Welcome to the March issue of the latest news in Financial Advisor #FinTech — where we look at the big news, announcements, and underlying trends and developments that are emerging in the world of technology solutions for financial advisors and wealth management!
In this month’s edition, we recap the recent Technology Tools for Today (T3) Advisor Technology conference — the best dedicated FinTech conference specifically for financial advisors. Overall, the major themes of the conference — most of which were highlighted in the opening keynote session by Riskalyze CEO Aaron Klein talking about the “Advisor of the Future” — include the ongoing shift of “robo” tools to serve as the technology automation infrastructure of an advisory firm’s back office (allowing the advisor themselves to spend more client-facing time than ever!), to the opportunities in using technology for lead generation and a prospect engagement tool (though it remains unclear whether most advisory firms have the marketing savvy and resources to use them effectively!). And Riskalyze’s own rapid growth in recent years seems to have boosted “risk tolerance assessment tools” into a highly competitive category of its own, with almost half a dozen competing tools represented at T3 Advisor (whereas 6 years ago, Riskalyze was one of only two!).
Other major conference highlights included:
- Riskalyze debuted a new Riskalyze “Premier” solution (with a new client dashboard and more digital account opening and onboarding tools)
- MoneyGuidePro highlighted the recent growth of its MyMoneyGuide Lead Gen solution, and a new study suggesting that clients may find virtual financial planning meetings less stressful
- eMoney Advisor announced its own new Lead Gen capture tool and more Advisor-Branded Marketing coming in Q2
- Schwab announces it will be integrating eMoney Advisor into OpenView Gateway, alleviating concerns eMoney would become a Fidelity proprietary product
- AdvisorEngine (fresh off its $20M round of capital and rebrand from Vanare) acquired advisor prospecting tool Wealthminder
- New client engagement tools, including a safe withdrawal rate illustrator (Big Picture App), and an advisor-specific solution to facilitate mind mapping in the data gathering meeting (Asset Map)
- The debut of two new risk tolerance assessment tools, Tolerisk and FinMason
- A software developer called Chetu that can work with financial advisors to build their own software solutions
- And the T3 Advisor Conference itself released the results of a major new survey of advisor software adoption (including both what’s popular, and how advisors actually rate the use of the software itself!).
You can view the analysis of these announcements, and more trends in advisor technology, in this month’s column, including highlights of the other T3 Advisor conference newcomers (from new robo tools, to software that helps clients maximize the yield on their “idle” bank accounts), how major custodians are responding with their own technology initiatives, and the emergence of new technology consults who can work with financial advisors to help them evaluate their own tech stack.
I hope you’re continuing to find this new column on financial advisor technology to be helpful! Please share your comments at the end and let me know what you think!
*And for #AdvisorTech companies who want to submit their tech announcements for consideration in future issues, please submit directly to TechNews@kitces.com!