Riskalyze expands leadership team to push for larger clients

Riskalyze is expanding its executive leadership team as the company looks to expand its business among large wealth management firms.

The adviser fintech company named Josh Gray as its new chief technology officer, taking the place of co-founder Matt Pistone, who left the company in February. The company is also promoting former senior vice president of marketing Justin Boatman to the newly created role of chief product officer and hired Craig Clark as its first chief marketing officer.

The new leadership team is emblematic of the path Riskalyze has been on since 2021, when it received an investment from private equity firm Hg Capital in and named Laurie Schultz as the chair of its board of directors, said Riskalyze CEO Aaron Klein.

“We’ll always have roots in serving financial advisers, but we have been rapidly expanding to take a larger role in home offices and enterprises with compliance analytics,” Klein said. “These are exactly the right people to lead us into the future of servicing both advisers and wealth management enterprises.”

Since the deal, Pistone and co-founder Mike McDaniel, who also served as chief investment officer, have left Riskalyze. McDaniel’s role has been split between chief growth officer Drew DiMarino, who joined Riskalyze in 2019, and Shari Hensrud, who was named vice president of risk and analytics in January.

Prior to joining Riskalyze, Gray served as CTO at Apex Clearing, the digital custody and clearing firm that also lost its president, Tricia Rothschild, in July 2021 after the company’s plan to use a special purpose acquisition company (SPAC) to go public fell through. Rothschild joined Riskalyze’s board of directors in 2022.

Boatman has spent nearly seven years at Riskalyze working at the intersection of the product and the market, according to Klein. His new role opened a space for Clark, who most recently was the chief marketing officer of Canadian software company PDFTron Systems. Clark also previously with Schultz at governance software firm Galvanize, where he helped transition the company’s user base from individuals to larger companies.

Though Riskalyze is trying to make deals with larger wealth management firms, it is not losing the faith of independent registered investment advisers who helped the company grow in its early days, Klein said. Even though Riskalyze now delivers technology to firms some RIAs see as competitors, individual advisers can also take advantage of the innovations created for larger firms, he said.  

“A lot of the advisers that we serve, they have ambitions to grow scaling wealth management firms and they are investing ahead of the curve in that technology to help them scale and grow,” Klein said.

Although Riskalyze remains a dominant provider of risk tolerance tools with 23.76% of the market share, it did fall from 25.84% in 2021, according to the T3 Inside Information technology survey. The company also has a significant presence in trading and rebalancing; investment data and analytics; and economic analysis and stress-testing.

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