AssetMark launches portfolio management tech for videoconferencing

The new tools allow advisers to present client proposals and portfolio reviews online

AssetMark is the latest provider to unveil technology to enhance remote work capabilities to support the 8,400 independent financial advisers on its platform.

The Concord, California-based turnkey asset management platform — which boasts $63.2 billion in client assets under management — announced Wednesday the roll out of its enhanced Client Proposal and new PortfolioReview tools designed to allow advisers to present client proposals and portfolio reviews during videoconferencing.

“In the current environment it is critically important for advisers to be able to efficiently review with investors their portfolio allocations and ensure they meet client needs in a compelling way,” said AssetMark’s chief digital innovation officer Michael Raneri.

Advisers have made it clear they struggle with technology in terms of expanding their practice with clients and prospects throughout the pandemic. Tech tools that enhance transparency between an adviser and investor may be what advisers are looking for.

In fact, according to a study by Cerulli Associates, investors are seeking an adviser who provides more transparency, reassurance and tailored guidance as a result of the pandemic. The study found that 56% of investor households rank transparency in interactions as extremely important when choosing an adviser.

The financial planning software, called Client Proposal tool, gives clients a looks at how an adviser plans to construct the portfolio with a risk tolerance questionnaire automatically built in. Advisers can also leverage the tool to improve prospect engagement and increase close rates.

The PortfolioReview tool gives advisers a platform to interactively review an investor’s portfolio shared virtually through Zoom or other video-conferencing applications.

The demand this year for more client engagement tech tools has been evident. Last Wednesday, Wealth management broker-dealer Oppenheimer announced the development of a new digital adviser-client web-based portal, which is expected to launch during the first half of 2021.

Other firms, like Merrill Lynch Wealth Management, have recently rolled out web-based portals that allow advisers to better collaborate with their clients. Merrill introduced their new tech-driven workstation, Client Engagement Workstation, in June.

“The mega trend in investors’ changes is the need for planning to move away from this notion that people in our business are selling them products that are somehow going to create alpha or differentiated outcomes,” said AssetMark’s President and CEO Charles Goldman. “Rather, it’s about planning and truly understanding the investor — their risks, their dreams, their aspirations and their fears,” he said.