While fragmented tech stacks are still an issue, the industry is rapidly moving to integrated stacks. But this still leaves something missing. While the integrations connect the plumbing of the system, often they are too passive. As AI continues to advance, an artificially intelligent orchestration of tech stacks has become possible. In my quarterly review of wealthtech this week, I bring you the views of industry leaders on the evolution to orchestration.
As a reminder, nominations are open until Aug. 18 for our inaugural Top Financial Advisor Recruiters of the Year list, honoring the wealth management industry’s top five third-party financial advisor recruiters.
Beyond Alternatives Access: What Today’s Investors Care About
Sean O’Toole of 1776ing makes the case that ensuring access for investors is no longer the focus in the alternative investments space.
Instead, he argues, transparency, education and alignment with clients’ needs will be the focus for alts going forward.
Beyond Integration: Why Wealth Management Is Embracing Tech Orchestration
In my latest quarterly review of wealthtech, I examine tech stack integration and orchestration with Sindhu Joseph of CogniCor, Jon Ewing of Docupace, Erin Colledge of Orion, John O’Connell of The Oasis Group and Mike Overdorf of The Sycamore Company.
We discuss the difference between integration and orchestration, what orchestration can accomplish and why it is increasingly important in our industry.
Scaling Smart: How RIA Acquirers Are Building Centralized Services In A Digital Era
Jim Roth of Ascentix Partners explores the effects of AI, proprietary technology and integrated service models on technology integration and scale, with insights from Craig Gould of Binah Capital Group, Nate Angelo of Composition Wealth and Jimmy Lee of The Wealth Consulting Group.
In an era of record RIA M&A, the question of how to leverage technology to scale successfully is more relevant than ever.
Exclusive: Kelly Park Capital Launches Enhanced Onboarding Experience For Alts
Kelly Park Capital Private Funds on Wednesday announced the launch of PRISM 2.0, saying it uses AI and features “5-in-1” onboarding enabling financial advisors and their clients to complete one subscription process across multiple alternative investments, decreasing administrative complexity.
According to the firm, the platform was designed to address scale, simplicity, advisor control, transparency and consistency.
Deals & Recruiting Roundup
This week’s roundup includes CAIS and F.L.Putnam receiving investments; acquisitions by Corient, Merit, WealthReach and Wealth Enhancement; recruiting by Raymond James, UBS and Carson; LPL launching a technology framework; and research by ECHELON and Snappy Kraken.
Reporting record second-quarter RIA M&A, ECHELON’s Dan Seivert emphasized that “activity is concentrating among a smaller group of repeat, well-capitalized buyers.”
WSRIA Roundup
This month’s roundup of RIA news features EP Wealth, Clearstead, Hightower, Caprock, Arax, Bartholomew, Aspen, Vanilla, Callan, Lido, DeVoe, Berkshire and Cerulli.
This month, the spotlight is on RIA M&A transactions and research.
Corient To Buy $4.9 Billion New York RIA
Corient announced that it is acquiring Seven Bridges Advisors, a New York City-based RIA with $4.9 billion in AUM.
Seven Bridges has extensive capabilities in private markets investing, according to Corient.
RFG Advisory Implements Feathery-Designed Workflow Platform
Feathery announced that RFG Advisory implemented a Feathery workflow platform designed for RFG to onboard clients for advisor transitions.
The new platform replaces the firm’s prior manual workflow with one that validates data, pre-fills required forms and generates ready-to-send DocuSign envelopes.
PRI Expands Retirement Plan Leadership Across Compliance, Pooled Plan And Legal Affiliates
Pension Resource Institute (PRI) promoted Annie Messer to President as part of a broader leadership and team expansion that includes Haley Erickson’s appointment as Chief Compliance Officer at affiliated pooled employer plan firm Group Plan Systems (GPS) and Jason Benham’s addition as a full-time associate at Fiduciary Law Center (FLC).
The firm said the appointments are part of a two-year plan to expand leadership and capabilities across PRI, GPS and FLC.
CAIS Gets $170 Million In Latest Funding Round Valuing Firm At Over $2 Billion
CAIS received $170 million in a Series D financing round led by Vista Equity Partners. Additional funding was provided by AllianceBernstein, funds managed by Blue Owl Capital, Carlyle, Fortress Investment Group, Golub Capital, Lord Abbett and Royal Bank of Canada.
CAIS said the funds will be used for growth, platform expansion, scaling AI and technology capabilities, exploring “strategic opportunities” and continuing innovation.
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Wealth Solutions Report
