Welcome to the February 2019 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!
This month’s edition kicks off with the big news that eMoney Advisor founder Edmond Walters is back, with a new financial planning software competitor… but one targeting an entirely different (ultra-high-net-worth) clientele than traditional financial planning tools, such that MoneyGuidePro and Envestnet (owner of FinanceLogix) have actually partnered with Walters’ new Apprise Labs to develop the solution (aptly named “MoneyLogixPro”).
From there, the latest highlights also include a number of interesting advisor technology announcements, including:
- RightCapital raises a $3.7M Series A round to scale its competition with MoneyGuidePro, eMoney Advisor, and NaviPlan in the enterprise market
- AdvicePay raises a $2M seed extension round by crowdfunding within the advisor community itself to power a new enterprise solution for hybrid broker-dealers offering fee-for-service financial planning
- MoneyGuidePro rolls out its own new “downmarket” solution for non-CFPs dubbed MoneyGuideOne, and announces a new, more advanced financial planning software solution to be called MoneyGuideElite
- Plaid acquires Quovo to turn its account aggregation services into more actionable APIs that might actually move client assets (or manage them from afar)
Read the analysis about these announcements in this month’s column, and a discussion of more trends in advisor technology, including Bridge Financial’s new portfolio performance reporting solution for small-to-mid-sized RIAs, Timeline’s new retirement distribution software to model the impact of dynamic spending rules and dynamic asset allocation on sustainable withdrawal rates, the rollout of two new client survey/feedback tools to better measure client engagement, and a look at how the latest T3 Advisor Technology Survey shows that what advisors state is their most important technology is not what they actually spend the most on (raising the question of whether there’s room for higher-priced CRM and financial planning software, and coming price pressure on portfolio performance reporting tools).
And be certain to read to the end, where we have provided an update to our popular new “Financial Advisor FinTech Solutions Map” as well!
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 to TechNews@kitces.com!