There's no denying it: for better or worse, the fates and fortunes of the technology and wealth management industries have become tightly intertwined.
With a multi-trillion dollar transfer of wealth happening over the next few decades, firms and advisors are pulling out all the stops to catch the wave. Foremost and fundamentally, that means earning clients' trust, which isn't as easy as it was in decades past.
From safeguarding and managing investment assets, to keeping on the right side of regulation, and even helping plan for inevitable turbulence in life and in markets, there's no denying that the business of being clients' financial stewards has become more complicated. And in an industry beset with challenges on every front, the market opportunity for top-caliber tech providers is very rich.
With that in mind, InvestmentNews went on a search for the firms behind the Best New Technology and Software for Investment Management Professionals. From a fierce field of competition, the people behind the process selected those who introduced new technologies and software for financial advisors and firms in the past 24 months, then did a deep objective dive to find paragons of true innovation who provided genuine benefits to the industry.
“As advisors’ needs become more complex, they simultaneously demand the ability to execute these more complicated transactions in an intuitive and scalable way," says Rob Battista, head of advisory solutions at Vestmark. "This presents tremendous opportunities for solution providers willing to take risks on the leading edge of innovation."
Vestmark is among the firms recognized on InvestmentNews' New Technology Report, which includes wealth tech companies across the spectrum of portfolio management, compliance systems, CRM software, custodial platforms, financial planning software and beyond.
According to research by Cerulli, 30 percent of advisors who are heavy tech users end up with higher growth in terms of new client acquisition in three years, compared to just nine percent of light users. That insight tracks for Sheryl O'Connor, one of the co-founders at retirement income tech firm IncomeConductor.
"Advisors close prospects faster because they’re engaging the client right in the first meeting with the plan," O'Connor says. "We find that planning time has been cut down significantly because of this partnership, so they don’t have to go through multiple meetings."
Vestmark, which offers a portfolio management solution for firms, has also helped advisors buy back previous time in their days and larger calendars with its single custody account capability.
"Given the lag in time between cash being moved and being visible in a trading platform, doing all of this in a single account leads to faster, near real-time trading capabilities,” says Battista.
Among the winning fintech solutions, InvestmentNews' inaugural New Technolgoy Report 2024 is casting the spotlight on:
To see the full report and the whole list of this year's winners, click here.
From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.
Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.
“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.
Sellers shift focus: It's not about succession anymore.
Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
