Advyzon has announced the launch of a new TAMP that will offer access to a host of adviser tech tools all under one roof.
Advyzon Investment Management will help advisers outsource many front- to back-office operations, such as investment decisions on portfolio and model allocations, reporting and rebalancing functions, and tax and planning tools, according to a release.
More than nine in 10 advisers who have outsourced at least some aspects of their business reported total assets have grown as a result. Ninety-five percent of respondents also said the change meant they had a better work-life balance, according to AssetMark’s recent Impact of Outsourcing study.
The new turnkey asset management platform will also offer risk-based models, including active and passive mutual funds and ETFs, a tax-sensitive fund, as well as an environment, social and governance option. Advisers can also use direct indexing, as well as tax optimization and tax loss harvesting tools.
“As we’ve worked with financial advisers over the years, we began to see that the user experience was a bit disjointed,” Hailin Li, founder and CEO of Advyzon, said in a statement. “They began to ask us for a more seamless experience that would include all of the elements needed to create and manage portfolios for their clients with the expert research and support of a professional investment officer and administrative team.
Advyzon Investment Management will use the Advyzon platform for reporting, Advyzon’s Quantum rebalancer and Advyzon’s technology as a whole, said John Mackowiak, chief business development officer at Advyzon. “AIM will, in a sense, be eating the Advyzon cooking.”
The Advyzon TAMP will enter a crowded marketplace for adviser tech, competing with companies like Envestnet Inc., AssetMark Inc. and Orion Advisor Solutions.
Assets on turnkey asset management platforms have exploded in recent years as advisers focus on building relationships with clients instead of managing their portfolios. There is now an estimated $3 trillion in assets on TAMP platforms, a number that’s expected to increase in the coming years, according to a new report by The Wealth Advisor.
That momentum only accelerated during the Covid-19 crisis as advisory shops were locked down and advisers were forced to look to new technologies to help run their businesses.
Advyzon’s cloud-based platform already combines portfolio management, performance reporting, trading, a CRM and client billing and document storage. The turnkey asset management offering will build out other advisory functions that help run financial planning businesses all housed on a single platform.
“The [TAMP] is a direct result of listening to the advisers ,” Li said.
Vanilla is extending its estate planning tech to Callan Family Office's ultra-high-net-worth business, while WealthFeed's organic growth engine will now be available to roughly 100 advisors at The Mather Group.
“We are helping families take an important first step toward building a financial foundation for the next generation,” said Franklin Templeton CEO Jenny Johnson
Richard Brothers Financial Advisors joins the fee-only RIA, adding its first Maine office and $240 million in client assets
Cleveland RIA grows to $68 billion in assets as Philadelphia team, deepening its high-net-worth and retirement-plan practice.
Financial planning leaders say unresolved rules on fees, Roth conversions and financial aid complicate comparisons with 529 plans.
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.
