Cetera zeroes in on user experience with Riskalyze

Cetera zeroes in on user experience with Riskalyze
The broker-dealer is leveraging its enterprise partnership with Riskalyze to automate risk management and enhance customer experience, which are now available to Cetera’s network of 8,000 advisers via the AdviceWorks platform.
JAN 22, 2021

When it comes to risk management, providing a better customer experience has been a rocky road in wealth management. Independent broker-dealer Cetera Financial Group has teamed up with Riskalyze to smooth the bumps. 

Risk management is often seen as the “necessary evil of the business,” said Cetera Advisor Networks President Tom Taylor. While absolutely critical for compliance, shuffling around with paperwork and questionnaires isn’t the best for the customer experience. 

In response, Cetera inked an enterprise agreement with fintech Riskalyze aimed at standardizing risk management across Cetera’s network of 8,000 advisers, according to the announcement. Riskalyze’s risk alignment and portfolio analytics tools are now available to all advisers on Cetera’s network via the AdviceWorks platform. 

With Riskalyze, Cetera’s adviser network is enabled to set expectations with clients and document their fiduciary care, while adding a layer of business value protection for their practice, according to the announcement. All Cetera financial professionals will have the option to upgrade to Riskalyze’s premium products at a discounted rate as well.

LPL Financial, H. Beck, Lincoln Investment and Waddell & Reed also have enterprise deals with Riskalyze. 

“As we looked around at the different options and looked at Riskalyze, what we really saw was an opportunity to flip something that's been very tactical, overtime, and make it an enhancement to the client experience,” Taylor said. “It creates a better informed and engaged client, and certainly during volatile markets it creates a calmer client.” 

Moving forward, the partnership with Riskalyze further cements Cetera’s mission to drive franchise value for its advisers, according to Taylor. “The more automation, the more systemization they have, the more their practice becomes valuable,” he said.

Moreover, applying standardization to risk management and compliance could be the key to a smoother regulatory environment for fintechs and advisory firms, especially as the Biden administration will likely move to strengthen regulations. 

Latest News

NASAA moves to let state RIAs use client testimonials, aligning with SEC rule
NASAA moves to let state RIAs use client testimonials, aligning with SEC rule

A new proposal could end the ban on promoting client reviews in states like California and Connecticut, giving state-registered advisors a level playing field with their SEC-registered peers.

Could 401(k) plan participants gain from guided personalization?
Could 401(k) plan participants gain from guided personalization?

Morningstar research data show improved retirement trajectories for self-directors and allocators placed in managed accounts.

UBS sees a net loss of 111 financial advisors in the Americas during the second quarter
UBS sees a net loss of 111 financial advisors in the Americas during the second quarter

Some in the industry say that more UBS financial advisors this year will be heading for the exits.

JPMorgan reopens fight with fintechs, crypto over fees for customer data
JPMorgan reopens fight with fintechs, crypto over fees for customer data

The Wall Street giant has blasted data middlemen as digital freeloaders, but tech firms and consumer advocates are pushing back.

The average retiree is facing $173K in health care costs, Fidelity says
The average retiree is facing $173K in health care costs, Fidelity says

Research reveals a 4% year-on-year increase in expenses that one in five Americans, including one-quarter of Gen Xers, say they have not planned for.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.