TD Ameritrade Institutional announced three finalists Tuesday in its first fintech competition, called Innovation Quest, spotlighting new tools in risk assessment, financial literacy and voice-activated assistance.
The three finalists, chosen from 135 eligible submissions, each won $25,000 and a trip to TD Ameritrade's National LINC conference in February 2019, where the top winner will be announced. The finalists will have to present video and live proof-of-concept presentations in front of a panel of judges and approximately 2,000 registered investment advisers at the San Diego event.
"The ideas from these three finalists capture what's happening in the financial marketplace, and how the next generation [of investors] can think of their relationship with an adviser," said Jim Dario, managing director of product management at TD Ameritrade Institutional.
The winner will be announced the day after presentations on Feb. 8. 2019 and will receive another $25,000.
Patrick Beaudan, chief executive officer of Emotomy in Tiburon, Calif., submitted a risk-assessment tool, which uses algorithms to warn RIAs when client accounts are at risk of leaving or need cultivation. It can also warn clients of investment returns that diverge from the parameters of their risk profiles.
Derrick Wesley, owner of iMar Learning Solutions from Van Alstyne, Texas, submitted "Plan-It," a financial literacy application for users as young as 5 years old up to retirement. The app provides users with financial lessons on their spending habits and patterns based on their account information.
Timothy Hooker and Brian Smith, co-founders and partners of Dynamic Wealth Solutions in Southfield, Mich., produced "RIA Genie," a voice-activated assistance program that reduces the need for low-end administrative workers and allows advisers to be more productive.
The competition's panel of judges consists of: J.D. Bruce, president at Abacus Wealth Partners; Joel Bruckenstein, consultant and producer at T3 Technology Tools for Today; Heather Fortner, chief compliance officer and chief operating officer at SignatureFD; and Vijay Sankaran, chief information officer at TD Ameritrade.