Michael Kitces and Ben Henry-Moreland write that Schwab's intention appears to be to give retail clients the ability to create their own self-directed estate documents, powered by Wealth.com's technology.
Michael Kitces and Ben Henry-Moreland write that Altruist's growth has been driven heavily by its ability to attract newer RIA firms, a space where it has been highly competitive and benefitted by the fact that many of its competitors have asset minimums for firms to join.
Michael Kitces and Ben Henry-Moreland write that there are two ways agentic AI could theoretically be employed. Unfortunately, neither of them really seem to make sense for advisors and their businesses.
Advisor firms have grown in size and complexity, but CRM platforms have failed to keep up with the demands, leaving opportunities open for tech firms to serve RIAs.
TeaserGathering and analyzing client tax information remains a challenge to advisors, but current tools are capable of looking backwards as well as forwards in time.
Advisors have had to choose between generic and advisor-specific AI tools, but with only a 20% market saturation, there is room for Wealthbox and others to shift the competitive landscape.
Affected advisors must now decide whether to move to Black Diamond, highlighting the arduous nature of changing portfolio management software.
