Surge Ventures, the wealth and financial services-focused tech investment firm, announced that its inaugural venture has boosted its capacity to address firms’ compliance challenges.
Surge Ventures revealed RegVerse, an AI-driven regtech solution, has expanded its Avery platform with Fusion1, a new suite of workflow tools designed to enhance compliance and surveillance capabilities for RIAs and broker-dealers.
The Fusion1 suite, now integrated into the Avery platform, offers wealth management firms a range of AI-enabled tools aimed at streamlining compliance processes.
According to Sid Yenamandra, co-founder of Surge Ventures, Fusion1 simplifies the compliance process for firms in heavily regulated industries by “[providing] the perfect blend of technology and human insight.
"Precision matters in compliance," Yenamandra, who’s also the CEO of RegVerse, said in a statement. "Automation is the new standard for compliance excellence, but the technology behind it must be combined with the power of AI and hands-on expert guidance."
Among several key features, RegVerse said the Fusion1 suite lets users conduct automated audits, which can save time and ensure accuracy. The platform also simplifies the attestation process with real-time insights into compliance status and features an upload functionality to streamline data and file management.
Meanwhile, the suite’s code of ethics functionality also allows firms to report on various activities, including personal trading, gifts and entertainment, political contributions, and outside business activities.
Surge Ventures, which is based in Menlo Park, California, launched RegVerse in November last year, promising a transformative experience in regulatory compliance.
Earlier this year in April, Surge Ventures expanded its portfolio with a deal to acquire Kovair Software, a tech platform provider that specializes in complex data integrations.
“[W]e aim to tackle the problem of data management in the wealth management industry and to offer products that dramatically improve operational efficiency, data flow, and security across software applications, for wealth management firms,” Yenamandra said in a statement at the time.
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.
It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.
Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.
Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.
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
