Wealthtech Week in Review (5/30/19)


Asset-Map announced an expansion of their integration with Orion Advisor Services. Broadridge Financial Solutions is to acquire Canadian RPM Technologies. Capitect announced a new technology integration with RightCapital to simplify and streamline the data gathering process for advisors.

Wealthsimple raised 100 million Canadian dollars ($75 million). The Robo-Advising market could reach $1.26 trillion in assets by 2023.

Vestmark’s Adhesion Wealth continues to expand its innovative suite of tools to connect advisors and asset managers. Waddell & Reed launched WaddellONE technology to its advisors. Redtail CRM data breach exposes personal client data.

Asset-Map announced an expansion of their integration with Orion Advisor Services, LLC (“Orion”), the premier portfolio accounting service provider for financial advisors. In this latest update, advisors who use Orion with their clients will now be able to seamlessly access and edit their client’s Asset-Maps from directly within the Orion Insight Dashboard.

Find details here.

Broadridge Financial Solutions

Broadridge Financial Solutions, Inc. (NYSE: BR), a global Fintech leader and part of the S&P 500® Index, announced that it has entered into a purchase agreement to acquire RPM Technologies, a leading Canadian provider of enterprise wealth management software solutions and services for approximately $300 million USD. RPM’s technology platforms today support over 15 million customer accounts. Building on Broadridge’s strong Canadian Wealth Management business, the acquisition will bring important new capabilities and next-generation technology to both RPM’s and Broadridge’s clients.

Find details here.

Wealthsimple

Online investment management platform Wealthsimple said Wednesday that it raised 100 million Canadian dollars ($75 million) in a fresh round of funding.

The Toronto-based start-up said the investment was led by the digital investment arm of Germany’s Allianz, Allianz X, with additional backing coming from early investor Power Financial.

Find details here.

Capitect

Capitect, an innovative advisor technology platform, and RightCapital, a next-generation financial planning tool, announced a new technology integration that will simplify and streamline the data gathering process for advisors. By syncing data across both platforms, advisors will be able to enhance the financial plans they create in RightCapital with the portfolio management and rebalancing tools in Capitect.

https://www.prweb.com/releases/capitect_and_rightcapital_announce_new_integration_connecting_the_two_next_generation_solutions/prweb16328984.htm

Vestmark

Adhesion Wealth™(Adhesion), a Vestmark company, continues to expand its innovative suite of tools to connect advisors and asset managers. The firm has recently completed the roll-out of Adhesion Manager Communities, an enhanced set of capabilities providing both registered investment advisors (RIAs) and asset managers with intuitive analytics, communication, and marketing capabilities to allow the two communities to foster stronger connections.

Find details here.

Redtail

Redtail CRM data breach exposes personal client data. The information exposed includes names, addresses, dates of birth and Social Security numbers.

“Less than 1% of Redtail clients were affected by this data exposure,” Redtail CEO Brian McLaughlin said in an emailed statement. “We are taking this matter very seriously and are doubling down on our efforts to ensure that our customers’ data is safe and secure.”

Find details here.

Waddell & Reed

Waddell & Reed deploys Thomson ONE technology. Eager to provide its advisors with better connectivity, Waddell & Reed is building a desktop “hub.”

Nearly four months after announcing an agreement with Refinitiv to deploy Thomson ONE to its advisors as a desktop “hub,” Waddell & Reed launched WaddellONE to its over 1,300 advisors and advisor associates, according to the firm. The platform will give advisors “direct connectivity” to “several” of the firm’s tech partners, including eMoney, Envestnet (which the firm partnered with in 2016) and Albridge Wealth Reporting.

Find details here.

Market overview

The Robo-Advising market could reach $1.26 trillion in assets by 2023. Aite Group predicts traditional full-service wealth management firms and discount/online brokerages will likely capture the bulk of the robo-advising market over the next five years.

Find details here.



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.