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AI can help amid industry consolidation, staffing shortages
While artificial intelligence is often seen as a job killer, the Great Resignation has spotlighted the limitations of support and integration operations reliant on traditional workforces and approaches.
Goldman Sachs sees US recession odds at 35% in next two years
The Fed’s main challenge is to reduce the gap between jobs and workers, and to slow wage growth to a pace consistent with its 2% inflation goal.
The latest in financial #AdviserTech — April 2022
This month’s #AdviserTech roundup looks at Wealthbox's funding round and the transition in advisory firms' use of CRM systems, Summit Wealth Systems' attempt to build the next generation of performance reporting, and Advyzon's new TAMP.
Advisor360 upgrades new-account processing
Automated Document Bundling detects, enriches and batches new-account documents.
Envestnet embraces remote work in move from Chicago
The 23-year-old management software company is moving its headquarters to Berwyn, Pennsylvania, while offering employees 'maximum flexibility.'
Trade associations raise concerns about SEC’s cybersecurity proposal
Investment Adviser Association, American Securities Association say advisers need more than 48 hours to report breaches to SEC.
Ellevest raises $53 million in Series B funding
The company will use the capital to deepen its offerings and product solutions, and help women reach their money goals.
Private equity investors take stakes in CAIS, Mather Group
The steady flow of PE money into wealth management illustrates the bullish outlook for the industry's fee-based revenue streams.
Morningstar ranks best and worst robo-advisers
The latest study from the financial services firm found that top advice-oriented providers offer fairly comprehensive planning tools, ranging from online advice only to one-on-one human financial advisers who are just a phone call away.
Robinhood nears debut of retirement accounts
The company has begun adding support for individual retirement accounts and Roth IRAs within its app, as well as pension accounts.
Schwab launches direct indexing
Schwab Personalized Indexing will bring the benefits of direct indexing, like better tax management and portfolio management capabilities, to a wider spectrum of investors and advisers.
J.P. Morgan’s remote advice offering takes shape
J.P. Morgan hired Boaz Lahovitsky from Vanguard in 2020 to oversee the call center and video conferencing program.
Financial help a top concern for aspiring advisers
A new survey of some 4,300 financial advisers and students found that a lack of financial assistance was the No. 1 barrier to entry into the industry, with nearly half of the respondents citing finances as a top concern.
Riskalyze doubles down on fixed-income analysis
The risk-analysis platform plans to more than double its bond coverage by adding 800,000 more individual bonds this year.
Goldman Sachs to acquire retirement plan robo NextCapital
The company's asset management unit already supervises a total of $350 billion in assets in defined-benefit and defined-contribution accounts and will utilize the acquisition to provide new digital tools to customers.
Orion launches platform for services and M&A connections
The service, called the Orion Network, offers advisers access to preferred rates from more than 100 third-party service providers.
Robinhood debuts debit card after settling with state regulators
The Menlo Park, California-based company announced a new debit card last week, complete with a spare change investing feature, after reaching a settlement with the Vermont Department of Financial Regulation over lax oversight and service outages.
London Stock Exchange’s $1.1 billion deal could boost tech in the US
Private equity firms Clearlake Capital Group and Motive Partners announced the acquisition of Beta+ this week and plan to use the tech to enhance wealth management firms they already own.
Oppenheimer launches updated prospecting platform
The initiative was originally launched with existing technology in 2020 and through a partnership with InvestCloud, is now ready to onboard new clients.
Estate planning fintech Wealth lands $16 million in funding
The Wealth platform is designed to help clients better manage their legacies by creating plans online through a combination of proprietary legal documents and encrypted digital vaults.
