As robo-advisor platforms have increasingly pivoted from direct-to-consumer offerings to business-to-business offerings instead, financial advisors have had many new “robo-advisor-for-advisors” platforms to choose from. The appeal of these “digital advice” support platforms is the potential to expedite the onboarding process for clients – especially less affluent clients where the advisor can’t necessarily afford to take as much time to work with the client directly – where the technology helps with everything from risk profiling to efficiently handle the administrative tasks of account opening. And increasingly, these advisor FinTech companies are actually trying to expand into full-scale end-to-end wealth management offerings. Yet ironically, as more and more digital advice platforms build out their capabilities, it’s increasingly difficult to simply keep track of the varying list of feature and integrations.
In this guest post, Craig Iskowitz, CEO and founder of Ezra Group (a management consulting firm providing advice to the financial services industry on marketing and technology strategy) shares his thoughts on the best “robo-advisor-for-advisors” platforms for RIAs available, reviewing popular players like AdvisorEngine, Oranj, RobustWealth, Jemstep, and Riskalyze regarding everything from features and integrations, to the client experience, pricing, and more!
Notably, as these modern digital advice solutions become more and more capable, they’re also beginning to shift from technology tools to assist with “just” an advisor’s smaller clients, to platforms that are capable of supporting the full range of an advisor’s clientele. After all, even “traditional” financial planning clients continue to have increasingly higher expectations with respect to the online experience their financial advisor provides… which in turn is expanding beyond just having a seamless digital experience for opening and managing accounts, and into areas such as proactive communication and tracking of financial planning progress.
So whether you have been wanting to look into your options for utilizing a robo-advisor-for-advisors platform, are currently using a solution and want to ensure that it’s still the right platform for your firm, or are simply interested in staying on top of this rapidly expanding area of advisor FinTech… I hope that you find this guest post from Craig to be helpful!