Welcome to the November issue of the latest news in Financial Advisor #FinTech – where we look at the big news announcements, and the underlying trends and developments that are emerging, in the world of technology solutions for financial advisors!
This month’s edition kicks off with a slew of news around the shifting “robo” landscape, from yet another ETF provider investing into a robo solution as a distribution channel, to growing competition in the B2B channel about what it really takes to win enterprise robo-advisor-for-advisors contracts, and the ongoing struggles of retail B2C robo-advisors as Wealthfront’s founder Andy Rachleff returns to take the reins of the company as it falls behind competitors with lagging growth.
From there, highlights include:
- BrightScope is acquired for $35M+ by Strategic Insight (but primarily for its 401(k) data and analytics, not its AdvisorPages solution).
- RiXtrema launches FeeComp, a new advisory fee benchmarking solution in anticipation of DoL fiduciary.
- Vanguard announces plans to launch a FinTech “Innovation Center” incubator in downtown Philadelphia in 2017.
- Quovo’s new Account Authentication API could make it the new glue that holds together advisor “robo” solutions.
- Is financial planning software about to become a new insurance and annuity distribution channel?
You can view analysis of these announcements, and more trends in advisor technology, in this month’s column, including a look at who’s winning enterprise “robo” tech deals (SigFig and NextCapital are up, while FutureAdvisor may ‘suddenly’ be starting to lag), how broker-dealers are trying to reinvent themselves as tech platforms (in an already crowded landscape), and what advisors should watch out for amongst today’s popular advisor website design companies!
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!