Ep. 236: April WealthTech News

Come on in. Sit back and relax. You’re listening to episode 236 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. This is our April news roundup, we’ve got a lot to cover here. We’re covering breaking news on Envestnet. We’ve got a partnership with PreciseFP and FP Alpha. We’ve got a new segment where we’re talking about RIA changes going on and executives at different RIAs. And then we’re doing a little bit of broker dealer changes. We’re talking about some advisors surveys from Broadridge, New Retirement raised $20 million and of course, wrapping up with the advisor tech map and integration scoring. But before we jump into that, let me talk about a little bit about RIA tech stacks.

Topics Covered

  1. Tiburon Conference
  2. Envestnet’s shares soar on Reuters report about ‘receiving interest’ for takeover
  3. FP Alpha and PreciseFP Unveil New Technology Partnership
  4. Former LPL Exec Joins TIFIN as President, Chief Revenue Officer
  5. Carson Group News
  6. Fifth Annual Broadridge Survey Reveals Time and Expertise Top Challenges in Advisor Marketing Strategies
  7. NewRetirement clinches $20m in Series A to transform financial planning
  8. AdvisorTech Map & WealthTech Integration Score Updates

Episode Transcript

Tiburon Conference

Okay, first story in the news for April is Tiburon. Tiburon conference was held last week in Boston. Now the rules of the Tiburon conference says you can’t talk about anything that happens in Tiburon conference at least by name, but I’m just going to give a quick overview of some of the really interesting topics that came up a little bit of a splash and I really encourage you to sign up for Tiburon. Go to TiburonAdvisors.com, and you can sign up for yourself individually or for your company. And then you will get to go to these conferences as well.wealth management technology news

So a couple of cool pieces of information. Total wealth and asset management assets worldwide is $156 trillion. Sounds like a lot but when you think globally maybe it’s not that much. In the US the largest asset manager is Fidelity with $12 trillion so not even 10% of the global assets are at Fidelity, but still a tremendous amount of global wealth and asset a global wealth and investment management is growing around 2% per year, whereas us wealth and investment management is growing at 3.5% a year. Now, there’s some interesting breakdowns of that. For example, 50% of industry flows are going to break away brokers. So maybe that industry growth of 3.5% is really only half as much because 50% Of it is just assets shifting from wire houses and broker dealers to break away RIAs and independent advisors and speaking of independent advisors, one industry rule of thumb has always been that of the independent channel is always the fastest growing, but that turns out not to be true. At least the past couple of years it is not, most of the growth is concentrated in the top 20 to 30 firms. And in 2023 discount brokers like Schwab and Fidelity, gathered the most assets and 2022 it was full service brokers like Morgan Stanley or Raymond James, who gathered the most asset assets so not independent advisors, the discount channel and the full service channel are are beating them.

Also with independent advisors, a lot of their growth is coming from referrals 50% of independent advisors growth is from custodian referrals. So they’re very dependent on that. And another interesting piece of data that came out of the conference was around retirement plans. Fidelity, now is 40 million 401k plans that they manage over $2.7 trillion in assets. So that’s a huge flow of assets that will soon be hopefully rolling over into IRAs of Fidelity. So that’s a tremendous increase from their $12 trillion if they can get even half of that to this trillion dollars onto their into their assets.

Morgan Stanley tried to replicate Fidelity strategy, but with stock plans when they bought ETrade. They got a stock plan manager so they’ve got 6 million customers with employee stock plans, and they can then pitch them for the rollovers once the stock is purchased. So that’s another way Morgan Stanley and all the big guys are the rich are getting richer here with these huge flows and these huge pipelines of of assets that they have first crack at.

The presentations were great at Tiburon in terms of the data and then the panels were also very good. There was a couple CEO panels of wealth and investment management firms again, we can’t say who was there but some interesting little tidbits that some of the CEOs believe the act of financial planning has become disconnected from investing. And that those two really need to be combined better that that the separate silos you do your planning here you do investing there and they don’t really connect very well. Some CEOs want to bring UMH, unified managed households to every desktop and then assign of strategic allocation for each goal. And it’s well known that strategic investment allocation drives 85 to 90% of the outcomes. So we can those together would help clients reach their goals.

Over the past 15 years earnings growth has massively diverged from productivity growth. And it’s a continued continued high likelihood of increased debt, which is going to be inflationary. Another panel was independent advisors and breakaway broker platforms. So this was really interesting a bunch of RIA, some of them part of RIA aggregators, some of them were new RIAs that were that were just started based on with PE backing and they were doing a lot of acquisitions. It was also one of the major broker dealers was on the panel and a custodian. So an interesting mix of personalities and interesting mix of points of view.

One interesting comment was, there’s an intersection of three drivers in the market, at least from this person’s point of view. Clients are smarter and want more, that’s number one, number two, the role of technology is changing and it’s very dynamic, and three investments have completely changed. Another con that was that when from this different RIA aggregator that’s doing a lot of M&A, buying up a lot of smaller practices. Their pitch is they allow advisor entrepreneurs to maintain their autonomy, and doing so is more art than science.

The old days of just buy my firm and leave me alone are over. Now advisors who are selling to these, these M&A, very acquisitive companies are saying look, when you’re going to buy my firm need to help me with my business, and with my client experience, so we want our tech, we want a tech platform not just compliance, legal and admin, but we want technology, we want practice management. We really want help growing our business and more of these RIA aggregator firms, RIA networks are doing just that. And to me, they operate more like independent broker dealers, even though they’re not, but their operations and when we work with them we do very similar services for our IBD clients as well as our RIA aggregator clients because they operate in a very centralized fashion.

Another panelist, many advisors are thinking about private equity, some of these aggregators, of course, there was a bit of a discussion on the panel. Some of them were pro aggregator, pro PE, and some of them are anti. So this guy was anti saying, hey, if when you go to an aggregator you’re being told, Hey, you’ll do what we tell you to do. And it’s difficult for all the PE money coming into the space, it’s difficult for the next generation of advisors to buy the practice. So advisors, older advisors, hiring younger advisors and helping them buy their practice and then they’re getting flooded with PE money, and the younger advisors are basically getting outbid for these firms. And then PE comes in and they they can do things that the next generation can’t do, for example, combining multiple firms and then stripping out costs. If you’re selling to the next generation in your own firm you can’t do that.

Bigger advisory teams are saying they’re concerned about PE because they want autonomy. And concerns are what is the exit plan if you take PE money and how will you control your business post exit. So that was an interesting panel discussion their next one was also was leading nationwide fee based financial advisors. So these were RIAs that had gone nationwide. They were around, I think $15 billion to $50 billion in assets on this particular panel. I found it very interesting to hear their their positions on PE money. About half the panel was pro PE and taking PE money and half the panel had not taken PE money, but they were doing more partnership models or self funding. So that was also I thought, interesting, useful information just to hear their points of view.

Again, we work with a lot of these firms. So I’m always interested to understand their business models, how they grow. Some firms like to acquire accounting firms and then plug in advisors to then mine those clients on the accounting side for assets. Some do more rollovers, some are more retirement based with a lot they’re focusing on retirement assets and then looking to roll those over. Others are ultra high net worth others or pseudo multifamily office slash RIAs. Lots of different ways to skin the cat here.

One comment, there is an arms race to build incremental capabilities to deliver more to clients. We’ve seen increased x client expectations, but not fee compression. We need to scale to recycle profits and we meet to meet increasing client needs. And this particular person believes that M&A requires very expensive integrations. And we do a lot of those for our clients. So we can tell you that integrations can sometimes be very expensive. Although we try to do it we do our best with some of our custom tools to reduce those costs.

And finally, there was a marketing panel that I thought was pretty interesting. This is one person who will quote who I know won’t mind Robert Sofia, CEO and founder Snappy Kraken, a great digital marketing platform had shared some stats. And three points stood out from from Robert’s comments on the marketing panel. SEO strategy, advisors with an SEO strategy have almost 100% performance advantage over those that don’t when it comes to website traffic. SEO outperform social media looks like 10 to 1.

Number two, text messaging for opt ins if you send out a text message and opt them in to digital marketing messaging, you get a 400% performance improvement. And number three when you’re sending emails to prospective clients, include a video, emails with videos have 120% better click and conversion rate and include the word video in the subject line.

Alright, that’s my quick wrap up of my takeaways. Just a couple of takeaways and a lot more about can’t share everything from the Tiburon conference last week in Boston again, go to TiburonAdvisors.com, and you can sign up for Tiburon. You can go there yourself and I’ll see you there. The next conference is going to be I believe in October or November in San Francisco.

Envestnet’s shares soar on Reuters report about ‘receiving interest’ for takeover

Envestnet’s shares soar on Reuters report about ‘receiving interest’ for takeover. The latest in a line of reported attempts. The story you can find on RIA biz by my good friend Brooke Southall from yesterday. The share price of Berlin, PA firm Envestnet firm TAMP, SMA platform, software vendor Envestnet leapt more than 20% on the news to near $65 before settling back to about $61 which was I think about a 5% gain. More recently, in December Bloomberg reported a rumor that Envestnet was trying to sell off its Yodlee unit which we’ve been hearing for a long time. Not sure that that’s going to happen or if they even could do it considering how integrated they have made Yodlee into their infrastructure, so I’m not really sure that would even be possible but these rumors can’t be stopped.wealth management technology news

Co-founder and CEO Bill Crager first announced in January his plans to leave and he officially stepped down March 31. Board champion James Fox is serving as interim CEO until successor is found. Now a couple things in this article I wanted to comment on because Envestnet serves lots of independent broker dealers, they can be vulnerable when there’s consolidation from other broker dealers. For example, LPL recently acquired Atria and will be consolidating onto their platform which is called Clientworks. And I imagine onto their custodian because they have their their own custodian as well.

LPL uses some other technology in the background, but they do a lot of Clientworks is their own platform so they’ll be moving them off of Envestnet. So Envestnet will lose that business. But one thing they’re missing in this article is it also works in the other direction. That because Envestnet has such a big market share. They’ve got most of the biggest broker dealers, including Cetera, and Osaic, for example. Osaic has been very acquisitive. They acquired Lincoln Financial in December of last year 1400 advisors. They bought IBD called American Portfolios in June 2020 to 150 advisors, and they acquired Ladenburg Thalmann in February 2020. So all of those broker dealers, then move on to the Envestnet platform because it was AIG is a big Envestnet client. Sure, they do lose some when their clients get acquired, but it works the other way too. I think based on their market share, they get more in their favor than out of the favor.

This isn’t the first time Envestnet shares have popped. They also popped up in February, which is just two months ago, after their investment statement came out and they did an analyst call. They got a vote of confidence from some firms including surprise, LPL Financial. LPL grew their position in the third quarter of shares of Envestnet by 8%, according to market screener. So, LPL now owns 23,000 shares of Envestnet valued at a million dollars. So this big pop no one’s happier than LPL that Envestnet stock is popping right. But the going back to these the executives besides Bill Crager CEO and one of the founders leaving.

They have seen a string of other executives going again, which is not unusual. For publicly traded companies, they’ve been around a while. You do see executives come and go, although there has been a rash of them. So recently, just before Bill announced he was leaving their CFO left and a President Stuart DePina left in June 2022, I thought that was a big loss. Stuart was a great executive leader. He was one of the founders of Tamarac, which Envestnet acquired in 2012. And I would have expected Stuart to have been in line for CEO so I was sorry to see him leave I thought there was a loss for Envestnet. Recent losses include Tony Leal. He was one of the founders of MoneyGuide came in that acquisition, and he had just been promoted to head of Envestnet Wealthtech group in June 2002. They restructured into three groups Envestnet solutions, lead which is the Envestnet arm led by co-CIO Dana D’auria. Envestnet data and analytics led by Farouk Ferchichi and then everything else what was under Envestnet Wealthtech which was run by Tony Leal. And then he left in January of 2023 last year, and then they turned the bulk of that over to Rose Palazzo, who came to Envestnet in 2021 for Morgan Stanley, and she was running MoneyGuide and then taking over the Envestnet Wealthtech business, and then she just announced last month that she was leaving. Kevin Hughes, MoneyGuide’s chief growth officer left in January, who went missing and of course, my good friend Dani Fava just announced she was leaving, and she resurfaced very quickly at Carson Group as their Chief Strategy Officer which we’re covering in the later segment about Carson Group so a lot going on at Envestnet. Interesting to see who if this acquisition room was just these times, this time will come through or if it’s just another rumor.

FP Alpha and PreciseFP Unveil New Technology Partnership

Craig: All right, next up, FP Alpha and PreciseFP unveil new technology partnership. And this is an interesting story in the RIA world. And to help me and talk about this story is our special guest, Kristen Schmidt, CEO of RIA Oasis. Hey, Kristin. I am so glad you could be here again, you’re becoming a regular feature of the news.wealth management technology news

Kristen: I appreciate the opportunity, anything tech you know I’ll talk about it.

Craig: I know you will. Alright, so let’s talk about this. So FP Alpha is a provider of a couple different products. One is they started with estate planning, which they call their AI assisted estate planning, which is why OCR they’re scanning in documents and then parsing the data and plugging into the state plans. And we’ve got a decent estate planning tool, which I like a lot. Then they launched tax management, which shows a similar product to what Holistiplan is doing when you’re scanning in 1040s and then giving basic tax advice. So they’ve got a lot of interesting things going and this this announcement was, I thought, unexpected, where they are partnering with Docupace, who owns PreciseFP and to help them with data gathering and moving data from different systems into their product. So what do you think of this news?

Kristen: I was surprised to see it as well. Although I think this is actually a trend we might see more of and I was glad to see FP Alpha, jump into it into the ring first. So let’s break it down. Docuace owns PreciseFP as you said and PreciseFP is holding the golden ticket in my opinion. In the Data gather data gathering and data collection space of our tech stacks. There’s not a lot else out there that’s competing for gathering data. They are also winning the race on their amazing quality and quantity of integration partners. So when you integrate with PreciseFP data can flow to third party systems. For example, I would like to have my Redtail data land in eMoney. I would like to do a survey of my clients or my new onboarding of my clients, gather their information, have some of the information go into Wealthbox and some of the information go into MoneyGuide so it’s a wonderful octopus of where data can go. So FP Alpha is utilizing that piece of technology in partnership with PreciseFP, not only so that data can filter into PreciseFP but it allows that FP Alpha data could go to other systems.

Craig: It’s a little known feature of PreciseFP that they have these integrations and can move data almost like a data bus from one application to another. And I think talking to the Docupace people this morning about it, they said specifically FP Alpha was looking to move data from processor B into their own application for estate planning, as well as get access to data from MoneyGuide or eMoney which are notoriously difficult to build API’s to just know because their API’s are bad, they’re very good. Just they’re so busy. They’re so swamped with everyone wants to be on their API’s. It’s tough to get their time to get access to it. So PreciseFP already has that. So just sort of piggybacking on that capability.

Kristen: And a lot of those API’s are very standardized. And what PreciseFP also offers is that if you are sending a survey or a data collection, to somebody that you can create custom fields, it also maps to custom fields and other systems like CRM, so it has a lot of flexibility. You’re absolutely right. The best part in my opinion about PreciseFP is that you can have one piece of data go to multiple systems. So bringing FP Alpha into the mix and saying we’ve collected some great information in regards to tax in regards to estate and other profile information. And now I want to see that data or use it in my financial planning tools or my specialized planning tools. It’s a huge win.

Craig: Indeed, some of the things I like about FP Alpha’s platform on their tax and estate planning is there they call the tax planning intake, which is the uploading of the 1040, schedules etc, their tax planning snapshot where you can view tax information in a dashboard which I thought was a cool looking dashboard, and their state snapshot and their newly released with a calling Estate Lab 2.0 which is modeling integrates with MoneyGuide. It’s going to integrate with Orion and it can pull account values and creates a full picture when combined with the legal docs of a client’s estate. So now they’ll be able to through this PreciseFP partnership pull data from MoneyGuide or eMoney or other applications into their estate planning tool.

Kristen: Oh great. I completely agree with you. A couple other things that I think about when thinking about the independent RIA and their tech stacks, FP Alpha is one of many what I call specialized tools. I might use it when I need it, but when I need it, I really need it.

Craig: Is that a song? When I need you I really need you.

Kristen: Yeah, it doesn’t mean that it replaces my eMoney, RightCapital, MoneyGuide subscriptions. It doesn’t mean I don’t need asset map. It doesn’t mean that I don’t need other things. But it does make things complicated. You mentioned a couple of things. I agree with you that the snapshots are now what’s gravitating advisors to tech. It takes us back to that old chat about one page plans. But it’s how can we have simplicity to explain things and have data and share with clients. Secondly, I think what’s not talked about enough the financial planning tools, those big three, they do not do heavy work in the estate space. And so FP Alpha is really bringing in a key element that’s heavily missing within the eMoneys, RightCapital, MoneyGuidePro’s of the world.

Craig: But what about eMoney’s got estate planning?

Kristen: They have it’s it’s a it’s a small space compared to what FP Alpha for has also on MoneyGuidePro. They also have some but you have to have the right subscription.

Craig: Well sure, but they’re going to charge you for that. They’ve got that the stuff from Edmund Walters company that they acquired. That’s that’s a full estate planning suite, you don’t think so?

Kristen: I think there’s a difference in collecting information about an estate and actually generating an estate plan and what that means to affirm. There are many firms who collect data saying, Do you have one when’s the last time it was updated? Let me document and have a copy of the estate plan in route. And what is the summary of that plan similar to the one pager a snapshot and then there are tools like FP Alpha for that actually generate the plan for you. Many of these systems have that as a section of their financial planning, but it is not as robust. And I think that FP Alpha is sneaking into that space while also doing as you mentioned some similar things to Holistiplan.

Craig: Another area that is going to be interesting and something we have to work out at Ezra Group is we have our Ezra Group Wealthtech Integration Score, where we evaluate the integration capabilities of every vendor in our space all over 490 applications that you can find on the Kitces-Ezra Group advisor tech map, and in this case, FP Alpha has a score of 3.89 which while the product is fantastic, the integration score is a little low for my liking. I like to see them get above a 6.0 but PreciseFP is very strong, 8.54. Very, very strong score. Now with this partnership, where FP Alpha can piggyback on PreciseFP’s integrations, do we give FP Alpha the benefit of having those integrations and increase their score?

Kristen: It’s a great question. And if you do it for one, you must do it for all. So then how do all the other scores fluctuate or change because they to have the opportunity to utilize PreciseFP as a middleman connection, if you will. Ironically, the industry is really starting to grab on to Zapier if you’re familiar with creating zaps and they consider an auto triggering tool not only in our industry, actually very light in our industry compared to other industries. And I love it, it’s amazing. PreciseFP could actually be used in that same capacity like we’re talking about, which I think is really interesting because you can take data received from one system and then suddenly send it to that third system.

Craig: I’m sorry, do you need Zapier to do that or can’t you do it from inside PreciseFP?

Kristen: With Zapier, you have to have a trigger to make things happen in PreciseFP is once it’s received, the data can automatically be sent.

Craig: If I combined Zapier and PreciseFP, what’s my benefit?

Kristen: Things you do in your system would the trigger data collection or data being sent or received versus standalone without Zapier, you are collecting data from somebody and it’s immediately being sent through to the other party. So if you had a reason to need data immediately or I’ll give you an example. If the status in a CRM changes from prospect to client, I want this to happen. That is where a Zapier can help you between systems to do things triggering workflows and other systems or sending a survey automatically sending an email automatically doing things like that. So to answer your question about your scoring conundrum, right? I think they’re really interesting piece. And you might even need to create a separate category. I hate to say it, which means another calculation, but I do think that there’s a combination of things. Let me throw another wrench in it for you. There are some legacy systems that are have been around for ages the Orion’s the eMoney, the MoneyGuides of the world. They really have been able to hold on to some amazing integrations and partnerships before all the buyouts and changes happen. So for example, the trifecta I just mentioned Orion, MoneyGuidePro and eMoney, MoneyGuidePro for financial planning, eMoney for client portal, the MoneyGuidePro plans sync to the eMoney portal, all the data syncs into eMoney, Orion reports quarterly statements all synced into the eMoney portal and are shared so I think that there are different pieces that the technology displays and does but does that combo deserve a score and an acknowledgement we’re standing alone they might not be as powerful.

Craig: We do score that mean we score MoneyGuidePro as eMoney integrations. The but my point is that the integration the we care about the integrations as they are available to the clients to advisors to wealth not to broker dealers to RIAs so then all to an RIA, with that after this partnership is implemented, if they are an FP Alpha client to them, they now have integrations to MoneyGuidePro, eMoney, RightCapital, whatever other tools, prices PreciseFP is because they’ve signed this partnership. So I mean, I’ve talked to our team. We have a team of people who handle the integration scores here as a group, but I’m going to pitch them on increasing FP Alpha scores, with whatever applications PreciseFP makes available to them because they in effect, have that integration whether they built it or not.

Kristen: Agreed. Just challenging on the fact that there have been companies like the Orion’s, Black Diamonds, the MoneyGuides the RightCapitals of the world. But there have been companies that have been working with PreciseFP for years and years and years to build amazing API’s and customizations to their data sharing where that’s existed already for them. You can you can pull money in or pull data in from let’s say your CRMs Okay, that’s been around for years and years and then share that data with MoneyGuidePro and Orion. What I’m saying is what FP Alpha is doing now, is nothing new. All of the PreciseFP vendors, they have been doing it but FP Alpha is definitely getting on the train. So that they don’t, it actually helps the vendor, not just the advisor, the vendor doesn’t have to build all those independent API’s either. Right? So it’s a helpful hint.

Craig: It certainly is. Alright, so anyone listening if you want more information about PreciseFP, you can go to PreciseFP.com Or to learn more about FP Alpha, you can go to Fpalpha.com. Cool. Thanks, Kristen.

Kristen: Absolutely.

Former LPL Exec Joins TIFIN as President, Chief Revenue Officer

Next up on the news we’re going into is a broker dealer/wealthtech news story combines the best of both worlds. LPLs head of wealth management departs. Rob Pettman, is leaving LPL after 19 years and joining drumroll please TIFIN as Chief Revenue Officer and President to accelerate growth across their wealth portfolio.wealth management technology news

So what is TIFIN? According to their website, it’s an AI innovation platform for better wealth outcomes. I see them more as sort of a holding company, pseudo incubator, SaaS/accelerator/tech firm that does a little bit of all those things. They have a portfolio with the call of holdings. So it seems very similar to a holding company or investment firm, or an accelerator. They sold one of their companies called 55ip to JP Morgan a few years ago, and 55ip was sort of a TAMP outsourced platform for tax transitions and direct indexing. So they say that’s really kind of their their goal is to create these companies and then sell them off. The firm was founded by Dr. Vinay Nair. And they create new companies that apply data science, AI and technology and their terms to address friction in asset and wealth management. So TIFIN has a number of companies, including magnify TIFIN wealth TIFIN give TIFIN AG, TIFIN amp, sage, helix and TIFIN at work. TIFIN has been backed by some pretty big names and they have raised significant funds at a high valuation. Their backers include JP Morgan, Morningstar, Hamilton Lane, Franklin Templeton, SEI, Motive Partners and Broadridge.

A couple of their products that we interact with either have reviewed or work with clients on include Tiffin wealth, which is their proposal generation platform. Magnifi, which is a consumer facing investment app that helps consumers or investors to find research and buy investments, TIFIN amp, which I happen to like, what they’re doing there, asset management, wholesaling, distribution, automate, to help automate and provide AI for wholesaling when they’re going out to advisors and trying to get distribution for asset management products. You can hear about some other products sage and helix sage is an AI powered investment system that delivers a personalized CIO for every client. And helix is an AI assistant for alternative and private markets. I spoke to the founder of TIFIN Dr. Vinay Nair on the podcast, Episode 223, we talked specifically about sage and helix on that episode, so you can find out more about that.

But back to TIFIN’s prolific fundraising, they did a Series A, B and C round within 12 months, which I don’t know if that’s unprecedented, but I certainly haven’t heard of it in our industry. Their C round raised 47 million at a $450 million valuation in October 2021. And then in May of 22, they raised the series D round of 100 million and brought in Motive Partners and joined the TIFIN board as part of that transaction and the valuation in May 2022 was 142 million, which seems pretty high to me for a company that is sort of an incubator and doesn’t have tremendous market share in any of their areas, but interesting products. I’d say that so this is all future evaluation, expecting the company to be able to take market share from existing players with their innovative AI tools.

So back to Rob Pettman leaving LPL, Rob’s got a proven track record of success and leadership in the industry with almost 20 years of LPL. He was executive VP for wealth management solutions, where he was responsible for their wealth management platform Clientworks, including overseeing investment product distribution, advisory platforms, research, retirement plan, business, and relationships with product and technology companies. So in his role as Chief Revenue Officer at TIFIN, he’ll oversee revenue generation strategies, forged strategic partnerships and drive the company’s growth across all the different companies. So that’s a wide purview across all these different platforms and products for Rob. He’s just the guy to do it.

And one thing we found looking at from the outside as consultants and Industry observers that I found TIFIN’s messaging was little muddled, you know, I when I interviewed Vinay Nair on the podcast, I got a lot better understanding of their methodology and how they’re building this holding company, where it’s not like a normal wealthtech firm with a couple of different products. It’s really many different companies, targeting different aspects of the business all under one roof. Which is one way to do it. I’ve always said that we don’t have enough innovation in our industry. So while all of these products most likely won’t be successful, still, you’re innovating you fail fast as he used to say that another successful firm fail fast and keep moving on to pivoting to new products to find something that that gets some traction. LPL has seen a number of changes as well besides Rob Pettman. Recently, Kabir Sethi, the Managing Director and Chief Product Officer left after only two years at LPL and Heather Carter, the chief marketing officer stepped down after also 19 years at the firm replaced by Christa Carone and Joanna Kanakis, who I happen to know, Joanna recently joined LPL is Senior VP and head of business development. And she came from firm called Halo Investing, which is an innovative startup with structured notes. So that’s your your wealth tech slash broker dealer news for the day. You can go to lpl.com to find more information about LPL Financial, and you go to TIFIN.com. For more information about TIFIN.

Carson Group News

Craig: This section of the news is all about RIAs and different investments and people movements. It’s a new segment for for the news here on the WealthTech Today podcast and we brought back our special guest, Kristen Schmidt. Hey, Kristen.

Kristen: Hey, how are you?

Craig: Hey, have the lakes thought out in Wisconsin yet? You can’t ice skate any more can you?

Kristen: We’re trying really hard to get to spring. We’ve been teased a lot but hoping soon.

Craig: Hopefully soon as you open your door without being hit by a wall snow.

Kristen: Exactly.

Craig: That’s usually June, right. June time?

Kristen: Or July. Yeah please don’t remind me.

Craig: Just checking. Cool. All right. So here is what are we talking about now Carson Group, a lot of news about Carson Group number one Ron Carson stepping down as CEO, big news, the firm he founded and led namesake firm Ron Carson stepping down. Burt White, formerly of LPL is now taking over as CEO, of Carson Wealth. So we’ve got that news then also there made a couple of key hires. Dani Fava, former Envestnet executive has announced she’s taking over as Chief Strategy Officer at Carson Group, which was Burt White’s previous role. And also, Heather Randolph Carter is coming in to lead their marketing group. So that’s a lot of news. Where do you want to start?

Kristen: It is a lot of news. I think we have to start with just giving some accolades. Those are some really heavy hitters and some very strong, well achieved people. So I think Carson Group has really excelled on choosing the right people for the right jobs, and I’m excited to see where they take it.

Kristen: I think also those hires support Carson Group’s approach to not only working with RIAs but supporting them. So for example, if you look at the Carson Group website, and you go on to it, not only is it well built and well explained, but when you go to navigate it, it has three sections, run your business, grow your business, love your business. And I think that’s a really great way to say it. They are really talking about how do you run your business through their proprietary tech stack that they have built with a number of industry level vendors, they’ve customized it. When you’re growing your business, it talks about their sales pipeline and all the things they do in marketing, sales, and then loving your business obviously is all about their consulting arm to their business where they support RIAs. So in that light, you need somebody to run the business and congratulations to Mr. Carson for finally being able to pass the time and all he’s built, but then you also our you know, growing it through marketing and through their hire, and then you know, lastly, you’re loving it in a sense of meeting all of that strategy. And I think those are all really key pieces to the puzzle that they’re building.

Craig: There’s a lot going on there. I mean, it’s very difficult for a founder of a company to step away. So that’s a big move. And then to make all these other changes as well, is also difficult. So this is a point of transition for for Carson Group. But you’re right they really need to keep moving and keep growing in different ways because my favorite thing is what got you here won’t get you there. So the way their sales pipeline sure, Ron might have had a lot to do with it. His personality, him being there had a lot to do with how well they would grow their business. So now he’s got to hand that baton off to Burt and the team and they need strategy and they need better they need to improve marketing. So they’re doing that as well.

Kristen: Agreed I do think you’re absolutely right. It’s a pivotal time and there will be a lot of change. But at the same time I do believe that they’ve built the foundation. And if we look back at other companies that are doing this or have tried to do it, one that comes to mind is United Capital. I’m certainly not carbon copies of each other by any means. But the idea of having an enterprise solution covering technology, compliance, oversight, growth and marketing efforts for advisors as well as consulting. I think that’s somewhat of the same footprint that united capital was trying to do. And they’re still trying to do but never really coveted that foundation.

Kristen: So Carson Group has done a great job with their tech stack and being successful in offering tech to their advisors. These firms walk in with a mantra for their advisors and RIAs saying we just want you to meet with your clients. Just worry about your clients, and we’ll help you worry about the rest. And so I think that there’s pieces of different companies that have tried to do what Carson is doing. They have not been successful, because that foundation or that concrete hasn’t been built yet. The standard tech stack and streamlining the best practices surrounding that tech stack, right. You can’t just throw technology at advisors and hope that they join you for the ride. You actually need to drive the best practice of how things are done while also giving advisor choice. That’s probably the hardest piece about all this news is what changes and also what choice is still available to these advisors, but they’ve certainly learned to be very successful thus far.

Craig: Now hold on a second here Kristen. What do you mean you can’t just throw technology at advisors expect them to use it? What? I thought you just give them stuff and they use it?

Kristen: We should retire now why do we even have jobs? Nobody needs help with that.

Craig: Thank you and goodnight.

Kristen: It is interesting, though, you and I work in the same space and in our own spaces. And I think that there’s so much to be said about just because you can doesn’t mean you should.

Craig: That, for everyone listening is a Kristen-ism.

Kristen: Yeah, but that’s the hardest part is well, why not? And what if and yeah, but or yes and all around your tech stack. So I think that there is the idea, let’s shift it a little Why are advisors and larger businesses, so enticed and business model? And I think the idea is, it takes a lot of thinking off the table for you. And it’s a good fit if everything’s in place. So I think that there’s a lot to be done. Like you said, there’s a lot of pieces moving at the same time in regards to management. And vision always changes when strategy comes into larger corporations like this. But I will say I think we’ve all known for a long time that Ron had been passing the baton slowly but surely. So I do believe that they’ve done a great job of true succession planning with this. He had been slowly stepping away from the business and he was very transparent about that even on social media, as he’s been doing his nonprofit efforts and all his hiking and his wellness. He brought us all along on the ride for that through social media and through his videos and through sharing and encouraging people to do it. So I do think that if anybody, any advisor gets anything out of this, he knows how to succession plan. I think he’s doing a great job of that, in a sense of the business and the clients and the advisors and planners.

Craig: Ron Carson started this business in 1983 selling insurance out of his college dorm room, grew the business into $35 billion in assets with 150 network advisor network partners, quite an accomplishment.

Kristen: It really is. And I think what we all understand having been in this industry is that’s a lot of relationships. It takes a lot of relationships and a lot of time and effort. It’s not just about sealing the deal with vendors, partnerships or clients or firms. So yeah, he’s a real icon in the industry, for sure. And there’s never a right time for any of this change to go on. But he certainly has a very strong business model as he does pass the baton.

Craig: They were doing good succession plan. They have a great team of executives there, a great bunch of executives, including Carson Group President Terry Shepard, they also had some very well known in the industry, Jamie Hopkins, who was head of Carson Wealth who left so that may have been part of this whole thing where maybe he was gunning for the CEO role and didn’t get it and now he’s now he’s a CEO. Right?

Kristen: Very good point. I also think that we sometimes forget, our bubble in this industry is so small. It’s a wonderful industry, but it really is small in a sense of all of these mergers that we’re seeing all of these buyouts that we’re seeing and vendors that are becoming more than just one thing. So you’re absolutely right, we’re seeing the same names and the same hierarchies bouncing around a bit, but for good reason. I will say on the Dani front I have to send cheers to her and her accomplishments. But I think that anyone like Dani, which there’s not many people because she is just an amazing human as well as professional in the industry, this is what we do. We like to jump in and not necessarily fix but enhance, envision differently, think about it differently. So her becoming strategy might bring new life on that side of things of what else is there for Carson, or where do they want to focus? And I think if you’re shaking the tree, you might as well just let it all fall in a sense of bringing on the change.

Craig: Super excited for Dani on this new role. She was a head of strategy at Envestnet. So she’s had the strategy. I’ve known her for over 15 years. Back when she was just a product manager on Fiserv APL and then went to TD Ameritrade and moved up the food chain there and showed what she could do and spread her wings and show that she is a force to be reckoned with in the industry and Envestnet realize that in snatched her up that was good, smarter than and and are smart, of course. And so she’s moving from the vendor side, where she has been for a long time to the client side. So it’s a whole different thought process.

Kristen: It is and I think it’ll be great for Carson to have her perspective on things. Absolutely. Although I will also say I think she’s getting the best of both worlds in this position as she enters it because although Carson themselves is utilizing a lot of third party vendor partnerships in their tech stack there is a lot of proprietary work that they’ve done within their Salesforce platform and other platforms that they use that is specific to just them. So I think her product focus while also shifting to being more RIA focus is going to really bring in two different perspectives from her part.

Craig: And supported by Bain Capital, which took a minority stake in Carson Group in 2021. They embarked on an intentional inorganic strategy in 2002. So they’re acquiring minority stakes in other advisor teams and this kind of growth is something that Burt White has seen at LPL because they were they were growing snap and they’re still snapping up firms quickly, I expect we’ll see continued growth, maybe 270 100 billion for

Kristen: Let me throw a question back at you, where do you think they’re going and who do you think their competition is right now?

Craig: They’re going onwards and upwards. There’s a lot of these companies that are doing very similar things. Mariner Wealth, Focus Financial, are firms that are in the same ballpark. They’re bigger but they’re still doing similar things. They’re building networks. They’re building platforms for advisors to tuck in their firms and take advantage of their scale their processes their internal infrastructure that they can then just outsource to them. They operate in very similar fashion to how an IBD operates. There’s just different regulator.

Kristen: I agree with you on that side, except I do think that Carson has the edge with their technology, their tech stack their best practices. A lot of that is already built out where for example, a focused Financial has more of that minority stake interest and does not have a platform built out yet. They have partnerships and technology partnerships, but Carson definitely is a step ahead.

Craig: Hightower is in there. They’re doing the same thing. Creative Planning is doing the same thing. Wealth Enhancement Advisory Services, Cap trust, Private Advisor Group, Mercer Advisors, they’re all had a slightly different takes on this business model and tweaking it in different ways to appeal to different types of advisor teams, but they’re all out there. They’ve all got money, and they’re all making acquisitions.

Kristen: You’re absolutely right. Spent. Yeah. Hightower is a good one to mention Mercer is a good one to mention. I think there’s also that dimension of which companies like this are offering consultant help. Right? It’s one thing to offer back office services. It’s another to help a firm grow their business and all those avenues of how to grow, how to sustain how to be more efficient. And so I think there’s also a huge piece of that when you have `Carson coaches, and Carson consultants that are really an added piece that a lot of those other companies you mentioned are just embarking on and

Craig: For anyone listening who wants to learn more about Carson Group, go to Carson Group.com. Thanks a lot, Kristen.

Kristen: Of course anytime.

Fifth Annual Broadridge Survey Reveals Time and Expertise Top Challenges in Advisor Marketing Strategies

Next up, the fifth annual Broadridge advisors survey reveals time and expertise are the top challenges in advisor marketing strategies. As macroeconomic volatility has led to an influx of investors seeking financial advice, advisors are increasingly looking to next gen technology, such as generative AI to address their marketing challenges, and meet increased personalization expectations. According to FinTech leader Broadridge, financial solutions, and their annual financial advisor marketing survey, just want to touch on a couple of points I found in this in this report that I thought were interesting. This is their fifth year of doing the survey. So this is when things start to get interesting.

I prefer seeing trends over time versus just snapshots. I like that they’re up to their fifth year, and advisor there according to the survey advisor still struggling with marketing efforts, even with all the tools and technologies and options on the market. To this end, next week on the podcast, you’ll hear an interview with Kevin Darlington, who is the head of Broadridge advisor solutions, and we take I get his take on industry and how crowded the digital marketing space is and how Broadridge is addressing that. But I want to talk a little bit more about what the findings were were in the survey. And you can go to Broadridge.com. And you can find the survey, I will also put a link in the show notes in this post.

68% of advisors who communicate at least quarterly with their clients are confident in meeting their goals of growth compared to 51%, who communicate with clients annually or less frequently. Similarly, US advisors who are personalizing their content marketing, are more confident and reaching their practice goals and have almost double the rate of being very confident in reaching their goals 30% to 18%. Again, back to personalizing content, those advisors who do personalized content are more likely to convert social media leads to clients, they’re more likely to use generative AI. They spend more time on marketing efforts, which isn’t good, I mean, but they do get more benefit. It’s only two hours, two and a half hours. So it’s an extra half hour a week, according to Broadridge. Just an extra half hour a week is all you need to do to generate more leads and have more more more more conversions in your marketing. But you also need to have a defined marketing strategy can’t just be very fuzzy about it. And that triples the how the performance of companies having a defined marketing strategy.

So the top reasons that US advisors don’t share educational content with clients includes the not sure how to best to go about it. They don’t find enough time. They think clients aren’t interested and they’re running into compliance issues that really shouldn’t stop you you really need to get educational content out to clients is one of the best ways to to drive traffic to your website. Now overcoming these challenges. The surveys found that over half of advisors are currently using or plan to use generative AI in their digital marketing strategies up stretch that that’s Canadian versus us 56% of Canadian advisors plan to use generative AI in the digital marketing strategies compared to only 43% of US advisors. So again, very interesting survey. You can go to Broadridge.com.

NewRetirement clinches $20m in Series A to transform financial planning

Moving on, we’re moving from advisor marketing into financial wellness, wealthtech firm NewRetirement raises $20 million. NewRetirement is an interesting company. They focus mainly on financial wellness and of course, retirement financial planning. But they’ve got a couple different options. They’ve got a direct to consumer version, and they also are selling to large corporations for their employees, as well as retirement plan participants. It’s a very slick platform, I’ve gotten a couple of demos of it. They boast 70,000 active users, with a combined 100 billion of assets that includes 23,000 paying subscribers who pay $10 a month, that doesn’t include all their corporate clients on different retirement plans or other wellness activities. So it’s, it’s a company that that’s taking a different slightly different tack on on things where they’re not just building pressure planning tools for advisors, but focusing more on what we will consider like financial planning for directly to investors and to retirement plan participants. Now they cover things like the normal things you’d think of in a financial plan like taxes, income, real estate, debt, goals, budget, medical, and other factors. And I feel like the the interface I think, is pretty slick and well designed. They do, what if scenarios, real time monitoring, they’ve got coaching, visualization and insights and what they call 360 degree financial planning. They have well, this round of funding was led by Allegiant capital. And other investors in New York Time include nationwide ventures, Northwestern Mutual plug and play ventures and Motley Fool ventures.

In 2021, Nationwide, started using NewRetirement to power a financial and retirement planning program, on its record keeping platform to is more than 2 million participants. So that’s a big deal, not easy to get those type of deal. So kudos to two new retirement, and his $20 million, I’m sure will help them in their goal of expanding their delivery of their these, these wellness platform to other other firms. Now, there’s a couple of new awesome advisors who are using them as well. So, for example, according to the article and RIAbiz, a San Diego financial advisor managing 6 billion called Pure Financial Advisors is using NewRetirement to give a deeper financial planning experience to their prospects. So it’s they’re using as a prospecting tool, and part of the marketing campaigns. So another way to use it, and they’re not replacing existing planning software. So they’re running in parallel or really using it for a different purpose. So another way to approach this, this category of financial planning is how new retirement is doing it. Another aspect that I find I found interesting is that NewRetirement is partnering with AdvicePay, which is a fee for service billing software founded by my good friend Michael Kitces and Alan Moore. And they use AdvicePay for their their billing, because they can handle credit card billing and fee for service one time bills, a one time billing for things like potential plants. So advice pay is also really taking off in the industry. Now the overall NewRetirement you can find them at NewRetirement.com.

AdvisorTech Map & WealthTech Integration Score Updates

And now we come to my favorite part of the news. It’s the Advisortech map and integration scores. I’m going to go through quickly the new applications that are being added to or were added to the advisortech map in April. And we have 9 of them. So this is growing fast. We’re getting a lot of applications here. I think we’re almost at 500. I think I’ll double check that. All right. So the applications that were added in this month’s advisortech map, which by the way, you can find on Kitces.com.

Michael and I partner on that we have our meetings every month, and review all the new applications that are coming in. Not every application gets to be on the map because sometimes the applications aren’t really applications. They’re tamps or their service offerings that happen to have technology so the map is only for software. So if you’re a company selling software, and that’s how you make money and the software can be can be paid for it’s not free software that comes along with the service, then most likely you’ll be able to get onto the map. Otherwise, you probably will not be on the map.

So the first application is called LeadCenter.ai, another tool using .ai and their name, which I don’t I don’t really think is a great idea but okay, Lead Center lead center.ai least it’s easy to spell, AI powered sales and marketing automation for financial advisors. Moving into the ever crowded category of digital marketing. So that is LeadCenter.ai digital marketing category.

Next up is ComparisonAdviser, which goes into the also crowded category of advisor lead gen, ComparisonAdviser.com, reach your goals with the right financial advisor. So looks at their marketing directly to consumers to get them to go to the website and figure out which financial advisors right for you and that over to an advisor take some sort of fee for that lead.

Next, number three is Currence cashflow, automation, and sequencing. So make your money work for you manage and direct spending, accumulate savings and invest in the future all from one platform, Currence reroutes how you spend and save to create a more connected and efficient cash flow system we’ve seen a couple of these products come out where they’re drag and drop things and it links them together on the screen. These kind of work like that, so I thought they’d be really cool to use, but I found them difficult and I think I’ve got a bit of a head start on some people when it comes to using software but I thought it was difficult for me to use them. So I think while it’s a great idea, they need some work on their their interfaces, if you’re going to have advisors use them who may not be as technical as some others might be. So these these applications are going into under specialized planning under a new category called Cash Flow automation. So we used to just have cash management. And now we have a we broke that out. broke a rule by the way the rule, Michael I agree to we need three applications for a new category but we did cash flow automation as a subset of specialized planning. And there are only two one is is currents and the other one is sequence. So there are another application that helps investors move money between different accounts automatically paying bills, moving things to interest accounts and out of interest accounts. So could be useful if their interface was just a little bit our website is LiveCurrence.com, or you can go to the Kitces-Ezra Group map and find the cash flow automation section just click on the logo for Currence, it’ll take you to their website.

Next is WealthFeed. WealthFeed just as it’s spelled.com. They are a prospecting tool. So they’ve got a couple of co founders from the advisory space. And so it’s interesting one of those built for advisors by advisors. They believe they can help advisors grow their book of business, increase client retention and grow wallet share with their AI powered money in motion platform. We’ve also seen an a splurge in AI powered prospecting tools, which is why we broke out the prospecting category under business development which you’ll see now as 8 products in there, including the new WealthFeed. There’s also another firm that does very similar services called Wealthawk, also AI money movement and I think AIdentified also does something similar, these poor investors are gonna get flooded with AI powered emails and text messages and social media. Hey, we just heard you sold your business. You just took stock options or you got an inheritance. We our AI powered platform identified you and now we’re going to flood you with messages. But maybe it’ll work maybe we’ll figure out a better way to do it. But there are a lot of these AI tools in the prospecting category.

Wealth.com goes in the specialized planning. They are an estate planning tool. So specialist planning estate Wealth.com has been getting a lot of traction lately. And I know they’ve they’ve added some board members some high powered board members, including Jamie Hopkins, formerly of Carson Group, and also Brian Hamburger of MarketCounsel. So those are some important people they got added to their board, which I think is pretty important. Important. It’s important to have these kind of industry people on your board not only for direction, but for but for networking, plugging into different firms and maybe getting fun to in partners. Jamie Hopkins has now had a private wealth management at Bryn Mawr trust. You can check them out at wealth accom great name. They are an estate planning solution, the only digital estate planning platform finalist at the WealthManagement.com 2023 industry awards.

Next is Osyte and they are a portfolio management platform because of course we need more portfolio management platforms in our space. We just don’t have enough of them. I think I wrote an article now five years ago six years ago called 50 Portfolio Management Systems Can’t All Survive, can Osyte survive? Their pitch is they are a true multi asset portfolio management platform. That can help you grow your assets without hiring more people and be able to rebalance and trade both liquid and illiquid and private assets on one platform. So you can check them out. At Osyte.com.

Next is Reflect, their site is reflectvalues.com and they are investment data analytics and another very busy, very crowded category with 35 or more products. We’ve seen beginning a new one every month. I also don’t understand how this is going to differentiate and how they’re going to manage to get traction but check them out at Reflectvalues.com advisory due diligence compliance portfolio management auditing in our comprehensive values based investing tool, investor first methodology customizable values discovery useful actionable insights and a recommendation engine. So maybe it’s a little bit different way of skinning this cat here Reflectvalues.com

Next to last Leaf Planner is a client portal they’ve established themselves at the intersection of wealth tech, professional services, tech and family enterprise management to enable families of wealth and the professional services firms that serve them to be better educated, engaged, empowered and prepared. LeafPlanner.com Looks like it’s mainly a family office product leverage family office perspective to optimize your impact. Family education, determining spheres of influence, building and maintaining trust. I know most of the family offices we work with have already have some sort of portal already that has things like Bill Pay built in they have hierarchies they have family tree so you can see all the family and how they interact. But certainly has room for another one of these applications. We don’t really have a lot in that space. It does look like an interesting tool. So they are in the client portal category.

And finally, the last application Advisor’s Assistant is a CRM and we haven’t seen a CRM pop up in quite a while. We do of course have a bunch of them in the category but we don’t really get a lot of new CRM so I’m interested Advisor’s Assistant, at AdvisorsAssistant.com. It’d be very difficult to get traction in the CRM is one of the hardest products to replace, just because of the training. The data movement is usually relatively straightforward. We do a lot of CRM conversions annually. But it’s more of the training and the real because what most CRMs have workflow built in pipelines service monitors, and they really leave the other tentacles across a lot of the business. So unwrapping that it’s very difficult. So but we always want more choice choices good for advisors, so Advisor’s Assistant looks like they’ve been around since 1985. And they even have an office in Australia. They’re based in San Diego so check them out that AdvisorsAssistant.com. All these applications will once they hit the Kitces-Ezra Group map they will get scored with Integration Scores and you will be able to see them on EzraGroup.com on our Integration Scores page.

A couple more changes to the map before I go. We’re always adjusting Michael and I are always talking about the map how to make it more useful and make it more clear. If you look at the map from last year versus this year, you can see it’s very different we reorganized it into into the five categories of financial planning, investment management, client engagement, business development and operations was before it wasn’t organized that way, which I think is definitely nicer to look at with the color coding but also easy to find stuff because it’s organized that way rather than it was sort of random in the map for the last six years or seven years. So we’re always looking to make it more more user friendly and more helpful. And one thing we have discussion on last month for the April map was the difference between forms management, document management and workflow, support and workflow support and digital onboarding. Because those categories tend to overlap and applications straddle them a lot you know, for example, document base, started out as document management, but they’ve been around so long, they quickly expanded into workflow. They’ve got a huge work of very big workflow a very powerful workflow engine. But they also do onboarding a very powerful Onboarding Tool multi account, multimodal multi custodial. Onboarding Tool, so where do we put them? It’s difficult. So right now they’re in Document Management. And we have a separate forms only category. So forms used to be a separate category. Now that’s a subset of document management. So that was a change in the April map. We move Congo into document management. We left quick informs only we removed AI pipeline because they’re really enterprise platform. You should check them out i pipeline.com, especially if you have insurance needs. They don’t really sell to independent advisors and the map that Michael I work on is really targeting independent advisors.

We moved to Agreements Express from forms management into digital onboarding, and they were recently acquired by advisor 360. We moved sky ins from CRM overlays into digital onboarding, since that’s really one of the primary functions of their platform. And right we added documents to document management, and we kept it in workflow support, because you can buy those two as separate products. So you can buy documents as workflow engine separately from their document management platform, as well. So those are the changes in the map.

Moving on to the Integration Score, I want to talk about something we press released in January, which is the WealthTech Integration Score Recognition Program. So if you are a vendor in the advisor space and you have integration score of at least a six, that means you are able to join our Recognition Program. And what the Recognition Program allows you to do is use one of our badges either an excellent a badge, excellent, which is 6.0 to 7.9. If you have a score of 8.0 or above, you can use the superior badge. And you can use that badge in your marketing, emails, or website, any of your marketing collateral you can put this badge, stamp of approval from Ezra Group that we have reviewed your integrations and found them worthy and good. You also get access to some content that is not available to anyone else in the program. We’re doing quarterly research calls where we’re going to provide some some of our research trends around integrations and technology. You get some free consulting, get advice from our integration team on how to improve your integrations which could include basically any aspect of beefing up your integrations or recommendations of who we think you should integrate with as well as some other benefits that are not available yet but are coming down the road around our website. We’re going to be building out some some capabilities there. So please go to our website EzraGroup.com and use the contact us form or you can email integrations@ezragroupllc.com or consulting@ezragroupllc.com and ask about the Recognition Program, and we will get you hooked up.

Alright, you’ve made it to the end of another episode of the wealth club podcast. Please go to our website as a group.com. Scroll to the bottom of the homepage and sign up for our newsletter. Once a month you’ll receive an email chock full of wealth management, goodness news, information updates, you will not be disappointed. Thanks again for listening and talk to you all again next time.

Moving on to the Integration Score, I want to talk about something we press released in January, which is the WealthTech Integration Score Recognition Program. So if you are a vendor in the advisor space and you have integration score of at least a six, that means you are able to join our Recognition Program. And what the Recognition Program allows you to do is use one of our badges either an excellent a badge, excellent, which is 6.0 to 7.9. If you have a score of 8.0 or above, you can use the superior badge. And you can use that badge in your marketing, emails, or website, any of your marketing collateral you can put this badge, stamp of approval from Ezra Group that we have reviewed your integrations and found them worthy and good. You also get access to some content that is not available to anyone else in the program. We’re doing quarterly research calls where we’re going to provide some some of our research trends around integrations and technology. You get some free consulting, get advice from our integration team on how to improve your integrations which could include basically any aspect of beefing up your integrations or recommendations of who we think you should integrate with as well as some other benefits that are not available yet but are coming down the road around our website. We’re going to be building out some some capabilities there. So please go to our website EzraGroup.com and use the contact us form or you can email integrations@ezragroupllc.com or consulting@ezragroupllc.com

And we’ll talk about the ask about the Recognition Program, and we will get you hooked up. Alright, you’ve made it to the end of another episode of the wealth club podcast. Please go to our website as a group.com. Scroll to the bottom of the homepage and sign up for our newsletter. Once a month you’ll receive an email chock full of wealth management, goodness news, information updates, you will not be disappointed. Thanks again for listening and talk to you all 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