RIA in a Box’s phase one launch of its mobile app opens the floor for the compliance software provider to eventually offer all of its tech-driven tools on a smartphone.
The MyRIACompliance mobile app, available for Android and iOS users, currently features a compliance calendar that sends notifications for upcoming deadlines like filing a form ADV, reviewing quarterly billing for clients or personal securities transactions of staff members.
The app also includes a compliance task to-do list and an educational portal with cybersecurity training videos and compliance quizzes, which are updated monthly.
Initially, the app was designed for a firm’s chief compliance officer to manage an RIA’s compliance mandates, according to RIA in a Box president GJ King. Moving forward, King said the idea is to have all of RIA in a Box’s solutions presented on the app, though he did not provide a timeline for further enhancements to the newly launched app.
“This is just the first version of the app,” King said in an interview. “The long-term goal is that this becomes a tool that can be used by the entire team at an RIA, not just the compliance managers.”
As remote work has spurred heightened tech adoption among advisers, mobile apps have become a necessary part of an adviser’s workflow, King said. Moreover, zeroing in on compliance first makes sense in the current environment as technology providers have been deploying tools to help advisers adapt to new regulatory requirements this year.
Fellow fintech Redtail Technology, for one, revamped its mobile app in February, according to the company’s website. In fact, the firm’s CEO Brian McLaughlin said he expects the number of Redtail mobile installations to double in 2020 compared with 2019 as more advisers look to perform tasks on-the-go.
McLaughlin applauded the announcement of RIA in a Box's mobile app, saying that tech advancements like these ultimately push the industry forward.
“Anything we in fintech can do to foreground practice management advice, training, and support via mobile is a benefit to the community, as that means increased access to these business-supporting tools,” McLaughlin said in an email.
While RIA in a Box's King did not disclose how many users have downloaded the mobile app since it launched on Tuesday, it is currently available to the more than 1,800 RIAs that have an account with the tech provider.
"Shares of alternative assets managers have lagged this year as investors grow wary of private-credit exposure."
The fintech platform is touting a new AI-free Planning Observations feature, which draws on IRS tax records to uncover opportunities for advisors.
The Omaha, Nebraska-based RIA's latest acquisition expands its Rocky Mountain footprint after two prior Colorado deals last year.
Operational drag between an advisor signing and accounts going live is emerging as a competitive liability for wealth management firms.
Bain says companies face a "winner's paradox" as AI transformation collides with complex integrations.
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
Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.
