Ep. 228: February Wealthtech News

Come on in. Sit back and relax. You’re listening to episode 228 of the WealthTech Today podcast. I’m your host, Craig Iskowitz, founder of Ezra Group Consulting. This podcast is all about the news, information, updates, and technology around wealth management.

You are going to love this episode. It’s our February news, and we’ve got a lot of stories to cover, so I’m going to dive right in. Plus, we have a special guest. I’m going to tease that. You won’t know who it is until this person comes in later in the program. We’ve got a lot of stories. We’ve got 10 stories plus our monthly review of the Advisortech Map, which you all know and love on Kitces.com, which I work on with Michael Kitces. And the WealthTech Integration Scores go along with that.

Topics Covered

  1. Three Impressive Integration Announcements
  2. Addepar Surpasses $5 Trillion in Client Assets
  3. Pontera Raises $60 Million, Bringing Their Total Funding to $160 Million
  4. Flourish Launches $350 Billion Annuities Market
  5. InvestCloud Appoints Jeff Yabuki as CEO
  6. RightCapital Launches RightFlows
  7. T3 Inside Information Advisor Software Survey
  8. Advisortech Map and WealthTech Integration Score updates

Episode Transcript

Three Impressive Integration Announcements

Kicking off our news this month—we have a lot to cover—first are three stories on integrations. We’re going to roll them up together. Three firms announced some impressive integrations. As you know, here at Ezra Group, we love integrations. Bring them on.

The first one is FP Alpha. FP Alpha announced integration with Orion Advisor. This new integration pulls client information and data from Orion into FP Alpha—into their general questionnaire that is used to power their tax and estate snapshots. FP Alpha has a couple of different functionalities. They started with estate planning, and they then launched a tax management service that can take in PDFs of your tax returns and provide advice on them.

And they have their estate snapshot. This integration is part of a wider trend of prioritizing advisor workflows and focusing on the tools that they believe will save some time. They also claim they’re incorporating some AI technology. I haven’t got the details on that. Of course, they use some AI when they’re evaluating the PDF files. Whether they’re uploading their estate planning documents or tax returns, there is some natural language processing, or OCR, that utilizes some AI capabilities.

FP Alpha released a new suite of estate planning upgrades at the T3 conference last month. We’re also doing a bit of a T3 update at the end of the news. There are some other integrations from FP Alpha. They’ve been doing a very good job building out integrations. The most recent one was with PreciseFP.

Our second integration update is from TIFIN. TIFIN announced integration with BetaNXT and Franklin Templeton. TIFIN has a number of platforms and products. If you can check out my interview with Vinay, the CEO and founder of TIFIN, a couple of episodes ago, that was a very interesting and enlightening episode. This is the TIFIN AMP platform, which is their asset management platform, which can now be leveraged alongside BetaNXT’s data ecosystem.

I was a little confused about how this exactly worked. This collaboration will allow asset managers to leverage BetaNXT’s data ecosystem in cooperation with their wealth management clients, enabling significantly more precise fund distribution efforts. I see TIFIN AMP giving some advice to asset manager wholesalers, giving them data on the advisors who are using their asset management models and other intellectual property, and helping them decide which advisors would be best to sell their asset management products to. There are some integrations into CRMs and marketing automation systems. And there’s a comprehensive platform that combines marketing, distribution, and AI sales support signals.

I can’t speak for how well their AI generates signals, but I’ve seen a demo of TIFIN AMP. The interface looks really good. I like the UX and experience. They provide signals that tell the wholesalers: These advisors will be most likely to be interested in the particular strategies that you are selling. They believe they’re going to transform wholesale distribution efforts into actionable strategies and provide precise insights across various investment products as well.

The second part of the announcement is about TIFIN and Franklin Templeton, who is a global leader in asset management. “They’ve joined forces to create something called TIFIN @Work,” which is a “white-labeled solution for plan advisors to deliver an AI-powered, actionable advice platform for workplace benefits and financial wellness.” That’s an industry term we’ve heard a lot, a buzzword: Financial wellness. We hear that thrown around a lot. I’m not really sure what it means. In the past, it had meant some very simple advice, algorithmic advice, or rules-based advice.

We had helped some firms build out some of those capabilities over a dozen years ago. They’re more rules-based, where if the employee said, “I haven’t saved anything for retirement,” the rule would say, “You need to save something.” “Do you have an employee match?” “Yes.” “What’s the employee match?” “Six percent.” “You should max.” That’s the default. The recommendation is always to max out the company match in your 401k. They’re simple rules like that.

What we’re seeing now is more advanced capabilities, more AI machine powered learning that takes more data into account about the employee and gives a little bit more precise recommendations. Of course, they’re calling this a holistic AI-powered platform. I haven’t seen a demo of it yet. I’d like to see how they adjust their benefits to achieve better financial outcomes, better than what we were doing a dozen years ago with just some simple rules.

Most employees in these types of plans don’t have very complex financial lives. And even if they did, it’s very difficult to gather that kind of information on these financial wellness platforms. But we’re still happy to see these types of capabilities being launched. We feel that the more options available for corporations and for advisors who service those corporations, the better.

Our third integration story of this month is Altruist. Altruist announces six more integration partnerships. They came out with a bevy of integrations, including Orion, Redtail, Kwanti, Envestnet MoneyGuide, Income Lab, and eMoney. Those are new integrations joining their existing integrations.

We know that disconnected technology is a massive pain point. We like to see more integration, reducing duplicate data entry, reducing manual reconciliation, and reducing inconsistencies that are going to show up in your client reports and billing and make them unhappy. We’re excited to see these types of integrations.

There wasn’t any data on exactly what data they’re passing back and forth. That’s something that we will dig into in our integration scores. You can find the Altruist Integration Score at EzraGroup.com. If you go to our website and click on the menu option, “What we do,” and then click on “WealthTech Integration Scores,”  you can check the score of any company. You can check on Altruist, which I’m doing right now. And once you click that, it’ll show you that Altruist has a score of 3.43, which is not so great. But this should hopefully increase that score with these six integrations.

Our score is based on the robustness of the integration, not just the raw number. As we all know, an integration can be something as simple as a single sign-on—it’s considered to be an integration by some—all the way up to a bi-directional embedded widget that would be a much more robust and higher-scoring integration.

Altruist had a number of other announcements there in September of last year. They eliminated their portfolio accounting software fees for all brokerage accounts. That’s nice. I think it was a dollar an account still. It all adds up. The fee reduction and integration follow a larger push from Altruist to “reduce friction”—another buzzword—”and improve the user experience.” Last year, the company also increased its ACH limits, added reporting tools, and made several UX/UI improvements. There are a couple of other things coming down the pike early this year. They’re going to add additional integrations with SmartRIA, Morningstar, and ByAllAccounts.

That’s all I have for integrations. If you want to look up more information about these companies, you can go to Altruist.com, TIFIN.com, and FPAlpha.com.

Addepar Surpasses $5 Trillion in Client Assets

For our next story, Addepar surpasses $5 trillion in client assets. Addepar was a wealth tech provider mainly of reporting solutions when they first started out on data aggregation, but they’ve since expanded their capabilities tremendously to become an end-to-end wealth management platform. Addepar was founded in the wake of the 2008 financial crisis by Joe Lonsdale because he saw the trouble his own family office was having when trying to produce consolidated reports for his non-publicly-traded investments.

This timing was fortuitous, as a number of trends have pushed more advisors to move beyond traditional stocks and bank portfolios and into alternatives. First, there was an increase in the number of startups deciding to remain private. Part of that is due to Sarbanes-Oxley greatly increasing the complexity and costs of going public. Combine that with a steady pace of public companies being taken private, which resulted in a drop in the number of publicly traded companies around. Investment dollars have to go someplace. If public companies aren’t available, then it’s logical that advisors wanted to get exposure to private companies that would have been public in a prior era.

The second trend is that one of the driving forces behind the economic shift into private markets was the explosion of private equity, which has attracted the attention of a wider group of investors who are chasing outsized returns.

Third, the zero interest rate policy, or ZIRP—which is no longer in existence but was for quite some time—was pushed by the Fed after the financial crisis. It stayed around for much of the 2010s, and publicly traded bonds became a drag on portfolio returns. All this drove more money into alternatives. Enter Addepar, with an approach that was different at the time. They wanted to build a platform to track every asset, whereas most wealth management platforms focused just on publicly traded ones that are available to custodians. Addepar was looking to support a wide range of assets that would be more likely to be held at higher-net-worth firms and higher-net-worth clients, including private equity, real estate, personal alternatives, credit derivatives, options, foreign equities, private company holdings—you name it.

Addepar did a very good job in building their data feeds and import routines to gather that information, but also in their front end, which enabled advisors to view in-depth underlying information about all these assets. They have a lot of customized attributes available for things like private equity, call dates, and call amounts. Having that data about those different investments is critical when you’re an advisor managing what could be across dozens or hundreds of investments.

Addepar has reached $5 trillion in assets, serving over a thousand client firms across more than 40 countries, with 30% of their clients being outside the US. They’ve got a robust set of APIs, which we like, in a partner ecosystem that allows clients to tailor solutions. Out of that $5 trillion, 60% are marketable securities and 40% are alternatives, which was surprising to me. I thought it’d be the opposite. But it’s those 40% alternatives and their complexity that give Addepar some of its differentiation, as well as the strength of their reporting solutions in that a lot of firms are willing to pay up for Addepar—they’re more expensive—because of how well designed their reports look.

Addepar brings in positions and transactions from more than seven million accounts across more than 350 global banks and other financial institutions. What’s significant about Addepar hitting $5 trillion is that it gets them into the ranks of the top firms in the space. Orion is around $4 trillion, InvestCloud, which has the old Fiserv’s APL platform, is around $6 trillion, and Envestnet’s way over $6 trillion, probably $7 trillion by now. That puts Addepar into that same category.

I know that as a consultant, when we’re recommending to clients different platforms, we want to see that the platforms we’re recommending before we recommend them have some heft, some market share. We don’t want to be a [inaudible] at the first. But even for a smaller market-share company, we might hesitate before recommending them, so seeing that they’ve got significant assets is important.

There are another couple of things. We’ve had a number of demos over the years with Addepar. One of the things I wanted to point out was their ability to support multiple legal entities. You can view the holdings of a client by which ones are in different LLCs. Certainly, clients with higher net worth might have multiple legal entities like LLCs that are holding different investments, holding companies, trusts, and so forth. We were monitoring Addepar over time. They’ve built out their platform, as I mentioned, from just reporting and data aggregation to include proposal generation and billing. They acquired portfolio rebalancing engine AdvisorPeak a few years ago, so they’ve got a full-featured platform.

Addepar has raised over $500 million in seven investment rounds, with the most recent one bringing in $150 million in 2021 from D1 Capital. If you want to learn more about Addepar, go to addepar.com.

Pontera Raises $60 Million, Bringing Their Total Funding to $160 Million

Number five: Pontera raises $60 million, bringing their total funding to $160 million. An anonymous source close to the company has valued them at over $500 million. That’s half a unicorn. Congratulations, Pontera. This firm was previously known as FeeX. They just changed their name in 2022 and pivoted, they refocused, from marketing a platform that serves as a fee comparison tool to developing software to help financial advisors manage workplace retirement accounts and other held-away assets.

That was a brilliant pivot. I wish I thought of it. No one else is doing that. Some advisors have always given advice on held-away assets such as 401Ks or other retirement assets, but it’s been verbally or in an email, and the client has had to go in and make the changes. If the advisor said, “I don’t like this mutual fund you’re in, you should swap it out for this other mutual fund,” the client had to take that information, go to their own account, and make those changes. And who knows how often they would do that, or even do it right? What Pontera does is enable the advisor to log in using the client’s credentials, make those changes, and do those trades in the client’s employer-managed retirement accounts. According to CEO Yoav Zurel, their revenue has quadrupled since 2021. Their headquarters are in New York, but 65% of their employees are based in Herzliya, Israel. We love firms based in Israel.

They plan to expand their R&D operations in Israel and recruit more people for positions in cybersecurity, software engineering, data analytics, and product management—all good things to do with money. I wouldn’t be surprised if they made an acquisition or two. The funding round was led by ICONIQ | Growth, a family office that provides wealth management services to high-net-worth clients, including Mark Zuckerberg, Sheryl Sandberg, Jack Dorsey, and Jeff Wiener.

Some people have complained about or knocked Pontera because of the price. It’s around 30 basis points. But if you want this functionality, you’re going to have to pay for it. There have also been some other issues with regulators looking into their use of clients’ login information. Washington State regulators recently came out saying that Pontera could be breaching their user agreements with the 401k custodians by receiving and holding client logins. Tennessee regulators also raised concerns.

According to the article, advisors feel that this potential violation of terms of use concern shouldn’t be an issue, and I agree. It’s no different from how other popular financial planning and account aggregation tools access these accounts. Everyone is doing this, including Morningstar’s ByAllAccounts, Plaid, and eMoney. Also, Envestnet Yodlee. We’re seeing less and less of what’s called screen scraping, where they’re taking the login credentials and logging in directly. There are more direct feeds, especially from these data aggregation tools, but it’s still being done. Whether Washington State or Tennessee can say anything about it or make any regulations that would block this, we don’t know. I think they would have a tough time considering how many other firms are doing the same thing.

Pontera has been knocking it out of the park with integrations and partnerships, signing up big firms to use their platform. They recently signed Captrust to use their platform for 401k management. Captrust has over $800 billion in assets; two-thirds of it are non-discretionary. They’re one of the largest retirement plan advisors in the space.

Commonwealth Financial recently picked Pontera for 401k management. I spoke with their head of wealth management a couple of days ago. It’s not rolled out yet, but they are very excited about it. A lot of reasons why these broker-dealers and very large RIAs are not only excited, but looking forward to bringing Pontera is not only to make more holistic management and make it easier to help advisors handle these 401k and heldaway accounts, but it’s a big revenue increase because you now can charge basis points on these heldaway assets that are not at your custodian, that aren’t under your AUM, but you can charge either.

I’ve seen some advisors do half their standard fee or even the full standard fee because now they’re directly trading it. What’s the difference? Whether you’re a custodian or not, you’re still directly managing those assets. There’s a huge revenue increase for some of these firms. The 30 basis points don’t seem so bad when you’re charging 100 on the additional assets or even 60. You’re still making 100% profit on those assets.

You can hear more about Pontera on our podcast and in our blog. We did an article in April when Pontera announced integrations with Envestnet and AssetBook to enable direct trading of 401k accounts. You can check out that article on the WealthTech Today blog. And on our podcast, we had Dave Goldman in Episode 141 from Pontera, so you can check that out as well. Or go to Pontera.com.

InvestCloud Appoints Jeff Yabuki as CEO

Our next story is number six. InvestCloud appoints Jeff Yabuki as CEO. If you want to hear more about this, check out RIABiz article, I love their titles, they are so long: “After three years — and $2.5 billion — trying to make an Envestnet killer out of InvestCloud, Motive Partners goes owner-operator when CEO search comes up empty”. They just don’t mince words in their titles. InvestCloud is a wealth technology platform that supports over 500 wealth and asset managers globally with more than $6 trillion in assets. It’s all assets under advisement (AUA) across this platform and in services such as UMA estimate portfolio management, trade execution, accounting, model management, performance measurement, etc.

“Jeff Yabuki was previously the CEO of Fiserv, a global leader in payments and financial technology, a role he held from December 2005 through June 2020. During Jeff’s tenure with Fiserv, he led the company through a strategic transformation with significant acquisitions and divestitures, including the $22 billion merger with First Data. Fiserv nearly tripled revenue under his leadership, increased operating margin and earnings, and achieved a total shareholder return of almost 1,000% through the end of 2020.”

What’s interesting is that, if you pull some of this stuff out of this RIABiz article, my friend Andy Besheer was quoted on a call. A couple of things that he said about this move. According to Andy, “The driving motive behind putting someone like Yabuki into the seat is that the exit strategy for this business has always been to IPO it.” That’s been the word on the street. “It might not be a bad strategy,” according to Besheer, “if one assumes that they’re looking to try to make an IPO happen in, say, the next 12 to 18 months to put in an experienced public company CEO with a well-known and successful track record from an investor and analyst perspective.” It’s true. One hundred percent. I see that’s why they would do that.

Motive Partners and Clearlake Capital bought 88% of InvestCloud for a billion dollars at the end of 2021. More from Besheer, “What I’ve heard is that the focus will be on the core businesses being Tegra”—which is the legacy security APL business and managed accounts, portfolio accounting, portfolio management—”which is the key revenue driver.”

In the article, this is the RIABiz article saying this: “Putting Yabuki in charge three years after buying InvestCloud and eight months after beginning a CEO search looks like plan B or plan C.” “Once they went through the process of purging” the founder and CEO “and his loyalists, they realized,” according to Besheer, “the business was actually broken and they had to put some of their own boots on the ground.”

InvestCloud was supposed to become the epicenter of a more than $2.5 billion roll-up of legacy software firms. They include Security APL, which they acquired from Fiserv for, I think, $600 million for 60% of that business, another billion-dollar evaluation business. They also bought a company called Finantix, which is a higher-net-worth dashboard reporting tool based more in the EU. They bought legacy venture planning software vendor NaviPlan and back office self-clearing provider BetaNXT from Refinitiv.

BetaNXT is an interesting business. They’ve got a huge customer base and some great names, including Ameriprise, LPL, Wells Fargo, Steifel, Janney, Baird, and Wedbush. Even new players are signing up at BetaNXT. From what we’ve seen, they have a very strong API layer and very good core transactional processing.

There aren’t a lot of competitors in this space with this depth and breadth of capabilities. We’ve got FIS. Their API layer and integrations are maybe not quite as advanced. They’ve had some recent issues with conversions, which is not surprising in general. That’s not an FIS problem. When you’re converting to self-clearing, no matter which vendor you’re using—BetaNXT, FIS, or the other big players, Broadridge BPS—it’s complicated. We’ve done these before, and you’re on the edge of a precipice the whole time.

I’m not surprised that FIS has had some recent issues, but going self-clearing is very attractive to mid-size broker-dealers for the vertical integration and the great economics. They make money on custody, which they didn’t have before. It’s another revenue stream. Firms like LPL are self-clearing. They can bring on RIAs and make money. Whereas in other firms, if you’re a W2 broker-dealer and your advisors leave to start their RIA, you’ll lose money. If you’re an IBD and you’ve got RIAs who are affiliated with you and they decide to go off on their own and don’t want to be affiliated with you anymore, you lose money. But if you have custody, you can keep that, and you can launch your own RIA network, as I believe firms like the former Advisor Group has done this. Cetera has done this. They’re launching their own RIA networks to try to keep that money in-house.

What’s also interesting about BetaNXT is that it’s a very sticky business model. This is part of InvestCloud. They own BetaNXT. It’s like core banking. It’s similar in that respect. It’s the last thing you want to mess with. It’s very difficult to get new customers. It’s a long, long sales cycle. It’s plug-and-play. You’ve got to unplug someone to plug your system in. It spins off a lot of cash with good margins, but it’s slow growth, probably in single digits. The revenue is based on trade volume and market cycles. It’s also a barbell-shaped market. They’re all really large or really small clients, not much in the middle. That’s the BetaNXT business.

APL is very similar. Core portfolio accounting and portfolio management are also the last things you want to mess with. It’s very hard to replace. With a long sales cycle, it is difficult to make a case for why they need to change. Inertia is a tremendous benefit to the established players, the incumbents, because it’s so hard to move off of a portfolio accounting or portfolio management platform at the enterprise level when you’re talking with these large firms. And the growth is slow. It seems to me you’re buying a bunch of well-established but very mature, slow-growth businesses with long sales cycles.

That’s not a business that’s going to be easy to IPO and convince people to buy into. Not that they’re bad businesses; they’re good. But where are you going with it? How are you going to goose this revenue? How are you going to double or triple the revenue of these companies? I think that’s the problem that these firms had when they acquired them: They thought they could simply come in and double or triple revenue, which is what you want to do. If you’re going to be paying those kinds of multiples—billions of dollars—you want a return. And it’s difficult to do.

This is what we do all day at Ezra Group. Full disclosure: Before Motive acquired the Fiserv APL Security APL Business, which eventually became Tegra118, we had done a lot of consulting for that business on strategy, so we know a lot about the platform. We’ve done deployments of APL at numerous broker-dealers, both deployments to and deployments from. We’ll go in either direction, whichever we think is best for our clients. Sometimes, APL is great. Sometimes they don’t like APL, and they want to move away from it to something else. It happens all the time. We know a lot about it. It’s a long process. It’s not easy to do, and it costs millions of dollars for these larger companies.

Seeing Jeff Yabuki come in, we hope that he has great success. It’s going to be difficult, especially after the whole management team was fired. That does not happen—certainly not in our business, but in almost no business, especially a company that’s been around for over 10 years or 15 years, and all this money invested in them—where they just shoot the entire executive team and six people out the door at the same time. I don’t have any details or insider information. If I did, I couldn’t tell you because we’re still under NDA after working with these guys years ago. But it doesn’t bode well. That doesn’t say, “Hey, we had a disagreement about your priority or your strategy.” That tells me something else was going on.

I don’t know what it is, but it’s not good. Jeff’s got a hard job ahead of him. I know they had a number of layoffs last year and the year before. A lot of people were let go. Whenever there are layoffs, no matter what company it is, we get calls here at Ezra Group because we know everyone. I have a lot of friends who were there and who were laid off, as well as people I know. We brought some of them to our firm to help with some of the projects, so in some respects, we’re happy when they’re laying people off. But it’s never happy when you get laid off.

Also, those businesses require people to run. I know the people they laid off were ones with serious institutional knowledge—the ones who know where the bodies are buried and how these platforms work. It seems like Yabuki might be inheriting a skeleton company, where he’s got to build it back up from scratch and quickly if they’re expecting to IPO it any time soon. That’s my long-winded explanation, description, and opinion on this particular story. Again, go to RIABiz.com to read more about that story, or go to InvestCloud.com to find out more about their products and services.

Flourish Launches $350 Billion Annuities Market

Flourish Annuities platform. “Flourish Platform Launch Aims at $350 Billion Annuities Market.” Flourish, which was originally called Flourish Cash, has now launched an annuity platform. They also have a crypto platform. Their aim is not only to provide a marketplace of fee-based annuities for [inaudible] RIAs but also to solve the operational challenges of implementing annuities and their notoriously burdensome paperwork through streamlined automation of application processes.

We like what Flourish is doing here. They’ve built a number of successful businesses. Their Flourish cash management platform is very successful, with, I believe, thousands of RIAs using it to deliver better interest rates to their clients by automatically moving money between different bank accounts and also breaking it up into smaller chunks to take advantage of FDIC insurance. That platform is doing well, and annuities were something they wanted to get into to make it easier for RIAs to acquire annuities because it is so notoriously hard. While there are companies like DPL that automate and outsource the acquisition of annuities, there are still some opportunities for firms to build tools that enable RIAs to directly acquire annuities cheaper, more streamlined, and more transparently.

Envestnet also has their insurance marketplace, which connects advisors with annuity carriers and providers, so there’s a lot of opportunity there for advisors to be able to bring annuities into their platforms, be more holistic, and offer these tools.

I know the financial planning software applications, the top three, MoneyGuide, eMoney, and RightCapital, all show forward projections of how an annuity could help clients close some expense gaps in retirement. And being able to connect those to buy annuities inside the same process, I think, is the next step, which is going to give firms like Envestnet a leg up since they’ve got the insurance marketplace, they’ve got MoneyGuide. You can plug those all in together and do that acquisition. Flourish is looking to get a piece of this as well.

You can find out more about Flourish at their website, Flourish.com. Flourish.com is the website for their cash management, crypto, and annuity platform as well.

 RightCapital Launches RightFlows

Craig: Next up on the news is RightCapital, which launches something called RightFlows. RightFlows of RightCapital is one of the top three financial planning software vendors. Their market share has tripled since 2020, becoming one of the top three, right behind eMoney and MoneyGuidePro. RightFlows is a workflow tool that allows direct client collaboration, claiming to help advisors manage and assign steps in the financial planning process to team members and clients. This could be a powerfully tailored workflow tool. But do advisors need another workflow tool when there are already other things like CRM and other tools? Will other tools just copy and create their own embedded workflows?

Craig: Here to talk more about this is an expert on workflows and an expert on RIA technology and operations. It’s Kristin Schmidt from RIA Oasis. Hey, Kristin.

Kristen: Hi, thanks for having me.

Craig: I’m glad you could be here. We haven’t talked on the podcast in a long time. You’re joining us for the news, and this story is RightCapital launches something called RightFlows, a new feature. What do you think of RightFlows? What’s your thought about that?

Kristen: Oh, so many thoughts. First of all, congratulations to RightCapital for building something after reviewing it and playing around with it—building something that is finally easy to use and makes sense to advisors. On behalf of all of us everyday users and people who have to train others on how to make this sticky inside your firms, I think it’s a great tool.

Kristen: I think there’s a bigger conversation that all of us are probably having amongst ourselves about, “Where do I do workflows?” I think that’s the biggest challenge, because, as you know, I’m a CRM implementer, expert, and best practice person, and it’s what runs through my veins. In my world, if it’s not in the CRM, it didn’t happen.

Kristen: If you play off of that theory or that mantra for a second, it gets a little challenging when we start thinking about a financial planning system that has workflows. Possibly, firms are using workload tools like Hubly. Well, now my workflow is in a different system. We have firms that are sometimes going to Asana’s for project management tools. I think that it adds another layer of: Where do I write my workflows? I think that’s the bigger conversation for me and that I’m having with a lot of advisors.

Kristen: I think the other piece of it is that, even if you write the workflows and you feel organized—here’s our new financial planning workflow and it’s in RightCapital, as an example—the challenge is all the tasks that you’re telling people to do. You’re telling your financial planners to do this and your client service people to do this. All those tasks—the to-dos—are in RightCapital. But I also have a bunch of other stuff I need to do and that’s in my CRM. I think there’s a challenge for RIAs to manage all the things I’m supposed to do and be accountable for them all.

Kristen: We like having that in one system and technology today on the RIA side is struggling to give us that. I’ll give you a good example.

Craig: Why do you think it’s struggling?

Kristen: It’s a struggle because, in my opinion, all of these technologies want you to live in their systems. And I don’t blame them. They built something and they want you to be inside it. That makes sense. But when it comes to the daily events that’s happening in your RIA, the challenge is that 1) I don’t live in one system all day and 2) I need to run reports telling me what everybody is doing, needs to do, or already did. I don’t want to run reports on four systems. What do we end up doing? Exporting, putting it in Excel, screenshotting. That’s what a lot of our client service people are doing for our advisors and planners on a daily, sometimes twice-daily, basis.

Kristen: I’ll give you an example. Hubly is a great workflow tool. I am a huge advocate for it in the sense of making workflows simple. The visual is beautiful. It’s color-coded. It’s simple. It’s siloed. Great! I often say it has that visual of… If you remember Trello. There are boxes and you move things everywhere.

Craig: The Kanban board.

Kristen: Yes, exactly. And that’s a lot of how people need to see things to take action or know where they’re at in a process. I love it. The challenge is the integration into CRMs such as Redtail or Wealthbox. All the integration does is link your records together. Your client records are linked together, which is great. But when it comes to those workflow tasks, it’s all in Hubly. After the workflow is fully completed, Hubly sends a note to Wealthbox and Redtail that says this workflow was completed. The integration is lackluster in the sense of the everyday things we need to do. If you’re in RIA using Hubly and Redtail or Wealthbox, your staff is using two systems to manage what they have to do. And that’s the challenge that a lot of firms are facing.

Kristen: Then let’s take it another level and say I’m talking to executives of large firms that are saying, “I would like a dashboard.” We’re all using that phrase lately, right? I want to dashboard. I want to see everything that’s currently in progress. I want to see things that are overdue or pending. And I want to give credit to people for all the things they did. I also want to see if my staff is at capacity.

Kristen: For example, my assistant, Sarah, says she’s really overwhelmed. She has a lot of work to do. I want to quantify that. Let’s look at all these things we assigned her. Is she really at capacity? It means you run two reports every single time and you try to morph them together in their priority and status. And it’s possible firms are doing it today and it’s very possible, but it means you need more humans and more attention to detail every day.

Kristen: Coming back to RightCapital, I think that it’s a great tool and idea, but I think there’s still work to be done with firms that want to adopt that. Where does the workflow live? Where do the tasks live? And how do we meld that together to see it all in one place? And that’s still to be determined, I think, in the scope of where our impact is today and what I do every day in helping these firms gather all of that and create efficiencies.

Craig: RightCapital is claiming that it’s the first financial planning workflow tool. Is that true?

Kristen: That is correct. And that’s where this can also get a little bit confusing. I’ll give you an example: eMoney has allowed tasks to sync to and from their system. For example, they have an integration with Redtail where you can have activities synced. You are also allowed on eMoney to task your clients if you want. There’s a lot of controversy over that, to be fair—whether we want to actually send our clients a task or politely ask them to do something in an email. I think it takes a certain personality of a client to not take offense to being tasked. Some clients say: “This was great. I didn’t have to remember anything. It’s all there.” And other clients say: “Hmm, I feel like that’s what I’m paying you for.” Can you imagine if your doctor gave you a task? There’s a balance. But eMoney has always had those features.

Kristen: RightCapital is allowing these workflow tasks to be seen or assigned to your end client if you want, which then makes clients and advisors more sticky to that client portal. But the actual flow being written in a financial planning tool—yes, no other financial planning tool has that today. That’s because traditionally, and I think best practice is, workflows live in the CRM, not in your tools.

Kristen: I can’t help but think: “Now I want to be in my estate planning tool. Do I need an estate planning workflow in my tool? Now I’m going to work on my tax planning tool. Are workflows going to live there?” And now let’s say Craig Iskowitz is my client. We’re working on estate planning. We’re helping him with tax analytics and we’re opening 529s for his kids. I’ve got workflows in three places. Someday? I think that’s the challenge. I love that RightCapital is encouraging firms to be process-driven and to say, “What are we doing in RightCapital for our clients?” That makes sense. And I’m pushing clients to do that all the time when I’m working with RIAs. But there’s a bigger world out there of all the things we do beyond just the financial plan.

Craig: Yes, and I get when you say that all vendors want you to live in their tool. I wrote an article about that probably eight years ago now, that every application wants to be the hub. They all want to be the central location for all of your activities. But as you said, things are spread out. You just can’t stay in one thing all the time because you’ve got data spread across multiple applications.

Kristen: Absolutely. And if we’re really going to break it down, it’s because we’re not offering one service where our business would live in that technology. If you are investment management-centric, you’re still living in three or four systems. But if we’re being honest, you’re really living in your portfolio management system that has a trading and rebalancing tool. At the end of the day, that’s your core system. It’s your hub. But what about firms that are often offering financial planning? Like I said, estate planning, tax planning, health planning, and life planning. To be honest, they all mean the same thing. But we’re offering different services. It’s funny you say that because in the article that you did eight years ago, it has a lot of relevance to: That’s why we need all-in-one systems. In fact, I just wrote this note, knowing that we were talking today and I wrote, “All-in-one is really struggling to be defined.”

Craig: Hmm. Well, hold that thought. That’s a whole other article I want to write.

Kristen: You’re right. Sorry. It’s a whole other podcast. Yes.

Craig: Let’s do that at another time.

Kristen: Yes.

Craig: I want to wrap this up by saying that people can find more information about RightCapital’s RightFlows by going to RightCapital.com. And we’re going to take a break and go to another article. Then I’m going to bring you back. We’re going to talk about the T3 conference later.

Kristen: That sounds good.

T3/Inside Information Software Survey

Craig: We’re getting towards the end of the news. In the next story, we’re going to be talking a bit about the T3 inside information advisor software survey for 2024, which is an annual survey run by T3. Joel Bruckenstein partners with Bob Veres on that survey every year, and it was released at the T3 conference last month in Las Vegas, which happened to be the 20th anniversary of the T3 conference. If you want to download a free copy of this survey, you can go to t3technologyhub.com.

Craig: And I’m bringing back a special guest, Kristen Schmidt, to talk about some of our thoughts about the survey and some of her thoughts about the survey. We use this survey a lot at Ezra Group in our research because we get hired by a lot of wealth tech vendors to help them with strategy and competitive analysis to help them go to market strategy. And we reference the T3 survey a lot for different areas. It’s directionally accurate, I think, in terms of which way the market is going around different technologies, even though, scientifically, it doesn’t follow statistical methods. They’re not going out and saying, “We’re going to find the participants.” They let anyone respond, then they try to clean it up. But it’s still, I think, a very useful data point in an industry that lacks a lot of good data.

Kristen: We’re craving it.

Craig: Kristen, what are your thoughts on the survey?

Kristen: I think we need to make sure we ground ourselves with who’s responding to the survey and what the scope of the type of business that they have is. A lot of times when advisors and planners are looking at a survey, I always give the tip and say, “Where are you in these responses?”

Kristen: There’s nothing worse than comparing yourself to a firm that is bigger than you, smaller than you, or doesn’t offer services like you do. If we go real simple, there were close to 3,000 people who responded to the survey. And I think that, like you said, we’re creating data—

Craig: It’s a lot.

Kristen: It’s a lot. It’s great to see. I think when they try to break down who’s responding, they had two factors that they think are really good benchmarks. One is the revenue of the firm. Twenty-five percent of firms that responded had $500,000 in revenue or under. And then you have another 20% of firms that responded that had anywhere between $500,000 and a million dollars in revenue. I think that’s a good benchmark for advisors and planners who are looking at this data to really say, “Is this me and is it representing me?”

Kristen: Also, the type of firm. Fifty-six percent of the people who responded were part of a fee-only firm and about 40%-ish were duly registered. I think it’s fair to say that when you are an independent RIA or you’re a hybrid RIA, a lot of you are represented within this survey for sure. There is an area, as they start to break down all of the questions they ask and what it means when they get all of their results, that they call something market utilization. I thought that was an interesting term, Craig. To me, what that means is, how much are firms utilizing this? And I always like to remind people that just because you own a license for technology does not mean you’re utilizing it to its best capability.

Kristen: How many times do you and I hear as we’re working with clients on different projects that they say, “We have a license” or a couple licenses, “but we only use it once in a while” or “We haven’t used it in a long time”? I think the utilization factor, where they’re trying to identify how much a firm is using their technology, can be a little interpretive. Where they noted some rises in that utilization is estate and tax, which I think are some really good points.

Kristen: We’re seeing estate planning technology tools as well as tax planning tools being utilized a lot more. Why are we seeing that? Because firms are broadening their services to try to bring value to their clients. Back in the day, we used to just do investment management and walk in with our performance reports. It’s not enough anymore. And you state the fact of “I do wealth management.” People on the street don’t know what that means. They need something more tangible.

Kristen: We’re starting to see advisors say: The core offerings that I offer to my clients are investment management and financial planning. And those might even be switched. They might be financial planning-centric. And then there’s what I like to call a la carte services, depending on their needs. That’s why that technology, I think, is really taking off.

Kristen: Interestingly enough, there’s some declines that were stated in T3 survey. The declines are less than 10%, as I give you a little bit of a list. I work in all areas of tech, but as a CRM expert, I was surprised to see that CRM was on the list of a little bit of decline along with risk—that doesn’t surprise me. And on your side of things, Craig, lead capture and digital marketing had a percentage decline, which I thought was interesting. Have you seen that?

Craig: What do you think that means?

Kristen: I think it’s the idea of utilizing tools for your own lead capture and digital marketing. I will say that on my side, I’m getting fewer inquiries about firms interested in leveraging the tools or finding new tools to do that. I think that firms are still relying a lot on organic growth or mergers and acquisitions in order to grow and that lead capture and digital marketing tend to take a third seat in order of how they’re approaching it.

Kristen: There are a lot of successful firms that have great digital marketing and lead processes. But when it comes to deploying separate tools for that, it’s a lot of work and upkeep and sometimes it doesn’t hit the budget or people resources that are needed. Do you see that in what you’re working on?

Craig: I think it might be the difference in the size of the firms we work with. We work with broker dealers and enterprise RIAs, where I think you’re more of the mid tier RIAs.

Kristen: Correct.

Craig: I think it’s a difference in how they market. Larger firms, it’s true, also do M&A, but once you get past a certain size, and Michael Kitces has pointed this out—he did a couple of talks last year that I caught on advisor marketing—how at some point you can’t scale with referrals anymore. You have to go with a strong dollar-based marketing plan, which has to have some sort of digital capability. I think for the larger firms, they are definitely still interested in some sort of digital marketing tool, whereas smaller firms may not be so interested.

Kristen: I would agree. I also think that there are some smaller midsize firms, especially, you’re absolutely right, the firms that I work with as well. It’s scary to put something like that in place, because you have to have the staff and the processes in place to receive all those leads and all of the attention you get from digital marketing. Sometimes it’s almost a catch-22 for these firms where they say: We would love to deploy a tool to help us do this, but once those leads start coming in, we don’t have the manpower or the workflows and processes to drive the efficiency to get all these people talked to and onboarded and feel the love that they deserve from our firm.

Kristen: I think lead capture and digital marketing require firms to make sure that they have their businesses running like well-oiled machines. And a lot of the larger firms have worked out those kinks with the right people in place and put the money into the people in the process to be ready for the influx. And there’s nothing worse than being a firm that is ready on the front end but isn’t ready on the back end.

Craig: Oh, yes. And we see that a lot as well. We’re not a marketing firm either, but we’re a technology and operations firm and we help these companies figure out how to handle that data. They’ve got to do the strategy—what their marketing strategy is going to be, what their marketing content is going to be. But getting the data is something we do—building those systems, connectivities, and integrations. As you said, the leads come in and the prospects come in. Where are they going? How are you tracking them? And then, how do you convert a prospect into a client? Is that a smooth process? It’s smooth if it’s already in the CRM.

Craig: A lot of firms have a separate database for their marketing systems. If you have digital marketing, they have one database of prospects that they’re sending out emails to, pushing content to, or tracking. If it’s a more complex marketing platform like HubSpot, SharpSpring, or something similar, that’s got its own CRM and database built in that you’re working with. And that may be better for some firms because that’s a very different CRM process. Marketing CRM versus advisor CRM. An advisor has a very different interaction with a client—it’s mostly with clients and some prospects, obviously—whereas the marketing people are only talking to prospects.

Kristen: Absolutely. And then, when do they cross over? We have those conversations all the time. I call it, “When are they advisor CRM worthy?” What’s that qualification point or what’s that marker where they now move into that system? The opposite would be those leads that we have. They’re cold leads. We’re dripping on them, but they’re not taking any action and they haven’t shown any interest. They’re not doing the clicks. I agree with you. It’s a very challenging effort, although it can be exciting for sure.

Kristen: Another area of the survey talk, which is usually the most interesting for me, is satisfaction. I will tell you, most advisors and planners, if you’re reading any of these surveys and think we need to give credit to other people, Michael Kitces does his as well. And there are other surveys that come out throughout the year. The custodians also do great jobs of giving their market analysis by surveying advisors. But at the end of the day, we’re reading this stuff because we want to know who’s happy, where they are happy, and who likes their CRM. And if they like their CRM, maybe I’ll like that CRM—which, by the way, that’s not a thing. Just because you like something does not mean I will like something.

Craig: For everyone listening, just so you know, that’s not a thing.

Kristen: It’s not. You have a very high chance of liking a lot of things about technology that other people use. But will you be happy enough to move everything out of one house into another? Probably not. When we talk about satisfaction, I think there are so many variables that go into it. It’s hard to quantify. I think this survey actually proves that point because satisfaction rates barely changed. Not even more than half a percent within the past two years, which I think you could look at a couple of ways. One is nobody is skyrocketing with their satisfaction. Surprise: Nobody’s ever happy in our industry with their tech.

Kristen: It’s a hard space to be in because everybody wants different things. You could look at it very positively and say: “Yes, but it didn’t go down any either. It stayed even keeled. And every tech vendor is at least doing the bare minimum.” I think the challenge with satisfaction ratings is that everyone is dissatisfied for different reasons. I think if we were truly going to do a survey, what I would love to do someday is do a satisfaction only survey to really dig into the whys—is it a tech issue or is it a business issue for these advisors?—and start really to figure out how the technology could help you with your dissatisfaction.

Kristen: Ultimately, to be honest, as a consultant, that’s why I have a job. They’re not happy or they’re not moving forward; therefore, we must change something. It’s very easy to point at the iPhone, my computer, and my camera. It’s very easy to point out the physical things. But I think when you look in the mirror, sometimes it also has to do with your people, change management, and your processes. Satisfaction is a tough one. They touch on it in here, but I have a dream of wanting to do more satisfaction ratings in the industry that are more geared toward challenge.

Craig: My comment there… This is a consulting secret. I really shouldn’t be saying this.

Kristen: Uh-oh.

Craig: Everyone, take note. This is a consulting secret for RIAs and broker-dealers out there: Whatever technology you buy, you’re not going to be happy with it after you buy it. Most likely.

Kristen: There it is.

Craig: Because once you buy it, then the shine is off the apple. You’re not looking anymore. You find data you didn’t know you had that the system doesn’t work with. You find processes you didn’t know you had that the system doesn’t support. You realize that you have the rule of thirds with your advisors and your operations team, which is true with any technology or any change in any business generally. But we use it for technology. A third, a third, a third.

Craig: A third of the people are going to love it, happy you changed. A third of the people are going to hate it: “I can’t believe you changed.” And a third are like, “Eh, we’ll do whatever.” You have to go after the third in the middle, win them over to your side so that you’ve got two thirds and then beat up the one third remaining so that they either get on board or get out. Get them on the bus or get them out. I’m serious about that because if they’re still there and they hate the system, they’re going to sabotage you and it’s not going to work and you’re going to be wasting a lot of money. Kristen’s nodding her head. She’s seen this before.

Kristen: It’s spot on.

Craig: Get the right people on the bus.

Kristen: Absolutely. We could talk about that for a whole other session.

Craig: That’s a whole other article.

Kristen: It is; it’s a whole other article. But I also think the people who are shopping are not the people using it every day. I think one golden nugget to give RIAs and owners of businesses is that all of your users or at least a core team that samples different areas of your business—a financial planner, an advisor, a client service person and an operations person—all need to be telling you what they like and don’t like. And they all need to be a part of that buying process because how they use it often defines those thirds that you just talked about. And besides that, personality. People don’t like change. It is a change management project, not just a tech project, if we’re being fair with ourselves.

Craig: You said a mouthful there, Kristen, and we’ve got to wrap up. The segment is only 20 minutes long. Thank you for being here, Kristen, to talk about the T3 tech survey. As I mentioned, the “T3/Inside Information Software Survey”. You can go to T3technologyhub.com to download this free survey. Thanks again, Kristen. I really appreciate you being here.

Kristen: Thank you.

Advisortech Map and WealthTech Integration Score updates

All right, we’re up to one of my favorite parts of the news. It’s the Advisortech Map and integration scores. We’re going to go through quickly some of the applications that were added to the Kitces Ezra group Advisortech Map that I work on with Michael Kitces. Every month, we meet and look at the queue of applications and vendors that want to be added to the map. Some make it and some don’t. And just so you know, if you’re out there and you want to be on the map, you can do that. You want to send your email, not just to me; you can copy me, but I’m not directly the person who updates the map. You want to send it to Erica Mito at Erica@Kitces.com if you want to be added to the map. Then Michael and I will review it and decide whether you get on the map or not.

If you don’t sell software, if the revenue generating part of your business is not software, you’re probably not going to get on the map. I’m not saying you won’t, but it’s unlikely because the map is designed for independent financial advisors to pick software. You want to compare software versus other software.

If you’re a TAMP, you’re not going to get on this map. There will be other maps for TAMPs. If you are running a marketplace, like an alternative investment marketplace, you’re not going to get on the map. It’s not for marketplaces. It’s not for TAMPs. If you are a service company, if you do trust and wills as a service, for example, or state planning as a service, that’s how you make money, and if you also have software, you’re not going to get on the map. That’s the disclaimer before we start looking at companies that did get on the map and will be on the map for the March version.

Boosted.ai is going into the investment analytics category. It’s pretty straightforward. It has a nice, clean design, drilling down into different equities. Besides just the standard fundamentals and charting, they also have some pros and cons that they’ve put in there about the particular stock. It has a strong product and service but a decrease in total net sales as a con, for example. It’s another tool in the already crowded investment analytics category—Boosted.ai. And my prediction is that they will lose the .ai at some point because it’s just overdone.

Next up is Income Lab. Income Lab has a new product called Life Hub, which is a one-page interactive dashboard of a client’s financial picture. They’ve already got one logo on there as well, but they’re going to get another one, I believe, on the map. You can check them out at incomelaboratory.com/lifehub.

Next up is Jump. This is another client meeting organization tool. We’re seeing an explosion of those lately. They’re going to go into the, I think, client meeting support category. They allow you to turn conversations and tasks into notes and compliance records. They claim they’ve got AI, as does everyone now. That’s pretty much table stakes. They think they could save time organizing meeting reviews. You can check them out at jumpapp.com.

Next up is a Jacobi, also in the investment analytics category. Technology for multi asset portfolio design analytics and client engagement. JacobiStrategies.com is their website. They target asset managers, investment consultants, asset owners, wealth managers, and RIAs. That’s just one of the target client segments they support. It has a clean design. It’s what you would expect from investment analytics—equities, risk, return objective, risk factors, stress testing, and contribution to volatility by asset class and risk factors. I’m just looking at some screenshots here. You can check them out.

Finally, there’s something that’s not going into investment analytics: Powder is in the new category we created a couple months ago called sales enablement. PowderFI.com. “AI sales co-analyst for wealth advisors—drive a collaborative and efficient proposal with your prospective clients.” They’ve got proposal generation and data gathering. “Demonstrate value and accelerate conversion.” “Speed up your workflow with institutional grade AI.” I’m not sure how those two are related. AI doesn’t necessarily speed up your workflow. “Automate laborious data gathering.” That we like. There’s always opportunity for data gathering. “Demonstrate value and accelerate conversions.” They’ve got pricing plans. It looks like it starts at $200 a month per user for the basic platform. PowderFI.com in the sales enablement category.

We’ve got a couple more. Finpace automation for financial advisors. “You know how tedious managing customer relationships, onboarding, and compliance can be. Finpace automates the heavy lifting of these tasks, freeing you for better things. Automation beats workflows.” I’m guessing it’s a workflow management tool. Onboarding, gathering data. There you go. That’s where Finpace will be.

Next up, Due Diligence Works. Due diligence works. Duediligenceworks.com. It’s a long name, but at least it’s exactly what they do. And this is compliance. It’s pretty straightforward. They are making some waves in the industry. They’ve got a pretty decent product. I’ve also been doing some hiring as of late. They’ve got Reg BI tools, a list of 401k rollover tools, and RegTech tools. They’ve got a lot going on there at DueDiligenceWorks.com. They’re going into the compliance category. And just so you know, they hired my good friend Kevin Hughes, formerly the long-time leader over at MoneyGuidePro. He’s now the chief growth officer for Due Diligence Works. Congrats, Kevin. You guys are doing really well.

Next up is Equilar. They are going to the prospecting category. This is a new category we added a couple of months back because there are too many tools that are really just prospecting tools. I think we were lumping them into the category of digital marketing when they really should be in a separate category.
Another thing to know about the map is that we get the question all the time: When do we create new categories and why? It’s usually when there’s enough new products and they stick out from the existing category. And the minimum number is three. That’s number Michael and I have agreed on. You have three products, although I see there’s already another one that’s here for two. But we said three when we were creating new categories. When there’s an existing category like digital marketing that has three applications that are in prospecting, at least boom, that becomes the category. Now you’re prospecting under business development. You can see it’s in the upper right-hand corner of the map under “Business Development,” which is orange, “Prospecting, below that, “Advisory Agent, then below that, “Digital Marketing,” and then “Sales Enablements.”

Equilar is another prospecting tool. I’m not sure how many more of these tools we can support, but they’re all out there looking for money in motion. When people get equity awards, their compensation changes, and they sell a company. I can’t imagine if I ever sold Ezra Group how many emails and LinkedIn messages I’m going to be getting from advisors who are using all these tools and just going to swap me with, “Hey, come over, talk to me about whatever you got going on.”

I’m not sure how successful all these different tools can be, but they seem to have some nice interfaces. They’re pulling in a lot of data. Hopefully, with the AI they’re using, they can figure out how to form good LinkedIn messages and good emails and cold emails and cold LinkedIn messages that could get these people to at least have a conversation with the advisor. That’s where I see AI being able to provide some value here.

Moving on, PureFacts. PureFacts is a Canadian-based company that has done some acquisitions. They recently acquired Xtiva, which is a US based firm that offers advisor competition systems and PureFacts main solutions revolve around fee billing. PureFacts is in advisor fee billing. Most of their clients are in Canada, but they’re looking to break out more into the US and they signed a big deal with Pershing. The Wove platform will be using PureFacts as their billing solution. That’s a pretty good vote of confidence for PureFacts. They are at PureFacts.com. All right.

We got some more here. FINNY AI. Another AI name. It’s another prospecting tool. “Take the guesswork out of prospecting.” Prospect prioritization—similar to catchlight—prospect identification, customized outreach campaigns. It’s also got some marketing there. It’s another prospecting tool. FINNYAI.com.

We have some more here. This is a big month. PhilanthPro. You’ve got to get a name that’s easier to say. Not my first choice of names. But philanthropic goes under specialized planning “other,” charitable. That’s where we’re putting PhilanthPro. We don’t have a charitable giving category yet. Maybe there’s one coming soon because there’s also Charityvest as well. But again, it’s only two. We want to have three, but I guess we’ll have a third one at some point and we’ll have charity specialized planning. “They’re bringing the power of planning to your philanthropic clients.” PhilanthPro.

We’re at the end. The last one is TIFIN AG, another TIFIN application. And it is also in prospecting. “Less art, more science, living in rich data for actionable intelligence using proprietary algorithmics and AI.” They bring data together, organize it, engage it, and plug it into your CRM. You can also score your prospects, similar to Catchlight and CRM integration. You can do some influencing with them and content for them. It’s another prospecting tool. We’re loaded with prospecting tools this month. TIFIN AG. It’s TIFINAG.com. You can check them out.

That’s it for the map. All of those applications will be available. We’ll have their integration scores on EzraGroup.com. You can check out the integration scores for all of those companies as well. And if you are an application vendor in our space, you’re on the map, and you have a score that’s at least six or higher, please reach out to us. We’ve just launched the Ezra Group WealthTech Integration Score Recognition program. We are offering badges that you can put on your website and other marketing materials to certify that Ezra Group has validated your integration capabilities. Plus, there’s a lot more. We’re going to be doing quarterly conferences and having a lot of other research available to firms that sign up for the WealthTech Integration Score. Please contact us at consulting@ezragroup.com.

You’ve reached the end of the episode of the WealthTech Today Podcast. Thanks for listening. But before you go, go to our website, EzraGroup.com, scroll to the bottom of the homepage and sign up for our newsletter. Once a month, you will see an email chock full of wealth management goodness, news, information, and updates. You will not be disappointed. Thanks again for listening! And I’ll talk to everyone again next time.



The Wealth Tech Today blog is published by Craig Iskowitz, founder and CEO of Ezra Group, a boutique consulting firm that caters to banks, broker-dealers, RIA’s, asset managers and the leading vendors in the surrounding #fintech space. He can be reached at craig@ezragroupllc.com