Future Capital is expanding its reach to include more advisors who want to manage their clients' retirement assets through a new fintech partnership.
Under its data integration partnership with SS&C, the tech-enabled RIA is pushing to enhance RIAs' ability to manage clients' held-away 401(k) assets directly within SS&C's Black Diamond platform.
The collaboration unveiled Thursday grants advisors at over 2,700 wealth management firms access to Future Capital’s Construct platform, launched in the summer, which offers personalized retirement solutions for client retirement accounts that have historically proven difficult to manage under traditional wealth portfolios.
The partnership facilitates a streamlined flow of data between the two platforms, allowing advisors to view and manage clients’ 401(k) assets via Future Capital’s advisor portal, while clients get a direct line of sight into their accounts through the Black Diamond Client Portal.
This integration aims to address a growing pressure among wealth managers to oversee retirement accounts, which represent a non-trivial portion of assets for households with between $100,000 and $2 million in net worth. Citing a report from Envestnet, Future Capital said such households have as much as 56 percent of their wealth placed in retirement accounts.
In May, the firm partnered with broker-dealer firm Money Concepts to let its network of advisors manage their clients' held-away 401(k) assets using Future Capital's solutions.
“Our partnership with SS&C Black Diamond represents a significant step forward in our mission to empower advisors with the tools they need to provide truly holistic wealth management,” Jay Jumper, founder and CEO of Future Capital said in a statement revealing its latest tie-up. “By integrating Construct into the Black Diamond platform, we’re making it faster and easier for advisors to efficiently manage all of their clients' assets in one place, including complex held-away retirement accounts.”
Future Capital, which specializes in workplace retirement solutions, launched Construct in July as a tool to support custom allocation and advisor control over client 401(k) assets without adding to operational or compliance burdens. According to the company, the integration aims to streamline advisors’ ability to exercise full discretion over these assets within a compliance-friendly structure.
“At SS&C Black Diamond, we are committed to delivering tools which enable advisors to elevate their service offerings,” said Eli George, vice president of wealth strategy at SS&C Advent. “Integrating Future Capital’s technology into our platform provides users with an efficient, seamless way to manage retirement assets, driving operational efficiency and deeper client relationships.”
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