Wealthtech Week in Review (5/13/19)


Jemstep launches the Jemstep Advisor Pro App on Salesforce AppExchange. SoFi announced a new ETF product focused on the gig economy. OpenInvest launches a new tool for financial advisors to model SMAs tailored to individual clients’ ESG preferences.

BlackRock and Envestnet executives discuss partnership strategy. Investor Cash Management (ICM)  has partnered with DriveWealth to provide technology, brokerage and clearing services for the new white-label accounts. Huddlestock mergers with leading Norwegian fund manager, Dovre Forvaltning. Envestnet | Tamarac announced a strategic partnership with Practifi. Goldman Sachs Group Inc nears a deal to buy United Capital Financial Partners Inc for several hundred million dollars.

Jemstep

Jemstep, a leading digital advice solutions provider, announced the launch of the Jemstep Advisor Pro App on Salesforce AppExchange, the world’s leading enterprise cloud marketplace. Jemstep serves banks, credit unions, broker dealers, insurance companies, and RIAs. The App is available today to all financial advisory firms using Jemstep Advisor Pro, Jemstep’s configurable, white-label digital advice platform. It is also configured for Lightning and Financial Services Cloud, as well as Sales and Service Clouds.

BlackRock

BlackRock and Envestnet executives discuss partnership strategy. The partnership was built to bring BlackRock’s technology — iRetire, FutureAdvisor, Advisor Center and Aladdin — to the thousands of advisers using Envestnet’s platform. At the 2019 Envestnet Advisor Summit in Austin, Tex., the companies gave a glimpse of what that will look like.

ICM

Investor Cash Management (ICM) announced the launch of its patent-pending cash management accounts linked directly to specified SEC-registered securities such as government money market and ultra-short bond funds. The company has partnered with DriveWealth, LLC, a leader in global digital trading technology, to provide technology, brokerage and clearing services for the new white-label accounts.

Social_Financу

SoFi announced a new exchange-traded fund (ETF) product focused on the gig economy. GIGE, which trades on Nasdaq, is an actively managed fund advised by Toroso Investments that allows investors to capitalize on this hot sector of the economy. Toroso offers a range of services around creating and managing ETFs.

Huddlestock

Level39 member Huddlestock has announced a merger with leading Norwegian fund manager, Dovre Forvaltning. Dovre Forvaltning is a household name in the finance industry of Norway and has become one of the most well-known fund managers in the country. Dovre’s Chief Investment Officer Stig Myrseth has been named the new CEO of Huddlestock.

Envestnet | Tamarac

Envestnet | Tamarac announced a strategic partnership with Practifi. Practifi offers a specialized business management platform and CRM solution for financial advisors and wealth managers, with foundations based on the industry-leading Salesforce CRM platform.

Find details here.

Goldman Sachs

Goldman Sachs Group Inc is nearing a deal to buy boutique wealth management firm United Capital Financial Partners Inc for several hundred million dollars, a source told Reuters. The acquisition could be worth $700 million to $750 million, CNBC reported.

OpenInvest

OpenInvest, the asset management platform that enables customization, direct indexing and impact investing at scale, is launching a new tool for financial advisors to model separately managed accounts (SMAs) tailored to individual clients’ environmental, social and governance (ESG) preferences, according to the company. The service, called Optimus, provides advisors with a set of models based around themes like sustainability or human rights, as well as allowing advisors to serve as de facto direct indexing asset managers, providing tools for customizing clients’ holdings while measuring them against market benchmarks.


Contributed by Vasyl Soloshchuk, CEO and co-owner at INSART, FinTech & Java engineering company. Vasyl is also the author of WealthTech Club, which conducts research into Fortune and Startup Robo-advisor and Wealth Management companies in terms of the technology ecosystem.