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Welcome to the final Phrase on WealthTech of 2023! The headlines over the previous few weeks haven’t slowed down—with government transitions, new answer launches and firm partnerships—we’ve had lots 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 regularly should not the correct folks to scale and develop corporations and with the ability to put ego apart and know when to usher in an knowledgeable is a commendable ability. We’re trying ahead to seeing the place Dan takes Nitrogen and what Aaron decides to sink his tooth into subsequent.
Wealthspire is the most recent RIA to companion with Pontera to serve its shoppers extra holistically by with the ability to handle their 401(ok) property. Pontera’s expertise is cool as a result of it provides advisors the chance not solely to offer a extra holistic shopper expertise, however to cost a charge on it as properly. It’s like discovered cash for advisors and we like the worth proposition it gives.
LPL is providing a brand new advisor affiliation mannequin for advisors centered on serving high-net-worth shoppers. We applaud the information as a result of it reveals LPL is able to enhance market share. Our query is, have they absolutely thought by means of their technique and strategy? As a result of different custodians are already doing very superior work in that area and in the event that they’re leaping into it now with an outdated, primary answer, they’ve misplaced a chance. They’ve the correct folks, the correct expertise, the correct cash so we’ve religion that they will get there. We simply have not seen it to have the ability to say whether or not it is the identical stage of maturity of their friends.
(Full disclosure: Liz and I are buyers in Bento). Bento’s potential to automate delivering acceptable, compliant content material fills a major gap in how advisors can put together their shoppers for retirement. The truth that FMG, which helps advisors construct advertising and marketing and shopper communication campaigns can companion with Bento is an amazing instrument 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 up to the mark. CRM was the most important lacking piece in its toolkit. It is going to make life rather a lot 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 interchange CRMs? On the lookout for corporations that simply haven’t got 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 yr. Joyful New Yr and we’ll see you with much more perception in 2024.
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