Two fintech firms have announced new partnerships with prominent RIAs, highlighting a growing demand for AI-powered solutions that enhance operational efficiency and cybersecurity.
Zocks, which holds itself out as a privacy-focused AI platform that translates advisor-client conversations into structured data and insights, has entered into an exclusive partnership with Commonwealth Financial Network. The agreement will see Zocks’ enterprise platform rolled out across Commonwealth’s network of affiliated RIAs.
The partnership was unveiled at a pivotal time Commonwealth, which is in the process of being acquired by LPL Financial. The $2.7 billion deal, which came to light in March, came as a betrayal to many advisors who made their thoughts known but not their names on Reddit.
LPL CEO Rich Steinmeier has sworn it would preserve Commonwealth's boutique culture, though that charm offensive might not work so well as rival broker-dealers look to lure Commonwealth's elite talent over before the dust settles.
In a Wednesday announcement, Zocks highlighted its platform's automated note-taking capability and task syncing with client records, which Commonwealth said would improve the advisor workflow.
“We’re proud to partner with Commonwealth to equip their advisors with a tailored solution that streamlines workflows, enhances client service, and drives meaningful results across its community,” said Mark Gilbert, chief executive of Zocks.
Chris Blotto, Commonwealth’s chief digital and information officer, described the tool as a seamless addition to the firm’s existing infrastructure.
“Its ability to integrate seamlessly with our existing technology stack makes it a strategic enabler of how we scale indispensable service across our advisor community,” he said.
Zocks' integration with Commonwealth adds to a string of new partners it's welcomed over the past few months, including Carson Group and Ameritas.
Meanwhile, Visory, a cybersecurity and compliance firm serving financial institutions, announced it has implemented its SecureCompliance platform at Modern Wealth Management. The Monterey, California-headquartered RIA oversees $7.5 billion in AUM and serves 6,700 clients.
The deployment is aimed at addressing the firm’s cybersecurity and regulatory demands as it grows, particularly given its limited internal IT capacity and dependence on Microsoft 365. Visory said the platform operates as a virtual chief information security officer, offering oversight at a lower cost than traditional models.
The firm cited multiple outcomes, including a custom security framework tailored to Modern Wealth’s risk profile, real-time visibility into vulnerabilities and remediation actions, and full implementation of multi-factor authentication across the organization.
Visory was among the top cybersecurity providers highlighted in the most recent T3/Inside Information Advisor Tech report, garnering a 1.97% market share and average satisfaction rating of 7.55 among the respondents polled.
"Visory is an IT provider that offers cyber-protection as a part of a more comprehensive engagement, a rare IT firm specific to the profession," the report said.
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