA and CPA businesses.

But what escapes many advisers is the company’s culture born from the land of eternal summer, aka San Diego.

TRX lacks the institutional swagger of its larger counterparts, including iRebal from TD Ameritrade Institutional and Tamarac Advisor Rebalancing from Envestnet, but focuses on delivering value with its product line, where attention to detail and accuracy down to the penny and fractional share is vital.

So what happens when TRX decides to let its collective hair down and focus on education and value for its customers? You get TRX Unplugged.

Watch the coverage of TRX Unplugged above to gain a sense for how the company supports its advisor relationships and courts prospective firms with its deliberate relaxed attitude and atmosphere.

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TRX Unplugged: What happens when a tech provider eschews formality and unplugs for the day

FPPad

published 10 yıl önce

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MP4•Bölüm sayfası

But what escapes many advisers is the company’s culture born from the land of eternal summer, aka San Diego.

So what happens when TRX decides to let its collective hair down and focus on education and value for its customers? You get TRX Unplugged.

Watch the coverage of TRX Unplugged above to gain a sense for how the company supports its advisor relationships and courts prospective firms with its deliberate relaxed attitude and atmosphere.

50 bölüm

#Tech News #FPPad #Bit For Byte #News

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FinaMetrica merges with PlanPlus: Fintech updates for August 8, 2017 2:51

8 years önce2:51

2:51

Here is your FPPad Bits and Bytes update for August 8, 2017. FinaMetrica merges with PlanPlus FinaMetrica announced its merger with PlanPlus , a Toronto-based financial planning software provider. Founded in 1998, FinaMetrica is one of the first companies to gain significant traction for its risk tolerance assessment software, though the company has seen its market share decline over the last few years due to increased competition from Riskalyze, Pocket Risk, RiXtrema, and others. The combined company will be called PlanPlus Global, and will offer solutions for comprehensive financial planning, goals-based automated investing, and psychometric risk profiling to its 12,000 current users in over 30 countries worldwide. Terms of the deal were not disclosed. Advicent adds integration with Envestnet Advicent announced a new integration this week with Envestnet , which allows advisors to extract client demographic, investment account, and investment portfolio data from Envestnet and populate the data into the company’s NaviPlan financial planning software. Advicent is a leading provider of financial planning software in the enterprise space, with over 100,000 financial professionals across 4,000 clients worldwide using at least one of the company’s solutions. The integration also demonstrates Envestnet’s continued expansion of its Open ENV initiative announced last year. Here’s Envestnet President Bill Crager with more information: So as the platform began to take on a bit of a one-size-fits-all, we realized we had to open that up. So the core engine will fire into these user interfaces that will really speak to the adviser, will speak to the home office. And not only that, we’re building APIs to integrate with the full ecosystem of an adviser’s practice, whether that’s CRM or other applications that they’re using. How do you get information into the system to, again, provide really profound and comprehensive advice for that client that is not a moment in time, but is ongoing. And that’s really our goal, and Open ENV, I think, is a strategic breakthrough and I’m very excited about it. PreciseFP adds iOS and Android Mobile Apps For your client data gathering needs, PreciseFP announced new mobile apps for iOS and Android , giving advisors more convenient access to client information. The new app lets advisors add new information about prospect to their PreciseFP database, send data gathering forms to clients and prospects on the spot, and review any existing client data or forms right from their phone. And finally, if you’re looking for ways you can leverage technology to enhance your client engagement, save the date for Wednesday, August 16 at 4pm Eastern, 1pm Pacific, as I’m hosting a webinar with two advisors who’ve doubled down on technology and seen a huge increase in their client satisfaction. Head over to fppad.com/webinar to register today, that’s FPPad.com/webinar to secure your spot Those are the headlines for today, I’m Bill Winterberg, be sure check back in for more FPPad Bits and Bytes Updates.…

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FPPad Bits and Bytes for January 27, 2017 6:31

8 years önce6:31

6:31

CFPB Requests for Information: Consumer Access to Financial Records: https://www.regulations.gov/document?D=CFPB-2016-0048-0001 This week’s update starts with a quiet, yet noteworthy escalation in the battle for access to consumer financial data collected by many of the account aggregation companies, as eight of them announced a new coalition called the Consumer Financial Data Rights industry group . Who’s part of this group? Names that should be familiar are Envestnet | Yodlee, Betterment, and Personal Capital, with less-familiar B2C startups Affirm, Digit, Kabbage, Ripple, and Varo Money rounding out the list. See, back in November 2015, large banks like JPMorgan Chase, Wells Fargo, and Bank of America “throttled” access to customer account data by account aggregation services that ultimately ended up on sites like Mint.com, Personal Capital and others, causing users of those services to have inaccurate information on their account transactions and investment holdings. The banks acknowledged the throttling, saying they did it out of concerns for account security and to protecting customer data. Oh really? Because by my research, account aggregation has been around for the better part of 28 years. How many known security breaches have been reported by the account aggregators? Zero. So now all of a sudden the banks are concerned about security? Obviously, there is some tension here, and I’m sympathetic to both sides. And the tension is significant enough that even the Consumer Financial Protection Bureau has taken interest in the issue. So here’s what I want you do to. When you’re done listening to, or reading, this week’s update, go to fppad.com/204 where I have links for this week’s stories, and at the top I’m going to link to the CFPB’s request for information about the use of account aggregation services. If you’re using account aggregation to enhance the advice you give to your clients, or even just to see a comprehensive picture of their net worth, consider adding your comments on the rights you feel consumers should have to give permission to third-party aggregators in order to access their data. Because if you don’t take the opportunity add your two cents, you can’t complain about what happens with the future of account aggregation. I’m going to stay on the topic of account aggregation with the next story, because I find it interesting that this week JPMorgan Chase just announced its own agreement with Intuit to offer client account data access through an API. So what’s different about this API? With most of the existing aggregators, a Chase customer would have to enter their username and password into account aggregation which would then go out and log in to the Chase servers, usually overnight when it’s not very busy, and pull in the account transactions. This new API, however, allows Chase customers to grant access to Intuit right within their Chase account. They don’t need to give their username and password to Intuit. That’s great if customers who want aggregation operate within the Chase and Intuit ecosystem, but where I live in the real world, accounts are held all over the place. I’m concerned that Chase will start reducing account access to aggregators like Envestnet|Yodlee, Fiserv’s CashEdge, and maybe even eMoney and force them to program to this new API. Now if the new API doesn’t cost anything, it’s probably a good thing, and certainly helps protect the security of a customer’s username and password, but if Chase starts charging a fee for access to this new API, well, that starts to get a bit political. And another unknown is how Finicity may or may not be affected by this, because if you recall, Intuit said it was shutting down support for its account aggregation APIs and transitioned sales and support entirely over to Finicity. If a Chase client enables the API for Intuit, does that mean the Chase account data will be available through the Finicity relationship as well? If *you* happen know the answer, let me know, and I’ll post a follow up and keep you in the loop. So why spend all this time on account aggregation? I’m glad you asked! It’s because I continue to see strong demand for account aggregation services, with one example just this week where Wealth Access, operating out of Nashville, TN, announced that it now has $41 billion in assets tracked on its platform from 130 wealth management organizations , with both figures up over 50% from this time last year. And in an email I received from Personal Capital, they’ve now crossed over $300 billion in assets that are tracked with their digital tools, of course, all powered by account aggregation. And with the Department of Labor’s fiduciary rule, even with it’s fate in jeopardy, the momentum is already growing where advisors may need to use account aggregation to get the full picture of how a client’s existing portfolio is allocated BEFORE making a recommendation on how to make changes in a new portfolio. How can you do that? Unless you want to gather reams of paper statements from clients, the answer is account aggregation. I’ve linked to all of the stories mentioned in this week’s broadcast over on my website, so be sure to check them out over at fppad.com/204 And next week I’ll be attending the TD Ameritrade Institutional National LINC conference along with my executive producer Steve Biermann, so if you’ll be at that event, be sure to stop me in the hallways and say hello. And that wraps up this week’s broadcast on the best in advisor technology and more. If you have something to say, or have a story you think should be featured in a future episode, please send me a tweet on Twitter, I’m @billwinterberg, or if you’re not already receiving my email newsletter, you can sign up at fppad.com/subscribe Thank you so much for listening, I’m Bill Winterberg, see you next time.…

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FPPad Bits and Bytes for January 20, 2017 7:58

8 years önce7:58

7:58

In this week’s top advisor technology stories: Starburst Labs, the creators of Wealthbox CRM, raised $6.25 million in new capital The XY Planning Network inks an enterprise pricing deal with eMoney Advisor Morgan Stanley pays a $13 million settlement for billing mistakes across 149,000 customer accounts, and Document management provider Cabinet Paperless gets acquired by PSIGEN Software Starburst Labs raises $6.25 million in new capital This week, Starburst Labs, which is the New York City-based company (formerly known as Gotham Tech Labs) that makes Wealthbox CRM, announced it raised $6.25 million in Series A funding . Back in December when the Financial Planning Magazine technology survey came out, Wealthbox CRM was one of the few movers and shakers in that survey who rose up the ranks in overall adoption. Most of the other companies basically stayed in the same positions as in previous surveys. So Wealthbox CRM basically launched from zero on February 11th 2014 (which I remember because February 11th is my birthday) and in under three years has ascended to the level of industry adoption to compete with well-known CRMs like Redtail, Salesforce, and Junxure. What’s interesting, though, is that Starburst has three other products in addition to Wealthbox CRM which are InvestorSay, an online community centered around investing ideas, PaperTrade.io, a plugin for simulated stock trading contests, and Wealthbase, a question and answer website that reminds me a lot of Quora. So the Series A funding won’t exclusively support Wealthbox CRM, because I’m sure it’ll be allocated across all four products, but at least the new investment will do more than just keep the lights on at Starburst’s SoHo offices. Now, they don’t have a personal chef on site, but the offices are more than adequate to support the work the team needs to get done. And don’t forget, Wealthbox CRM is included in the technology package for anyone who is a member of the XY Planning Network, which is growing at its own eye-opening pace, so I’m not at all concerned that the product might go away anytime soon. An acquisition is a whole other story, but that’s a risk you take with any independent technology provider you use in your business, and isn’t a risk that’s exclusive to Wealthbox CRM. So with that, let me just say that I believe Wealthbox CRM deserves a little more respect and recognition in the industry for the adoption it has already earned among advisors in just a few years. The XY Planning Network inks pricing deal with eMoney Advisor Speaking of XY Planning Network, they’re also in the news this week after announcing a partnership with eMoney Advisor, where members of the network will receive enterprise pricing to emX Pro . emX pro is the top of the line package that offers planning modules for cash flow, estate, investment, and retirement illustrations above and beyond the client portal and account aggregation in the less expensive tiers. Retail pricing for emX pro is around $3800 a year, so enterprise pricing probably knocks off 10 to 20 percent, but it doesn’t bring the price down to the $1000 a year range for planning software like MoneyGuidePro and inStream that offer pricing discounts to XYPN members. Morgan Stanley pays a $13 million settlement for billing mistakes I have two more quick stories worth mentioning: First, I saw that Morgan Stanley was ordered to pay $13 million to settle civil charges brought by the SEC after the Commission found that more than 149,000 clients were charged excess fees of more than $16 million between 2002 and 2016 as the result of billing errors. The firm also failed to comply with custody rules by not conducting surprise audits on client accounts for which the firm had custody. So accurate billing is one of those things than often goes under appreciated inside your advisory business. If you have robust portfolio accounting systems like Orion, Envestnet | Tamarac, Advent, AssetBook, and others, it’s probably built in and pretty seamless. But I know some firms still calculate fees using custom Excel spreadsheets, and if that’s you, this action against Morgan Stanley should be a reminder for you that it’s probably time to replace your Excel spreadsheets with a more robust and less error-prone accounting system. Cabinet Paperless gets acquired by PSIGEN Software And to wrap up advisor technology news, I saw that Cabinet Paperless, a document management company based in Huntsville, Alabama, was acquired by PSIGEN Software for an undisclosed amount. PSIGEN offers document scanning and capture technology, and it’s safe to say that once you capture a document electronically, you’ll need a good solution to index, store, and archive all that information, hence the acquisition of Cabinet. Someone challenged me last week about why I think advisers are behind on technology adoption, and when I think of document management, this one of the solutions where I think I’m correct in that a minority of advisors have purchased and implemented a robust solution here. Your top contenders here are Laserfiche, Cabinet, NetDocuments, and possibly Sharepoint if you can justify the cost and customization required to make it work right in your firm. Soapbox: Incremental Care > Acute Care So moving on, I didn’t come across any cool or disconcerting apps this week to share, so i’ll get right to the soapbox to wrap up this week’s update. Sometime in the next few days, I hope you’ll take about 20 to 25 minutes to read an essay in the New Yorker by Dr. Atul Gawande about incremental care , or primary care, and the differences and tradeoffs of that kind of physician interaction compared to acute care, or the interaction one might receive from a specialist. Yes, there are some connections with health insurance and health insurance , but this essay helped me set aside my own political believes and consider what I want from my long-term healthcare interactions. I’m one of the fortunate ones; my wife works for a big employer that offers a high deductible plan with subsidized premiums and very good coverage. I try not to loose sight of how much of a privilege it is not to have to worry each year about our family’s coverage. But that’s not true for millions of americans nationwide. And I’m sure many of your clients, especially your small business owners, spend a lot of time each year evaluating some very difficult choices around the coverage for their employees, as well as coverage for their own household. Many of you, as owners of independent RIAs, are in the same boat. So that’s why this essay was a compelling read for me. It was worth 25 minutes of my time, and I hope you’ll find it’s worth your time, too. I’ve linked to all of this week’s featured stories over on my website, so be sure to check them out over at fppad.com/203 And that wraps up this week’s broadcast on the best in advisor technology and more. If you have something to say, or have a story you think should be featured in a future episode, please send me a tweet on Twitter, I’m @billwinterberg, or if you’re not already receiving my email newsletter, you can sign up at fppad.com/subscribe Thank you so much for *reading*, I’m Bill Winterberg, see you next time.…

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Tour the LPL Financial campus in Fort Mill, SC with Victor Fetter 6:34

8 years önce6:34

6:34

In a follow up to our first stop on FPPad Tech Tour , we reconnected with LPL CIO Victor Fetter to tour the finished Carolinas campus complex in Fort Mill, SC. Fetter gives us an overview of the spaces created to encourage collaboration and innovation, all in support of the tens of thousands of financial advisors who work with LPL Financial. (Click here to watch the tour on YouTube)…

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FPPad Bits and Bytes for December 16, 2016 7:27

8 years önce7:27

7:27

On today’s broadcast, Schwab announces its Schwab Intelligent Advisory services, Finicity raises $42 million for account aggregation, Envestnet|Tamarac rolls out Yodlee, and more. So get ready, FPPad Bits and Bytes begins now! (Watch FPPad Bits and Bytes on YouTube) Today’s episode is brought to you by eMoney Advisor , featuring a new Client Onboarding process as a part of their leading client experience. Onboarding replaces printed fact-finding documents with an automated, digital workflow, allowing clients to populate their own personal financial information online from anywhere — adding an extra layer of convenience and efficiency to your service. For more information on eMoney’s Client Onboarding tool, visit fppad.com/emoneyonboarding today. Here are the links to this week’s top stories: Schwab Announces Schwab Intelligent Advisory from Charles Schwab [Now the big story this week is news from Charles Schwab, as the largest custodian for RIAs announced plans to introduce Schwab Intelligent Advisory in the first half of 2017. In the press release, Schwab’s Neesha Hathi said that Schwab Intelligent Advisory is designed for emerging or mass affluent investors who don’t have complex financial situations, features access to CFP® professionals who are available by phone and videoconference, and charges fees of just 28 basis points (disclaimer!) with a maximum of $3,600 a year. Now this isn’t as much of a technology story as it is a marketing story, because the technology for Schwab Intelligent Advisory portfolio management is that same that powers Schwab Intelligent Portfolios for retail investors and Institutional Intelligent Portfolios that you can use in your own RIA if you custody assets with Schwab. But, how does that make you feel knowing you’re using the same technology that your custodian will use to offer its own human-assisted advisory services to mass affluent clients? So I was asked if I thought RIAs should be concerned about this announcement, and I said yes, RIAs should absolutely be concerned. Look, when it comes to getting a prospect to buy what you do, most of the time it’s not what you say, it’s what people hear, and I’ve gotta admit, prospects are hearing comprehensive plans by CFP® professionals with 24/7 access, all for 28 basis points (disclaimer!)? Unless your prospects hear something far more different and compelling from you, I just can’t believe they’ll be willing to pay more than three times the price of Schwab Intelligent Advisory for your services. And I’m not ignoring Vanguard’s Personal Advisor Services, which also employs hundreds of CFP® professionals and charges 30 basis points (thank you!), with more than $40 billion on the platform and growing. A few of you have told me that you’ve lost clients to Vanguard’s service, which is also likely going to happen with Schwab Intelligent Advisory, but the difference with Vanguard is that they’re not also soliciting your custody business while simultaneously soliciting mass affluent clients. But the executives at Schwab surely know what they’re doing, and I think they know their target RIA client pretty well, which I suspect largely enforces client account minimums of a million dollars or more, so Schwab Intelligent Advisory really isn’t a competitive threat, because it’s not intended for the high-net worth clientele targeted by the largest RIAs that generally choose to custody with Schwab.] Charles Schwab today announced plans to expand its suite of wealth management and advisory services with the launch of Schwab Intelligent Advisory, a hybrid advisory service that combines live credentialed professionals and algorithm driven technology to make financial and investment planning more accessible to consumers. Finicity Secures $42 Million in Funding to Accelerate New Solution Development from Finicity [Now one of the things not mentioned about Schwab Intelligent Advisory is account aggregation, which is the focus of my next two stories, starting with Finicity, as the company announced it secured $42 million in a new funding round led by Experian. This is the first time I’ve mentioned Finicity in my broadcast, but I have a popular post on FPPad from March of this year when Intuit announced it was shutting down their Financial Data API and selected Finicity to offer façade APIs to developers who needed to transition off of Intuit’s aggregation. In the wake of that change, Guide Financial, which was acquired by John Hancock in the summer of 2015, shut down back in October, but other than that I haven’t heard of other significant disruptions among other tech providers. What remains to be seen is whether or not Finicity makes an attempt to offer aggregation services to advisers, either directly or by partnering with existing technology providers, so if you have some intel you can share with me, I’d appreciate the heads up, otherwise advisers can continue to engage aggregation providers such as Morningstar ByAllAccounts, Aqumulate, eMoney, Quovo Wealth Access, and Envestnet|Yodlee.] Finicity, a leading provider of real-time financial data aggregation and insights, has secured $42 million in new funding. Experian, a global innovator in consumer and business credit reporting, led Finicity’s Series B round, along with a venture debt facility provided by Bridge Bank and participation from existing investors. Tamarac Incorporates Yodlee’s Data Aggregation into Advisor Xi® from PRNewswire [And speaking of Envestnet|Yodlee, my last story highlights the rollout of Envestnet|Yodlee to the Envestnet|Tamarac platform. While at the Schwab IMPACT conference in October, I had a chance to connect with Brandon Rembe to get a quick update on what this new feature means for advisors. I’ve linked the full interview over here and in the description below, but let me just finish by saying that technology like account aggregation is still a bit of a differentiator for you, since it helps you know as much as you can about your client’s total financial picture, and not just what clients have at one custodian, such as, ohhh, Charles Schwab, which is a complete coincidence.] Envestnet | Tamarac now enables advisors to add assets and liabilities to households in Advisor View , helping them expand their focus and deliver more holistic advice to clients. A few parting words: Before I sign off, you need to know that I have some big plans in the works for FPPad content in 2017. I’m not going to go into the details right now, but what you will notice is that this broadcast, the almost-weekly videos, will be taking a bit of a hiatus for a few months. But don’t worry, I’ll still be providing my independent insight on financial technology that thousands of you count on as you navigate what I feel is an exciting, unprecedented opportunity in the business of financial advice. So connect with me anytime on Twitter, I’m @billwinterberg , or sign up for my email newsletter at fppad.com/subscribe Here are the stories that didn’t make this week’s broadcast: Scottrade® Advisor Services Clearing Paths for Advisors with New Tech Agreements from Scottrade Scottrade® Advisor Services now has agreements with two leading industry solutions providers to help RIAs run their day-to-day routines. Scottrade signed agreements with Morningstar, Inc. and Orion Advisor Services, LLC to offer their services at a discount. Yahoo Says 1 Billion User Accounts Were Hacked from NY Times Yahoo, already reeling from its September disclosure that 500 million user accounts had been hacked in 2014, disclosed Wednesday that a different attack in 2013 compromised more than 1 billion accounts. A Note From Chris O’Neill about Evernote’s Privacy Policy from Evernote We recently announced an update to Evernote’s privacy policy that we communicated poorly, and it resulted in some understandable confusion. We’ve heard your concerns, and we apologize for any angst we may have caused. Introducing Asset Classes from Riskalyze Advisors have been asking for better ways to visualize portfolio allocations, and we’re excited to announce today that we’re rolling out Asset Class coverage for all portfolios in Riskalyze! Personal Capital Adds $1.5 Billion in AUM and Closes $100 Million in Financing in 2016 from PRNewswire Personal Capital, the leading digital and professional advisor based wealth management firm, today announced that IGM Financial Inc. has completed the firm’s Series E round. Additionally, Silicon Valley Bank has extended $25 million in credit to the firm. Watch FPPad Bits and Bytes for December 16, 2016…

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FPPad Bits and Bytes for December 2, 2016 5:48

8 years önce5:48

5:48

On today’s broadcast, Vanare becomes AdvisorEngine after a $20 million dollar investment, RightCaptial gets a favorable review, and Addepar opens up about the capabilities of its technology. So get ready, FPPad Bits and Bytes begins now! (WatchFPPad Bits and Bytes on YouTube) Today’s episode is brought to you by eMoney Advisor , the leading provider of digital wealth management solutions. eMoney just introduced two new Advanced Analytics products: Advisor Analytics Pro, offering advisors and support staff deeper business insights, and Office Analytics, offering never-before-seen firm-wide insights. Featuring a customizable Analytics dashboard, an expansive library of new and interactive data charts, and more, eMoney’s Advanced Analytics solutions will help you put your data to work and uncover more opportunities. For more information the eMoney Analytics solutions, visit fppad.com/emoneyanalytics . Here are the links to this week’s top stories: Vanare gets $20M in funding from WisdomTree, and rebrands itself from Financial Planning [First up is news from Advisor Engine, which you may recognize under the company’s former name of Vanare. The name change was carried out as WisdomTree, the exchange-traded fund sponsor and asset manager, announced a $20 million dollar investment in Advisor Engine for 36% equity in the company. This investment is the latest example of ETF issuers getting in the automated investment service space, but remember, BlackRock acquired FutureAdvisor, Invesco acquired Jemstep, yet WisdomTree chose to make a minority equity investment. I’m just not exactly sure why they didn’t acquire the whole business, but then again, I’m not the one that has to cut a check for $50 million dollars. So let me connect some dots. All of the automated investment services are putting downward pricing pressure on asset allocation and periodic rebalancing. So in general, margins for traditional portfolio management are being compressed. You can either add value elsewhere, or look for ways to save on operational costs for your business. AdvisorEngine’s new capital means it likely won’t shut down anytime soon, AND, the company recently added support for custody services at Apex Clearing, which could be a potential way you reduce your operational expenses AND allow you to pass some of those savings directly to your clients, all from a white-labeled solution. For me, that’s why this transaction is an interesting one to keep an eye on.] WisdomTree is providing [Vanare] with an injection of funds in a bid to better position itself for industrywide changes wrought by new technologies and stiffer regulations, according to CEO Jonathan Steinberg. Is RightCapital the right fit? from Financial Planning [Next up is news about RightCapital, as Financial Planning magazine columnist Joel Bruckenstein reviewed the financial planning software and offered his take of where it fits in the marketplace. One of the distinctive features RightCapital offers is the ability to generate simulated tax forms so you can actually see how decisions on deductions, distributions, and taxable withdrawals will impact a client’s personal tax return. Also, just because RightCapital has a fresh and modern UI doesn’t mean it’s a solution only for younger clients. RightCapital’s robust modeling of asset withdrawal strategies was highlighted in the review, allowing clients to simulate the best withdrawal strategies when factoring in Social Security and tax-deferred tax-free retirement accounts. Of course, there’s much more to the review, but overall, RightCapital gets recommended as a more-than-adequate application for the mass affluent market. A 14-day free trial is available so you can evaluate the solution for your clients’ needs.] The middle ground in financial planning software is exactly the niche that RightCapital is targeting, according to co-founder Shuang Chen. Addepar’s strategy: Focus on HNW, arm advisers with digital tools from Financial Planning [But, if your business serves high net-worth households, this week’s final story on Addepar should be worth taking note. The investment management technology company appears to be opening up a bit more about exactly what it is they do. In an interview with SourceMedia managing editor Suleman Din, Addepar’s CEO Eric Poirier described how much of the high net-worth marketplace has been historically addressed by custom Excel spreadsheets. When clients start identifying assets like their limited partnership interests, equity investments, venture capital, and so on, most off-the-shelf solutions just aren’t compatible with the esoteric properties of these assets. But that’s been Addepar’s focus for five years, according to Poirier. That kind of development sets Addepar apart as the Ferrari of the investment management technology space and is appropriate for households that require that kind of horsepower, and while that power certainly scales down to more traditional accounts with stocks, ETFs, and mutual funds, I suspect you’ll find it’s a bit overkill in capabilities and price if your business primarily serves the needs of mass affluent households.] While other fintech startups claimed they would disrupt the wealth management industry, Addepar has taken the tack that it can make it better. Here are stories that didn’t make this week’s broadcast: Future ready: Seismic moves for digital wealth management from Financial Planning A close examination of the [2016 FP Tech Survey] data reveals other interesting trends, including which broker-dealers, custodians and third-party tech providers seem to be the best at meeting advisers’ needs, where advisers can get a good return on tech investment and how the next generation of advisers approaches tech. Digital advice expects big growth from banks from Financial Planning Digital advice as an industry will take off once it is built into retail banking, capitalizing on an investor segment ignored by wealth managers, says SigFig CEO Mike Sha. That’s why, announcing his firm’s newest partnership with Citizens Bank, Sha predicts his platform will reach half of all U.S. households by next year. Watch FPPad Bits and Bytes for December 2, 2016…

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FPPad Bits and Bytes for November 18, 2016 6:56

8 years önce6:56

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On today’s broadcast, Wells Fargo announces a partnership with SigFig, Cetera’s computers systems suffer a two-day outage, lessons from a hack at Lincoln Financial, and more. So get ready, FPPad Bits and Bytes begins now! (WatchFPPad Bits and Bytes on YouTube) Today’s episode is brought to you by eMoney Advisor , the leading provider of digital wealth management solutions. eMoney just introduced two new Advanced Analytics products: Advisor Analytics Pro, offering advisors and support staff deeper business insights, and Office Analytics, offering never-before-seen firm-wide insights. Featuring a customizable Analytics dashboard, an expansive library of new and interactive data charts, and more, eMoney’s Advanced Analytics solutions will help you put your data to work and uncover more opportunities. For more information the eMoney Analytics solutions, visit fppad.com/emoneyanalytics . Here are the links to this week’s top stories: Wells Fargo Goes Robo With SigFig Wealth Management from WSJ.com, and Wells Fargo notice of an application for an exemption from certain requirements of rule 3a-7(a)(4)(i) under the Investment Company Act of 1940 from SEC.gov [First up is news from Wells Fargo, as the bank, which finds itself in the middle of a very public firestorm over opening unauthorized accounts, announced this week that it is partnering with SigFig to release an automated investment service to customers of Wells Fargo Advisors sometime in the first half of 2017. Other than the potential release date, there really wasn’t any concrete information on pricing or the types of investments to be used in the service. Will they be Wells Fargo mutual funds, or third-party ETFs? As of today, Wells Fargo doesn’t offer its own ETFs, but earlier this year, the company filed an exemptive relief request with the SEC, signaling some intent to enter the ETF space. But that opens the door for potential problems with the Department of Labor fiduciary rule, highlighted by industry Nerd-In-Chief Michael Kitces, where automated investment services that recommend investments in proprietary products, Kitces calls out Schwab Intelligent Portfolios and BlackRock’s FutureAdvisor, do not qualify under the Level Fee Fiduciary exemption because of the variable compensation inherent in an allocation of proprietary ETFs! So, this is all “industry” stuff, and not all that applicable to your business, but here’s my point. All the big banks, all the incumbent financial institutions are boarding the automated investment bandwagon. Sooner rather than later, your clients and prospects are going to get solicited by the very institutions they use today. And clients are expecting an experience like Uber, but you’re still driving around a dirty taxi that has to be flagged down with a hand in the air that doesn’t have a functional credit card machine!] Wells Fargo & Co.’s brokerage arm is partnering with SigFig Wealth Management LLC to bring automated investment advice to clients, the latest example of how traditional wealth-management firms are working with startup robo advisers to offer new digital tools to investors. Cetera Brokers Endure Two-Day Systemwide Crash from AdvisorHub [Next up is news about Cetera Financial Group, as the independent broker dealer encountered a company-wide systems outage that affected 9,000 brokers as well as the company’s back-office and operations teams. According to an AdvisorHub article, the outage started on Monday, and one broker with First Allied reported that he could not sign in to view emails, access performance reports, or even call Cetera using their standard phone number. Cell phone numbers were eventually sent out on Monday evening. In a firm-wide conference call on Tuesday afternoon, Cetera Chief Executive Robert Moore apologized for the disruption and said systems had been fully restored, and added that no data had been compromised through hacking or any other unauthorized access. So, let this be a reminder that if it’s been a while since you tested your business continuity plan, next week’s Thanksgiving break might be a good time to do so. It doesn’t matter if you manage your own systems or leverage the resources of a broker-dealer, you need to verify how you can perform the essential parts of your business in the event of a disruption. Attackers are launching denial of service attacks every day against financial institutions, so it’s important that you know exactly what you need to do when the systems you depend aren’t available.] Just six months after emerging from bankruptcy, independent brokerage company Cetera Financial Group experienced a companywide systems outage Monday and Tuesday that walled off brokers at its seven operating broker-dealers from customer data, emails and other vital account management functions. Lincoln Financial Unit Gets $650K Fine After Server Hack from Law360, and LETTER OF ACCEPTANCE, WAIVER AND CONSENT NO. 2013035036601 at FINRA.org [And speaking of attackers, my last story is about Lincoln Financial Securities, an affiliate of Lincoln Financial Group, as the company paid a $650,000 fine imposed by FINRA for failing to safeguard customer data stored on a cloud server used by one of its OSJs. Sometime in 2012, hackers were able to access the could server configured by a third-party vendor and obtain records on approximately 5,400 customers. The FINRA Letter of Acceptance doesn’t say HOW the server was compromised, and didn’t identify what kind of server was in use. Was it an FTP server, a service like Dropbox, a proprietary server with remote access, or something else? But more troubling to me is that FINRA goes on to say that the firm “failed to take adequate steps to monitor or audit the vendors’ performance.” Now hold on. One benefit of leveraging third-party vendors is that they bring expertise to the table that the firm doesn’t have, like, oh, I don’t know, cybersecurity expertise. But for FINRA to say that the firm failed to test and verify the security of the cloud servers, that just doesn’t seem right. The firm doesn’t HAVE the expertise in cloud server security, which is why the firm hired the third-party vendor in the first place, but now FINRA says that the firm is the one that has to verify the security of the third-party vendor that it hired to bring security expertise to the firm? How is that even possible? What I do know is FINRA just levied a heavy fine on a firm because their third-party vendor had a hole in their security that was exploited by hackers, and in my opinion, that’s a troubling precedent that has been set.] A Lincoln Financial Group subsidiary on Monday agreed to accept a $650,000 fine leveled by the Financial Industry Regulatory Authority and implement tighter security protocols after hackers in mid-2012 accessed its cloud server and lifted the confidential records of roughly 5,400 customers. Here are the stories that didn’t make this week’s broadcast: WisdomTree Makes Strategic Investment in AdvisorEngine from WisdomTree WisdomTree Investments, Inc. announced that it has invested $20 million for a 36% equity interest in AdvisorEngine, formerly known as Vanare, an end-to-end digital wealth management platform which enables individual customization of investment philosophies. PIEtech℠, Inc. Unveils Integration with MX for Aggregation and Personal Financial Management Functionality from PRWeb PIEtech℠, Inc., the creator of the industry’s leading financial planning software, MoneyGuidePro®, today unveiled a new integration with MX to deepen the availability of aggregation for MoneyGuidePro® subscribers and add personal financial management (PFM) functionality via the client portal. Combined Envestnet and Yodlee Data Offering Supports Morgan Stanley Wealth Management from PRNewswire.com Envestnet | Yodlee and its parent company Envestnet, today announced a partnership for the combined organization, providing data aggregation, digital applications and data reconciliation solutions to Morgan Stanley, one of the largest, most established wealth management businesses in the industry. Watch FPPad Bits and Bytes for November 18, 2016…

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FPPad Bits and Bytes for November 4, 2016 6:06

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On today’s broadcast, Brian Shenson updates Schwab’s technology roadmap, Riskalyze raises $20 million in capital, SS&C acquires Salentica, and more. So get ready, FPPad Bits and Bytes begins now! (Watch FPPad Bits and Bytes on YouTube) Today’s episode is brought to you by eMoney Advisor , who just announced their Fiduciary Framework initiative to help advisors and firms comply with the recent DOL Fiduciary Rule. The framework weaves DOL-friendly solutions into each stage of the advisor-client lifecycle—like client acknowledgments, event logs, best interest workflows, and more—all within the existing integrated wealth management platform. For more information on Fiduciary Framework, visit fppad.com/emoneyadvisor Here are the links to this week’s top stories: Riskalyze Raises $20 Million Growth Equity Investment to Accelerate Risk Number® and Robo Platforms for Independent Financial Advisors from PRNewswire [Now first up, I attended Schwab IMPACT 2016 in San Diego last week and posted a few videos about Schwab’s technology updates, including a detailed discussion with Brian Shenson about the phase out of Integrated Office, new providers in OpenView Gateway, and the much anticipated timeline of Portfolio Connect. It’s an informative interview, and stick around for the tour of OpenView MarketSquare where I Brian and I practiced our sprints in the massive exhibit hall. And then on Monday this week, Riskalyze announced that the company secured $20 million in capital from FTV Capital to fuel its future growth. Here’s CEO Aaron Klein on how this additional capital will help Riskalyze execute on its mission. Aaron Klein: “Our mission every day is making sure that we’re empowering those advisors to really build fearless investors, to align the world’s investments with each investor’s Risk Number, and you know, for us finding the right partner to allow us to continue the incredible growth we’ve seen so far was the right move.”] SS&C to Acquire Leading Advisor CRM Solution, Salentica from PRNewswire [Next up is news from SS&C Technologies, which you should recognize as the company that acquired Advent Software for $2.7 billion earlier this year. Last week, SS&C announced it acquired Salentica, a professional services firm known for customizing Salesforce and Microsoft Dynamics CRM for institutions and large RIAs. Terms of the deal were not disclosed. So this acquisition is important for its vertical integration, as thousands of advisors who already use Advent or Black Diamond for portfolio management today should soon benefit from better integrations of Salesforce and Dynamics CRM all from the same provider. This also helps SS&C close the gap with a competitor like Envestnet | Tamarac, who has offered an all-in-one technology solution to advisors for several years. But on the other hand, not all advisors want to be captive to an all-in-one provider, and prefer the best-of-breed approach to their technology, so with Salentica now under the ownership of SS&C, we’ll have to see how the political aspects of this relationship play out in the near future. Nevertheless, I’m optimistic that SS&C will support Salentica’s integrations with a variety of portfolio management providers, but I definitely would proceed with a little more caution if my business used a solution other than Advent and Black Diamond.] SS&C Technologies Holdings, Inc., a global provider of financial services software and software-enabled services, today announced its acquisition of leading CRM solution Salentica. TD Ameritrade to Buy Scottrade in $4 Billion Deal from the New York Times, and TD Ameritrade Announces Essential Portfolios Robo-Advisor from BusinessWire [And finally, I’m wrapping up with two updates involving TD Ameritrade, starting with the announcement of the acquisition of Scottrade for $4 billion dollars, then followed up by the soft launch of Essential Portfolios, the company’s own automated investment service for retail investors. First, the Scottrade acquisition is likely to affect advisors with under $10 million in assets under management, as Scottrade has historically been welcoming of advisors with smaller accounts. So over the next year or two, I’d expect smaller advisors to be under pressure to grow their assets under management, or find another custodian altogether like Shareholders Service Group, or join a membership group like the XY Planning Network that leverages the size of its network to facilitate business with TD Ameritrade Institutional. Either way, I think it means structural changes are on the horizon for dozens of smaller advisory firms. And the second story about Essential Portfolios adds yet another retail-facing automated investment solution to the crowded marketplace. It features a $5,000 account minimum, fees of 30 basis points, and offers just five model portfolios, each made up of five ETFs, with allocations recommended by Morningstar Investment Management that are automatically rebalanced. Look, clients are getting bombarded with all this marketing about low-cost, automated, intelligent investing services from nearly every provider in the business. So unless your marketing pockets are as deep as theirs, you’re going to have to craft a message that your technology rivals that of the automated services, and that you offer advice and services that go way beyond what the low-cost solutions provide. Not only do you have to say it, but you have to do it.] TD Ameritrade announced on Monday that it would acquire Scottrade Financial Services, a rival discount brokerage, for $4 billion, in a bid for scale at a time when small investors are losing their taste for stock trading. Here are the stories that didn’t make this week’s broadcast: Web Design Pros Enter the Financial Advisory Industry with the Public Launch of Twenty Over Ten from MarketWired Twenty Over Ten, an unparalleled, compliant website-builder, today announced its formal public launch. Cofounded by Penn State Associate Professor of Graphic Design Ryan Russell and Designer and Developer Nick Dimatteo, Twenty Over Ten helps financial advisors create beautiful and compliant websites tailored to their unique brands. PIEtech℠, Inc. to Complete Deep Integration With Riskalyze Creating the Most Powerful Client Risk Analysis Experience from PRWeb PIEtech℠, Inc., creator of the leading financial planning software, MoneyGuidePro®, announced today that it is building a multi-faceted, deep integration with Riskalyze, the risk alignment platform founded upon the Risk Number®. Junxure Cloud, Riskalyze Announce Integration from PRNewswire Junxure, the industry leading CRM solution and technology company for financial advisors, this week announced new enhancements to its cloud-based CRM platform, Junxure Cloud®. As part of its ongoing work to integrate with leading platforms serving advisors, Junxure Cloud has partnered with Riskalyze, the industry-leading risk alignment platform and inventor of the Risk Number®, to integrate the two popular systems. Get LastPass Everywhere: Multi-Device Access Is Now Free! from LastPass I’m thrilled to announce that, starting today, you can use LastPass on any device, anywhere, for free. No matter where you need your passwords – on your desktop, laptop, tablet, or phone – you can rely on LastPass to sync them for you, for free. Passing the Baton, Again from Wealthfront After an amazing tour of duty, Adam Nash is handing the baton back to me [Andy Rachleff]. While Nash will be transitioning out of an operating role at the company, he will continue to play a strategic role as a member of our Board of Directors. FOLIOfn, Inc. Acquires Leading Responsible Investing RIA, First Affirmative Financial Network from PRNewswire FOLIOfn, Inc. announced today that it has acquired First Affirmative Financial Network, one of the nation’s most prominent registered investment advisor firms specializing in sustainable, responsible, impact (SRI) investing. Invessence and PrairieSmarts Partner to Arm Advisors with Better Risk Assessment Tools for Easier DOL Compliance from PRWeb.com Digital wealth management technology provider Invessence announced today that it has partnered with PrairieSmarts, an innovative risk analytics firm, to provide risk assessment tools for financial advisors and their clients. Enhancing Invessence’s comprehensive digital wealth platform, the robust risk tools from PrairieSmarts will assist advisors in calculating, documenting and managing the alignment of a client’s risk profile with a compliant portfolio recommendation. Watch FPPad Bits and Bytes for November 4, 2016…

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FPPad Bits and Bytes for October 14, 2016 6:07

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On today’s broadcast, one Wells Fargo broker loses her job after a client spoofing attack, Envestnet acquires Wheelhouse Analytics, and another day, another new robo advisor. So get ready, FPPad Bits and Bytes begins now! (Watch FPPad Bits and Bytes on YouTube) Today’s episode is brought to you by Envestnet | Tamarac , providers of Advisor Xi, an industry-leading fully integrated web-based suite for RIAs. Tamarac’s Advisor Xi unifies portfolio management, modeling, rebalancing, trading, billing, and reporting with a fully customizable client portal and enterprise-grade CRM. On October 20th, two innovative and rapidly growing firms will share how they leveraged the Advisor Xi Suite in their business during an interactive webinar. Space is limited, so secure your spot today by visiting http://fppad.com/tamarac Here are the links to this week’s top stories: FINRA Disciplinary Action for Kathleen Kincade (enter Kathleen Kincade in the Individual Name search field) [Now October is National Cyber Security Awareness Month, so my first story is about an unfortunate cybersecurity incident involving a broker from Wells Fargo. According to a FINRA letter released this month, Kathleen Kincade was targeted by attackers who used spoofed client emails to submit three wire transfer requests for nearly $350,000, two of which were processed before Wells Fargo became aware of fraudulent activity. One wire transfer for $99,000 was reversed, but the company ultimately had to make the client whole for the remaining $250,000 that was transferred. The letter goes on to say that Kincade used Wells Fargo’s forms to falsely report that she verbally confirmed the wire disbursement instructions with the client, which was not the case. Now I know you’ve heard me say time and time again that attackers are impersonating clients and are targeting you to get you to send money where it shouldn’t go. So take this as a reminder that you need to continue to be vigilant and suspicious with respect to sporadic requests for client withdrawals, and always, ALWAYS follow a process to authenticate the identity of your client, usually with a phone call, or else you won’t allow any fund transfers to be processed.] Envestnet Acquires Wheelhouse Analytics from PRNewswire [Next up is news from Envestnet, as the company announced the acquisition of Wheelhouse Analytics in a move executives said will provide more insight on key performance indicators for asset managers, enterprises, and financial advisors. Terms of the deal were not disclosed, and I have to admit, Wheelhouse Analytics was not on my radar at all until this announcement, so I checked out their website and learned about their solutions for data analytics, online education, and document management for sales and business development. This is more business intelligence than it is financial technology, but I can see how Wheelhouse Analytics can connect to the data stored in the Envestnet platform and ultimately deliver timely insight to financial advisors. Also, think back to Envestnet’s acquisition of Yodlee last summer, and consider how data on client spending and consumption can generate key indicators on which clients might warrant a follow up phone call, versus those who are on a steady path to meet their goals. I think this is worth watching in the near future.] Envestnet, Inc. announced today that it has acquired Wheelhouse Analytics LLC, a technology company that provides data analytics, mobile sales solutions, and online education tools to financial advisors, asset managers and enterprises Zacks Advantage Form ADV Merrill Egde Guided Investing Form ADV [And I think it’s safe to say that my broadcast wouldn’t be complete without a little robo news, so up first, Zacks Investment Management announced the launch of Zacks Advantage, an automated investment service built on the Schwab Intelligent Portfolios platform that adds a bit of active management to balanced portfolio investing. The minimum account size is $5,000, and fees are 50 basis points for accounts up to $100,000, which drops to 35 basis points for accounts greater than $100,000 according to the Form ADV. And Bank of America offered more information about Merrill Edge Guided Investing, the company’s automated service that also has a $5,000 account minimum, but charges 45 basis points no matter how much money is invested in the account. So, I want to ask two questions about all this robo stuff. First, if all the other financial firms have a low-cost automated investing solution, why don’t you? If the solutions are so commonplace, prospects might think that your firm is behind the times because you’re not leveraging a solution that is offered pretty much everywhere else. But second, assuming you DO provide an automated investing solution, the next question you’ll face is why should a prospect choose your business over all the others, when they appear to do the same thing? And THAT is your opportunity to communicate why your business is different, identify your value proposition, and describe all the things you do that go far beyond portfolio asset allocation and frequent rebalancing. No robo solution can compete with that!] Watch FPPad Bits and Bytes for October 14, 2016…

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eMoney Advisor Summit 2016: Hack-a-thon Winner 7:56

9 years önce7:56

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eMoney hosted its first-ever Hack-a-thon at this year’s Advisor Summit in Dana Point, CA. At the conclusion of the conference, four teams presented their solutions to a room full of judges and advisor attendees, where one team was ultimately selected as the winner of the hack-a-thon. Get my summary of each team’s hack-a-thon creation in the video above, and then see how the winner was revealed on stage to close out the event. (Watch the eMoney Hack-a-thon winner presentation video on YouTube)…

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eMoney Advisor Summit 2016: Hack-a-thon Day One 6:25

9 years önce6:25

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eMoney is hosting its first-ever Hack-a-thon at this year’s Advisor Summit in Dana Point, CA. Four teams were assembled, made up of four eMoney product managers, developers, and engineers combined with a diverse group of nearly a dozen advisers to explore ways to push the eMoney roadmap. Witness the energy and activity of this event in the vlog embedded above, plus get a few tips on how to apply the design thinking process to your next brainstorming session. (Watch the recap of the eMoney Hack-a-thon Day One video on YouTube)…

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FPPad Bits and Bytes for August 26, 2016 6:03

9 years önce6:03

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On today’s broadcast, get an update on LPL Financial’s technology roadmap, FutureAdvisor signs up the fifth largest bank in the US, Betterment forms a partnership with Uber, and more. So get ready, FPPad Bits and Bytes begins now! (Watch FPPad Bits and Bytes on YouTube) Today’s episode is brought to you by Nest Egg Guru , a stress testing app for your clients’ retirement planning. Designed as an alternative to Monte Carlo simulations and calculating probabilities of success, Nest Egg Guru helps you tangibly quantify how client portfolios may hold up if future investment returns don’t pan out as expected. Sign up for a no obligation free trial at fppad.com/nesteggguru to see how this low-cost solution can complement the planning software you already use today. Here are the links to this week’s top stories: LPL placing heavy focus on technology improvements from InvestmentNews, and U.S. Bank Wealth Management Announces Partnership with FutureAdvisor to Offer Automated Investing Capabilities to Clients from BusinessWire [Now on to this week’s top story that comes from LPL Financial, as this week the nation’s largest broker-dealer held its annual LPL Focus conference in San Diego. I wasn’t able to attend the conference, but LPL CIO Victor Fetter kindly connected with me by phone to cover several of the key technology announcements made at the event. First, ClientWorks, the replacement for the existing BranchNet platform, is now available to roughly 11,000 advisors, up significantly from the 500 beta testers this time last year. Next, an updated account opening solution is anticipated soon which will streamline the creation of LPL account forms, pre-populate forms for clients with existing LPL accounts, and automatically fire off an electronic signature workflow. Fetter also highlighted a new Adoption Index score that advisors can use to gauge their own adoption of particular technologies and then identify areas where efficiency can be improved. And finally, lots of attention was given to Guided Wealth Portfolios, LPL’s automated investment solution powered by BlackRock’s FutureAdvisor platform expected to be available in early 2017. Fetter told me that advisors can choose to add their brand to Guided Wealth Portfolios as an extension of their existing business, or they can create a new brand as a separate, but complementary, platform for certain clients. Guided Wealth Portfolios will consist of ETF allocations managed by LPL Research and they will be visible in the ClientWorks dashboard. Clients can view their information using a mobile responsive website, but Fetter said a native app for iPhone or Android is not anticipated at this time. Oh, and I think fees for the service are still up in the air, so we’ll have to check back as the service gets closer to its official rollout. And speaking of FutureAdvisor, this week, US Bank, the fifth largest commercial bank in the United States, announced that it, too, will be using FutureAdvisor to power an automated solution for its clients with portfolios designed by, you guessed it, US Bancorp Investments. Like LPL’s Guided Wealth Portfolios, US Bank said the service is expected to be available in 2017, and fees for the service were not yet disclosed.] To stay up to date with technological innovations, the independent broker-dealer LPL Financial is developing more tools for its new adviser dashboard and implementing smarter automation. Uber Lets Drivers Hail an IRA with Betterment from the Wall Street Journal [Next up is news on Betterment, as this week the company announced a partnership with Uber, the multi-billion dollar global ride-sharing network, which allows drivers to open and fund a Betterment IRA account directly within the Uber app. Drivers get special fees, too, with their first year of Betterment completely free, and after that it’s 25 basis points per year on accounts below $100,000. So guess what? The stakes for client acquisition just went up, in fact, way up. Millions of people recognize Uber, and when they see a partnership like this, they have to be thinking, “Hey, if Betterment’s good enough for a huge company like Uber, it’s gotta be good enough for me.” And for Uber, they could have chosen anybody for this partnership. They could have teamed up with Vanguard, Schwab Intelligent Portfolios, or even *cough* FutureAdvisor, but no, they chose Betterment. So the way I see it, this is about distribution and decreasing client acquisition costs. Look, for years, industry commentators, myself included, have beat the drum about the high acquisition costs of automated investment services and how tough it is for robo advisors to actually make a profit. Well, if an automated service can immediately get exposure to hundreds of thousands of potential customers by getting embedded in another app, what’s to stop Betterment from getting embedded in the eBay app to invest your extra cash, or even into SnapChat right along side the SnapCash feature? That’s a pretty inexpensive, yet clever way, to acquire new customers. So welcome to the new front line in the battle for asset management, I hope your marketing team is up for the challenge.] Uber Technologies Inc. is partnering with robo advice provider Betterment Inc. to offer thousands of its drivers access to retirement accounts. Here are links to stories that didn’t make this week’s broadcast: In a world of software overabundance, Siftery offers clarity from Medium Siftery helps you discover the right software product for your business. Great software is a force multiplier for your job. And picking the right solution for your company will make you look like a rockstar. Guide Financial set to close operations on October 11 from FPPad Guide Financial, the financial planning startup acquired by John Hancock in June 2015, told its users via email this week that the company plans to discontinue operations on October 11. Integration Update: RiXtrema + Black Diamond Now Available from Advent SS&C Advent’s Black Diamond wealth platform is now integrated with Portfolio Crash Testing by RiXtrema, one of the advisory industry’s leading Portfolio Analytics/Risk Management solutions. Watch FPPad Bits and Bytes for August 26, 2016…

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FPPad Bits and Bytes for August 19, 2016 5:52

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On today’s broadcast, Vanare announces two integrations that should raise a few eyebrows, and relationship intelligence gains momentum in the apps you might be using in your business. So get ready, FPPad Bits and Bytes begins now! (Watch FPPad Bits and Bytes on YouTube) Now before I get started, I want you to know that this September I’ll be attending the 3rd annual Fuse Hackathon hosted by Orion Advisor Services, hosting the 2016 XY Planning Network Conference FinTech competition , and I’ll be the master of ceremonies of eMoney Advisor’s first-ever hackathon at their 2016 Advisor Summit . Here are the codes you can use to save money on your event registration (Important! These are coupon codes, NOT affiliate links. I do not get any affiliate revenue if you register for the events) : XYPN16 and eMoney Summit Discount Codes Save $25 on the 2016 XY Planning Network Conference using the code FPPad . Get the early bird pricing to the 2016 eMoney Advisor Summit ( a savings of $400! ) using the code FPPad . Top Stories Here are the links to this week’s top stories: Vanare, Redtail Streamline Account Opening for Financial Advisors and Their Clients via Marketwired, and Apex Clearing to Offer Vanare’s Digital Advice Platform from PRNewswire List of financial services CRMs with Zapier support: https://zapier.com/zapbook/redtailcrm/ https://zapier.com/zapbook/wealthbox/ https://zapier.com/zapbook/salesforce/ https://zapier.com/zapbook/microsoft-dynamics/ [Now on to this week’s top story that comes from Vanare, taking advantage of the slow summer to announce a new integration with Redtail Technology. Phase one of the integration is available today, which allows Vanare users to automatically create a new client record in Redtail CRM anytime a client completes the on boarding process in Vanare. Subsequent phases, being rolled out later this Fall, promise to support two-way data sharing between the applications to better synchronize data on client activity and status reports. But wait! You don’t have to be a Vanare customer to automatically populate new client records in Redtail. If you remember back in episode 185, Redtail announced its integration with Zapier, allowing you to use triggers in any application supported by Zapier to fire off an action in Redtail. Then in episode 186, I mentioned Wealthbox CRM’s Zapier integration. And if you subscribe to Zapier’s premium plan, you get support to automate actions in Salesforce and Microsoft Dynamics. So maybe it’s time to check the application you use for Zapier compatibility, and if they’re not supported, maybe you need to ask for it. Now, back to Vanare, I want to also point out an announcement from a few weeks ago about Vanare’s support for Apex Clearing. This is first time I’ve heard of while-labeled robo advisor solution for advisors that supports Apex, which is the same clearing firm used by many of the larger direct-to-consumer investment services like Betterment, Wealthfront, and Robinhood. Why is this important? Because other turnkey robo services for advisors use custody services from Folio Institutional, TD Ameritrade Institutional, and other, and when you look at their all-in custodial fees, I don’t think they are as competitive as Apex. Now you could elect to work with Apex directly on your own proprietary investment solution, but that takes time, expertise, development, and other resources that you probably don’t have, so that’s why Vanare’s offering that sits on top of Apex is worth taking notice.] Vanare, an innovative wealth management technology platform, and Redtail Technology, a leading provider of client relationship management (CRM) solutions for financial services firms, have launched an integration that will allow Vanare users to sync client contact information directly from their Redtail CRM. Salesforce Inbox gains calendar from Tempo acquisition from TechCrunch, and Salesforce acquires smart calendar app Tempo AI, will shut it down on June 30 from VentureBeat [Next up, I want to talk a little more about CRMs by talking about Salesforce, as this week the company announced an update to the Salesforce Inbox app . After last year’s acquisition of the calendar app called Tempo, Salesforce Inbox now has an enhanced calendar with one-click conference dialing, Sales Cloud data synchronization, and CRM record integration. Still absent, though, is the contextually relevant info about clients and prospects invited to a meeting that Tempo used to provide, which could include Facebook updates or changes to the LinkedIn profile of meeting participants. If this automated dossier concept sounds familiar, that’s because it’s similar to an app called Refresh that I told you about back in episode 159, which was subsequently acquired by LinkedIn, which is now part of Microsoft. Also, Salesforce acquired RelateIQ a while ago which powers the SalesforceIQ product with its trademarked Relationship Intelligence technology. So here’s my important takeaway: There are just some things you can’t remember or keep up to date with about each and every client you have. Solutions powered by Microsoft and Salesforce and others, which arguably resemble CRM software, do a lot of the heavy lifting in the background, so you can focus on relationship development and not mundane data gathering. Again, if you see how your business can be better with automated tools like these, you might want to mention it to your provider and be sure it’s on their road map.] Salesforce’s efforts to turn its Inbox app into a central resource for salespeople has a new trick: An integrated calendar built from its acquisition of Tempo that pulls in contact data from your Salesforce database, giving you a way to quickly find out more about the people you’re meeting with. Here are the stories that didn’t make this week’s broadcast: How Advicent’s new portal product stacks up from Financial Planning Portals are a hot topic in the adviser and fintech communities. Hearsay Launches New Social Media Tool for Advisors from ThinkAdvisor Hearsay Social says it is rolling out a client engagement platform that helps advisors reach clients and prospects more easily and more quickly via social media, their websites, email and text messages. Watch FPPad Bits and Bytes for August 19, 2016…

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FPPad Bits and Bytes for July 29, 2016 5:47

9 years önce5:47

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On today’s broadcast, it’s a robo free-for-all, so put on your best robo accessory, because FPPad Bits and Bytes begins now! (Watch FPPad Bits and Bytes on YouTube) Today’s episode is brought to you by Envision Consulting, providers of IT management and support, cloud computing, and cybersecurity services to RIAs. This October, Envision is hosting a cybersecurity event with Kevin Mitnick , the World’s Most Famous Hacker, where you can find out how to leverage Kevin’s knowledge of the latest hacking techniques to protect your business from attack. Space is limited, so secure your registration today by visiting topsecurityshow.com , and if you use my promo code, FPPad, you’ll save 15% off the price of your registration. Here are the links to this week’s top stories: Fidelity Launches Automated Investment Advice Service from WSJ.com Fidelity Go Vs. Pokemon Go: Be A Low-Cost Investor Or AR Zombie from Investor’s Business Daily Better Together: Automated Investing with Professional Guidance from BusinessWire TD Ameritrade Earns $240M in Quarter; Says Retail Robo Is Coming from ThinkAdvisor TD Ameritrade Institutional, XY Planning Network Launch Program to Cultivate Next-Generation RIAs and Investors from TD Ameritrade Wells Fargo Plans to Start Robo-Advisory in 2017, Sloan Says from Bloomberg Big News for the Quantopian Community: Managing External Capital from Quantopian [Get ready for the robo news, as this week’s top stories come from Fidelity Investments and TD Ameritrade, as both financial institutions recently announced online investing solutions for the retail investor. A few days ago, Fidelity officially rolled out Fidelity Go, specifically targeting digitally savvy customers in their 20s, 30s, and 40s, with investment assets in the low six figures. When asked by Investor’s Business Daily what happens when Fidelity Go customers get older and wealthier, Rich Compson, head of managed accounts at Fidelity, responded that customers would be referred “to other services like Fidelity’s Portfolio Advisory Services.” Ok, ok, but advisors aren’t completely left out, as Fidelity did promise details about an automated service it’s developing for financial advisers by year-end. That’s, details, by year-end. And a few weeks ago, TD Ameritrade announced it had completed updates to its Amerivest Managed Portfolios retail offering, including a digital overhaul for better goal setting, performance tracking, and more. In ThinkAdvisor’s interview with incoming CEO Tim Hockey, he said that the company will be using Amerivest’s tech enhancements “to launch a new robo for the self-directed client’s needs” scheduled for sometime in 2017. When asked about referrals to RIAs who custody with TD Ameritrade Institutional, Hockey added that retail clients with $1 million dollars or more are the “target referral” for affiliated RIAs. That comment came out at the same time the company announced a program with the XY Planning Network to provide dedicated service and no minimum asset requirement to use TD Ameritrade Institutional’s custody services. That’s good, it’s gotta be awkward knowing TD Ameritrade is going to target digitally savvy investors, aka potential XYPN clients, with their own retail robo solution. On top of all that, Wells Fargo also announced that it, too, is entering the robo market, with a solution expected also sometime in 2017. And if you don’t like today’s current robo solutions, you can go build your own robo algorithm with Quantopian, who just received fresh venture capital this week from hedge fund investor Steve Cohen. That’s it, all I hear all day long is how great robos do this, or how wonderful robos do that: robo, robo, robo!] Envestnet | Tamarac to Roll Out Client Portal 2.0 from PRNewswire [Now in NON-robo news, how about an update from Envestnet | Tamarac, as the company released the latest version of its client portal to advisors who use the Advisor View application. If you watched my coverage of the Envestnet Advisor Summit earlier this year, you would have seen a preview of the updated client portal, plus the key enhancements highlighted by Brandon Rembe. So click right here so you can watch that video.] Envestnet | Tamarac has completely redesigned the client portal in its Advisor View portfolio management and performance reporting application. The new client portal will be implemented as part of Tamarac’s July 2016 technology release, and seeks to help RIAs create highly customizable client portal experiences to engage their clients and appeal to the next generation of investors. MoneyGuidePro creator releases DOL fiduciary-focused software from InvestmentNews.com [Also, MoneyGuidePro recently released a utility called Best Interest Scout, intended to gather information about client goals, expectations, and investment details in one place. This should help you from a workflow perspective, but the tool should also be helpful in identifying when you must engage in a Best Interests Contract with a client. If you’re concerned about compliance with the pending fiduciary rule from the DoL, expect more tools like Best Interest Scout to come to market.] PIEtech, the creator of financial planning software MoneyGuidePro, has built a tool to see how well clients’ portfolios are aligned with their best interests, including retirement goals and concerns, insurance needs, and health-care costs. Now since I took a few weeks off, I just don’t have time to cover all the stories in my backlog, including news on the talent exodus at Wealthfront, the Betterment for Business 401(k) offering surpassing 200 plan sponsors and $5 billion in AUM, Quovo, Riskalyze and more, so links to those stories are below: Talent exodus hits Wealthfront including heads of product, marketing and operations from RIABiz.com Wealthfront, founded in 2008, is experiencing its first big talent exodus — a flurry of departures that includes some C-suite titles and a Unicorn shepherd. Betterment for Business Surpasses 200 Plan Sponsors from PRNewswire Betterment for Business, the only turnkey 401(k) service that includes personalized investment advice for all participants, announced today that it has successfully added 200 plan sponsors to the platform in the last six months. Betterment Becomes First Independent Robo-Advisor to Surpass $5B of Assets Under Management from PRNewswire Betterment announced today that it is the first independent robo-advisor to reach $5 billion in assets under management. The company now helps more than 175,000 customers intelligently manage and grow their wealth. Apex Clearing to Offer Vanare’s Digital Advice Platform from PRNewswire Apex Clearing Corporation will begin offering to its broker dealer and RIA clients the ability to digitally manage investments using Vanare’s digital advice platform. Vanare offers a wealth management technology platform with a highly customizable white labeled Roboadvisor. Advisor Software, Quovo Partner to Strengthen Goals-Based Planning Capabilities for Wealth Managers from PRNewswire Advisor Software, Inc. has teamed up with Quovo to provide wealth managers with seamless access to aggregated client financial data, which can help put together an all-encompassing financial picture for every client. Marstone and Quovo Announce Partnership from MarketWired.com Marstone, an innovative digital wealth company, and Quovo, a financial data science company for the wealth management industry, today announced that they have completed a partnership to enhance Marstone’s digital wealth solutions with Quovo’s industry-leading data aggregation. Riskalyze Autopilot for Retirement Plans from Riskalyze LastPass introduces Emergency Access from LastPass With the Emergency Access feature, you can give trusted family and friends access to your LastPass account in the event of an emergency or crisis. Watch FPPad Bits and Bytes for July 29, 2016…

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FPPad Bits and Bytes for July 1, 2016 5:36

9 years önce5:36

5:36

On today’s broadcast, Betterment takes heat for suspending customer trades, TD Ameritrade Institutional hosts its annual technology summit, and more. So get ready, FPPad Bits and Bytes begins now! (Watch FPPad Bits and Bytes on YouTube) Today’s episode is brought to you by Orion Advisor Services , the industry’s premier portfolio accounting service provider for advisors. Orion integrates with several automated investment platforms, but you’re not sure if now the right time to add a robo element to your firm. Find out if you’re ready, or not, to add your own solution by downloading a free copy of the Orion pre-robo checklist today by visiting fppad.com/robochecklist . Here are the links to this week’s top stories: Robo Adviser Betterment Suspended Trading During ‘Brexit’ Market Turmoil via WSJ (subscription required), After trading halt, Betterment suffers its own Brexit shock from Financial Planning, Betterment explains why its Brexit-sparked trading halt on Friday wasn’t ‘suspended’ trading from RIABiz, and Robo-advisor CEO: Here’s why I told clients they couldn’t trade in sell-off from CNBC [This week’s top story is all about Betterment, because in the wake of last week’s Brexit vote, the company notified financial advisors on the Betterment Institutional platform that it had suspended trading from 10am to 12pm Eastern on June 24th, citing their expectation of “highly unpredictable volatility,” a decision which has triggered all sorts of discussions across the investment community. First, a primer. Betterment uses ETFs for all customer portfolios, and when trading gets volatile, ETF pricing can get significantly disconnected from the value of the ETF’s underlying securities. Remember the flash crash of August 2015? ETF pricing was all over the map, especially for lightly traded and illiquid ETFs. So, when Betterment’s team identified undesirable trading conditions, they suspend all trading. And as a discretionary advisor to retail customers, they can totally do that. It’s disclosed right there on page 65 of the retail agreement, which every customer acknowledges they read by checking the I agree box next to the Sign Up button. But the exact same language is on page 70 of the Institutional Agreement, and I couldn’t find anything that said trading *authorized by the Advisor* would be treated any differently. In the RIABiz coverage of the event, Michael Kitces said that treating financial advisors the same as clients “creates operational channel conflicts.” And there’s the rub. If you’re an advisor using Betterment Institutional for your clients, when you authorize trades, you need to know whether those trades will be subject to Betterment’s suspension criteria. But that’s one risk of using ETFs in Betterment Institutional, or any automated investment service for that matter. Sometimes the pricing gets out of whack, and you won’t always know in advance when that happens. So on a volatile day, you need to understand that, as of today, your trade authorizations might not be processed right away, and your trades will be in limbo for who knows how long until Betterment decides it’s ok to resume trading. I suspect that policy might soon be changing for Betterment Institutional users.] Betterment, LLC, a pioneer in the world of automated investing, made an unusual move and suspended all trading Friday morning as markets were roiled by the U.K.’s vote to leave the European Union. TD Ameritrade Institutional Gathers Top Technology Innovators to Help Drive Significant Enhancements for Veo from BusinessWire [My next story highlights TD Ameritrade Institutional, as I attended the custodian’s 7th annual technology summit in Dallas, and I made a vlog about it so you can get a glimpse of what the event is like, so be sure to check it out. At the summit, executives offered updates on Veo Open Access, which now features 104 integrated solution providers, announced the introduction of Veo Advanced Alerts, and reiterated the pending release of the Veo One platform for late fall of this year. There weren’t very many advisor dashboards available when Veo One was first announced in January of last year, but recently several tech providers have invested heavily in their own all-in-one dashboards, with notable names like Envestnet|Tamarac, supported by Envestnet’s acquisitions of Finance Logix and Yodlee, Salesforce, with its rollout of Financial Services Cloud happening now, and Fidelity’s Wealthscape platform anticipated by the end of this year, which will include technology from the eMoney acquisition. So Veo One will go up against some stiff competition when it is rolled out later this year, so I recommend you make plans now to refresh what you know about the dashboard options for your business in the second half of this year.] A growing community of technology innovators, which has collaborated with TD Ameritrade Institutional1 to make Veo Open Access one of the industry’s leading platforms for independent registered investment advisors (“RIAs”), is again coming together to drive significant new enhancements to Veo and accelerate the pace of future Veo One integrations. Here are the stories that didn’t make this week’s broadcast: Riskalyze Announces General Availability of Asset Sync from Riskalyze Starting today, advisors will be able to import an investor’s outside assets from over 18,000 connections from thousands of financial institutions. Junxure Cloud Expands Integration with TD Ameritrade Institutional’s Veo® from PRNewswire Junxure, the industry leading CRM solutions and technology company for financial advisors, this week announced new enhancements to its cloud-based CRM platform, Junxure Cloud®. As part of its ongoing work to integrate with leading platforms serving independent registered investment advisors (RIAs), Junxure Cloud has expanded its integration with Veo®, TD Ameritrade Institutional’s comprehensive trading and account management platform. Dow Jones and Vestorly Create Content Marketing Product for Financial Professionals and Their Clients from MarketWired Vestorly Inc., the leading content marketing and relationship analytics platform in the financial services industry, today announced a unique partnership with Dow Jones that will enable all Vestorly users to access Dow Jones content, including The Wall Street Journal, in order to engage clients and generate leads. Dashlane launches a password management tool for the enterprise from TechCrunch Today, the company behind one of the more popular solutions for helping consumers manage their online accounts, Dashlane, is making its move into the enterprise. BNY Mellon’s Pershing Unveils New Technology Capabilities that Enable Firms to Define Their Own Digital Wealth Management Experience from Pershing Pershing LLC, a BNY Mellon company, today launched a suite of technology enhancements that provide wealth management firms with greater flexibility to digitally transform their business. Watch FPPad Bits and Bytes for July 1, 2016…

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