FusionIQ and interVal announced a strategic partnership aimed at enhancing the technology ecosystem available to financial advisors. The collaboration between these two wealth solutions providers aims to capitalize on the impending wealth transfer and bolster assets under management (AUM).
The “mutual referral agreement” between FusionIQ, known for its cloud-based wealth management platform, and interVal, a provider of automated financial insights for small and medium-sized businesses (SMBs), is designed to unlock new growth opportunities for wealth management firms.
interVal’s services include automation that seeks to uncover SMB opportunities linked to excess working capital, serviceable debt, investable assets and valuation – with the potential to help advisors passively grow future AUM.
“By joining forces with interVal, FusionIQ can present an expanding vision that empowers financial advisors with the platform and tools they need to deliver exceptional value to their clients,” said Mark Healy, CEO of FusionIQ.
“Our collaboration grows the technology ecosystem available to wealth management firms and institutions, democratizing data for everyone,” he said. “interVal’s outstanding capacity to ingest and analyze financial data from SMBs in real time uncovers hidden growth opportunities and insights. There is a huge opportunity for growth in North America.”
The partnership is rooted in a shared goal of making wealthtech more accessible to firms of various sizes. By offering a “Pay as You Grow” model, both companies aim to democratize access to wealth management tools, so that even smaller firms can benefit from the technology.
Cerulli Associates projects that, in the coming decades, baby boomers and the Silent Generation will transfer a total of $84.4 trillion in assets to younger generations. The “Great Wealth Transfer” is already underway, with a portion of assets expected to be proceeds from the sale of boomer-owned businesses.
Trevor Greenway, Co-Founder and CEO of interVal said, “With the wealth transfer and changing M&A environment in North America, where $15 trillion in sales from 2 million boomer-owned businesses is anticipated, interVal is uniquely positioned to help advisors and business owners navigate these shifts. Together with FusionIQ, we are poised to make a substantial impact.”
According to a spokesperson, FusionIQ has rapidly grown its customer base through FusionIQ One, its all-in-one digital wealth management platform for financial advisors and institutions. FusionIQ One integrates four modules: Hybrid Digital Advice, Self-Directed Investing, Digital Marketplace and the turnkey asset management platform finTAMP.
FusionIQ One is behind a range of products, including FIQ Freedom, a turnkey platform for breakaway advisors. Features of FIQ Freedom include streamlined digital compliance tools that automate anti-money laundering (AML) tracking, know your customer (KYC) processes, and the collection and verification of customer information through a customer identification program (CIP).
Chris Latham, Managing Editor at Wealth Solutions Report, can be reached at clatham@wealthsolutionsreport.com.
