Six startups to compete in XY Planning Network fintech battle

Only one firm will win this fourth annual competition — and the promo that comes with it

Sep 3, 2019 @ 4:27 pm

By Ryan W. Neal

Six adviser technology startups will compete next week in XY Planning Network's fourth annual fintech competition at the group's annual conference in St. Louis. A panel of judges will choose one winner.

The companies were selected from a pool of 30 submissions and their leaders will present the firms' products in front of conference attendees on Sept. 10. A panel of judges will determine one winner.

[More: XY Planning Network's fintech contest introduces innovative software ideas]

The prize is free promotion in the form of a press release from public relations agency FiComm Partners, an interview on #XYPNRadio, an article on XYPN co-founder Michael Kitces' website, and a video and feature on FPPad with its CEO Bill Winterberg.

Previous winners have used the exposure as a springboard for their budding companies. The 2017 winner, digital 401(k) platform Vestwell, recently raised $30 million in a funding round led by Goldman Sachs and is partnering with BNY Mellon on workplace retirement programs. Last year's winner, digital marketing firm Mineral Interactive, has since been acquired by Carson Group, while the fintech competition's inaugural winner, automated marketing platform Snappy Kraken, has raised a total of $3.5 million in funding.

"This year's competition at #XYPNLIVE will give these creative adviser FinTech companies the opportunity to showcase their innovations and get the visibility and early adopters they need to survive and thrive as startups," Mr. Kitces said in a statement.

[Video: Strategies for success from highly successful XY advisers]

The six finalists are:

Altruist – A digitally native custodial platform for RIAs. Altruist lets advisers open new accounts through a mobile app, build and trade model portfolios with no commission or AUM fees, and offers rebalancing. The platform also supports fractional shares for advisers looking to reach mass-market consumers. The idea is support for advisers who wants to run their businesses completely online.

Anvil – Converts paper-based processes into digital workflows. Anvil's platform can pre-fill paperwork so advisers only have to collect information once, cutting the time it takes to manually re-enter repetitive information and reducing chances to make a mistake.

College Aid Pro – A digital solution for advisers to help clients plan for and manage college tuition payments. College Aid Pro uses relevant client information to predict financial aid packages for four years of education at more than 2,000 colleges.

Holistiplan – Reviews a tax return and provides advisers a two-page report of metrics and ideas for financial planning. The firm plans to expand the product so it can also analyze insurance documents.

Knudge – Creates a shared to-do list for advisers and their clients. Knudge shows what tasks have been completed by each party and sends automated reminders for outstanding items. By creating more accountability, Knudge says its product ensures clients are taking care of important actions so financial advice can be effectively implemented.

[More: Investment in adviser fintech lowest since early 2018]

NEXA Insights – Its client survey tool promises a non-threatening, non-intimidating way for advisers to get insights from clients. NEXA Insights' platform guides advisers through creating and distributing a survey to make it quick and simple to gather client feedback.


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