Technology

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Pershing dives into direct indexing with latest deal

The acquisition of San Jose, California-based fintech Optimal Asset Management meets a growing client need for greater investment customization, according to the company.

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When a hacker calls: How Robinhood fell victim to a vishing scam

The hack raises new questions about Robinhood’s efforts to ensure that its millions of customers get the support and help they need to invest safely.

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Credit Suisse grabs $1 billion in assets with new mobile app

The Switzerland-based private bank designed its latest mobile app, dubbed CSX, to address all financial services needs in a single smartphone app and has tacked on 100,000 new clients in the process.

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A link to ink leads to a tattoo artist advisory niche

Colton Etherton admits he was nervous about carving out such a unique niche, but he now knows he made the right decision.

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Keeping on top of compliance amid remote work

Many view firms' archiving and capture responsibilities as a costly and time-consuming burden, even though the possibilities provided by this treasure trove of information are massive.

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Wealth apps get poor scores for client satisfaction: J.D. Power

While wealth management firms are spending big on updates — with 31% introducing major feature updates this year — legacy technology and the complex array of services offered by wealth apps have presented unique challenges.

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Fintech, direct indexing are bringing ESG into focus

Research shows technology and customization are helping investors deal with the lack of clarity in the ESG space.

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SEC warns of widespread issues with robo-advice

The agency issued a risk alert and deficiency letters to almost all of the robo-advisers examined, citing shortcomings in how the companies manage portfolios and disclose conflicts. The alert could signal future enforcement actions.

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Citi to hire 100 for push into digital assets

As part of the effort, the bank tapped Puneet Singhvi to be its new head of digital assets inside the institutional clients group.

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The latest in financial #AdviserTech — November 2021

This month’s #AdviserTech roundup includes Schwab’s announcement of a direct indexing initiative, Fidelity’s launch of real-time fractional share trading, and Addepar’s acquisition of AdvisorPeak.

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IRS expects crypto seizures worth billions of dollars in 2022

The agency seized $3.5 billion worth of cryptocurrencies in fiscal 2021, accounting for 93% of all assets seized, and an IRS official says he expects that trend to continue next year.

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The challenges of remote work will only grow

The long-term implications of an advice industry in which much of the workforce is remote are only starting to be felt.

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Robo-advisers brace portfolios for rising inflation

As the stock market slowed in the third quarter, investors continued to process multiple market influences underscored by supply chain disruptions and pent-up demand from reopening economies.

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A tale of two advisers, and why boldness wins

To stand out in the sea of sameness, you need to be willing to be different.

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InvestCloud is considering an IPO in 2022

The company, which is projected to have more than $400 million in revenue next year, could command a valuation of $8 billion to $10 billion, based on comparable multiples of other companies.

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Wealthfront explores potential sale

A transaction could value the robo-adviser, which has drawn interest from banks and special purpose acquisition companies, at as much as $1.5 billion.

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Finra moves toward hybrid arbitration hearings

The regulator is considering how to utilize in-person and remote participation to capture 'the best of both worlds,' CEO Robert W. Cook said.

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The ‘finfluencer’ takeover of digital marketing

A new cohort of social media influencers is taking its knowledge and expertise into the financial realm, breathing new life into stodgy prospecting campaigns that have largely relied on blog posts and dinner seminars.

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Third Bitcoin futures ETF launches

The VanEck Bitcoin Strategy ETF began trading after a multiweek wait, and days after the SEC rejected the firm's proposal for an ETF that would hold Bitcoin directly.

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Goldman’s RIA unit licenses BondNav platform

The firm is also taking an equity stake in BondNav's operator, InspereX.