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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 huge 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 incessantly should not the suitable folks to scale and develop companies and with the ability to put ego apart and know when to usher in an skilled is a commendable ability. We’re trying ahead to seeing the place Dan takes Nitrogen and what Aaron decides to sink his enamel into subsequent.
Wealthspire is the newest RIA to accomplice with Pontera to serve its shoppers extra holistically by with the ability to handle their 401(okay) belongings. Pontera’s expertise is cool as a result of it provides advisors the chance not solely to offer a extra holistic consumer expertise, however to cost a price on it as nicely. It’s like discovered cash for advisors and we like the worth proposition it provides.
LPL is providing a brand new advisor affiliation mannequin for advisors targeted on serving high-net-worth shoppers. We applaud the information as a result of it exhibits LPL is able to improve market share. Our query is, have they totally thought by way of their technique and strategy? As a result of different custodians are already doing very superior work in that house and in the event that they’re leaping into it now with an previous, fundamental answer, they’ve misplaced a chance. They’ve the suitable folks, the suitable expertise, the suitable cash so now we have religion that they’re going to get there. We simply have not seen it to have the ability to say whether or not it is the identical degree 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 big gap in how advisors can put together their shoppers for retirement. The truth that FMG, which helps advisors construct advertising and marketing and consumer communication campaigns can accomplice 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 largest lacking piece in its toolkit. It’ll make life so much tougher for Tamarac. Now they’re coming to market with a CRM in late 2023 so the variety of companies that do not have already got a CRM (Salesforce, Redtail, WealthBox ,or Wealth Hub) is closing…so is the SS&C CRM aiming to switch CRMs? Searching for companies that simply do not have a CRM? Organically discovering new companies 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 coated this yr. Completely happy New Yr and we’ll see you with much more perception in 2024.
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