Refinitiv is integrating new tech tools for wealth managers using the company's Digital Investor platform after announcing its acquisition of fintech Advisor Software Inc. on Wednesday.
With ASI’s software, Refinitiv will add tax-aware portfolio rebalancing, Monte Carlo-based progress-to-goal tracking, cash flow and portfolio analysis, investment modeling and proposal generation into the Digital Investor tool, according to Refinitiv’s head of digital wealth management solutions Charles Smith.
Terms of the deal were not disclosed.
Advisers using Digital Investor will also be able to use ASI’s application programming interface as widgets within their existing platforms, Smith said. Moreover, Refinitiv is focusing on refining the rebalancing, goals-based planning, and analytics software from ASI.
The acquisition of ASI comes just one month after Refinitiv launched the Digital Investor tool. Since rolling out the platform, Refinitiv had its eye on aggressively acquiring digital advice technology to build out more tools for advisers in light of the COVID-19 pandemic, Smith said.
“The pandemic has created a market shift that has impacted the way clients communicate with advisers and, in turn, created a market for digital advice models where clients communicate via digitalized and automated channels,” Smith said.
In fact, a Refinitiv survey fielded among 1,000 consumers in April 2020 found that 24% of respondents said they will increase their use of digital channels. Yet, 57% of the respondents said they were disappointed by the online response of the brands they use and the lack of personalization.
ASI joins a list of tech providers Refinitiv has acquired to grow its wealth management business. Since last year, Refinitiv has built out its products via strategic acquisitions of Scivantage, and partnerships, including SigFig, MarketPsych, Appway, StoneCastle and Sberbank.
A Nationwide survey finds 47% of GLP-1 users have never discussed the drugs’ financial impact with an advisor, even as many dip into savings.
The hundreds of millions of dollars from a sale of Inspired Healthcare properties does not mean an immediate windfall for investors.
Its SEC filings said one thing - a congressional probe said another.
Sham agreements allegedly padded revenue by 345%.
"Most pre-retirees are uncomfortable making key retirement income decisions without an advisor's help," said Chris Bailey of Cerulli.
Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.
As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor
