Fox Financial Planning Network launches robo-guide

Fox Financial Planning Network has teamed up with three technology companies to create AdvisorTouch Symphony, a program designed to help advisers learn how to add their own robo-adviser to their existing offering.
The alliance is an effort between Fox Financial, headed by chief executive Deborah Fox, a 29-year veteran adviser; Jemstep, a companty that provides advisers with robo-platforms; National Regulatory Services, which provides compliance guidance; and True North Networks, a cybersecurity firm.
The six-month program targets registered investment advisers, custodians, broker-dealers and large institutions. Advisers who use the service receive resources and support from the four companies. Topics addressed by the program range from implementing a robo to compliance and cybersecurity.
Firms with one to three advisers will be charged $5,500 while firms with more than three advisers and enterprise companies such as larger registered investment advisory firms, custodians and broker-dealers, will be charged based on their size and needs. Fox Financial is providing a discount for firms that sign up by July 31.
“The firms that are going to succeed are the ones that recognize this is an early phase of a trend transforming the way financial advisers do business,” Ms. Fox said.
The firm chose Jemstep because the company provides an extra arm for advisers who want a robo-adviser of their own, while maintaining an adviser’s portfolio suggestions. Other companies provide their own portfolio suggestions for clients to adopt. No new companies will be added to the alliance for now, Ms. Fox said.
“It’s not about the technology for us, it’s about how the technology is best used with advisers,” said Simon Roy, president of Jemstep. “There are some things technology does extremely well and we want to automate as much as possible, but at the end of the day, it’s helping advisers work with their prospects and clients.”
Eric Roberge, a financial adviser with Beyond Your Hammock in Salem, Mass., said a training guide would be beneficial for advisers who want to begin using robo-platforms.
“The ideal goal, especially for independent advisers, is to remain as independent as possible yet to have a team supporting them along the way,” Mr. Roberge said.
Companies are slowly starting to provide educational resources for advisers. For example, XY Planning Network, which focuses on younger advisers for younger clients, provides resources to help advisers and Betterment Institutional, the adviser-facing channel of the online investment platform, does the same.