Refinitiv announced on Wednesday the launch of its Digital Investor product further cementing the company’s push to become a major competitor in the wealth management industry.
Digital Investor is an online portal that provides a unified view of the investor’s assets across client account types. “It's really focused on the client,” Refinitiv’s global head of wealth management Joe Mrak said in an interview. Essentially, the tool brings together the data financial advisers would see on their desktop along with what the client would see in their portal. “It’s a key linkage,” he said.
The new tool builds out the company’s February acquisition of Scivantage and marks the fifth wealth management product launch from Refinitiv, according to its website. For Digital Investor, Refinitiv integrates its market data with the Scivantage client engagement platform.
Traditionally, Refinitiv has been building bespoke products, Mrak said. “We’ve used partners for a lot of solutions, but now we actually have our own multi-way to deliver it and the client portal technology that ties into our [Workspace] solution addresses everyone in the market.”
Moving forward, Mrak said his focus is on ensuring Refinitiv’s brand is a household name for the wealth management industry. “My mission when I joined was to fill out our ecosystem, and my goal right now is to get people to know that this is the business we are in and we are going to continue to do a lot more,” he said. Mrak joined Refinitiv in May 2019.
Refinitiv is also looking to start to grow its wealth management business organically, he said. “Not to say that you might not hear about something else we acquire that maybe fits a piece to the puzzle, but one of our big investments we’re making is the Workspace solution.”
Mrak said his team is working to build an entire “client data layer” to connect the back-end and front-office products. “It’s a big project for us this year,” he said. “It’ll involve a lot of data aggregation, plus we’ve got our own data on our Beta platform, so for Beta clients they’ll have an advantage.”
As Goldman Sachs tightens rules on event contract trading, RIAs and hedge funds are weighing their own policies
Meanwhile, Wells Fargo lures defectors from UBS and JPMorgan to expand in the East Coast, while another bank aligns itself with RayJay's financial institutions division.
New research suggests AI-exposed workers over 55 are leaving jobs more often than before ChatGPT’s rise.
Agentic AI is landing in trading, treasury and wealth management roles across major banks, with advisory functions as the next frontier.
Wells Fargo affiliate and women-focused wealth firm both promote leadership as they scale advisor support.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
