In this edition of the Wealthtech Roundup, we speak with our newest Wealthtech Leader of the Month, Wilbur Swan, CEO & Co-Founder of Catchlight, who discusses how advisors can use AI for prospecting and marketing.
Other entries include Orion agreeing to acquire Summit Wealth Systems, Interactive Brokers enhancing its web-based Advisor Portal, InvestCloud releasing its Private Markets Account, Advyzon partnering with iCapital, LPL investing $500 million in tech enhancements throughout 2024, Concurrent partnering with TIFIN @Work, Future Capital integrating with APIA on personalized retirement solutions, F2 Strategy appointing Ryan Beach as its new CEO, and Opto launching a Planner tool for simplified long-term private markets investing.
Larry’s Take
To give you a sense of how fast technology moves these days, remember when “generative AI” felt like a new and groundbreaking concept for wealth management? Well, it’s now standard practice for firms of all types to announce how they’re incorporating AI for advisor- and client-facing enhancements. So what will be the next quantum leap in wealthtech in 2025?
It’s still anybody’s guess, but don’t be surprised if that turns out to be quantum computing. In December, Google announced a breakthrough in speed and accuracy with its Willow quantum chip, the stock prices of several pure-play quantum computing companies skyrocketed and the term “quantum AI” began circulating in the media.
Take it all with a grain of salt since, although AI has indeed proven innovative and helpful with advisor tech, the productivity and profitability of wealth management firms has not yet increased exponentially as a result of AI. Even so, if quantum computing allows AI to accelerate in advancements, the wealth management industry could reap huge benefits in the long term.
If you would like to discuss this Larry’s Take further, including how these trends might impact your business, please contact me at larry.roth@rlrstrategicpartners.com.
1. Catchlight CEO Discusses How Advisors Can Use AI For Prospecting And Marketing
Catchlight, an organic growth platform from Fidelity Labs that uses AI to analyze and score leads for wealth management firms, partnered with Mariner, a firm with nearly 2,000 advisors and over $245 billion in assets as of June 30.
Advisors, marketers and other teams across Mariner have access to lead and client insights through Catchlight’s Salesforce application. Catchlight works with Mariner’s multi-channel lead generation program to help identify high potential prospects, qualify them based on data such as estimated investable assets and income, and seeks to drive personalized engagement and greater client conversions.
And now for our Q&A with Wilbur Swan, CEO & Co-Founder of Catchlight.
WSR: How can advisors and their firms use artificial intelligence to enhance prospecting and marketing initiatives?
Swan: Advisors and their firms can use AI to completely change the game when it comes to prospecting and marketing. By tapping into data-driven insights, they can pinpoint high-potential prospects and engage with them in a way that really resonates. AI makes it easier to uncover patterns and preferences, allowing for personalized outreach that feels authentic to the prospect.
Plus, it takes care of routine tasks, giving advisors more time to focus on what matters most: building strong, meaningful client relationships. By integrating AI into their strategies, firms can enhance efficiency, improve targeting accuracy and ultimately drive growth. Embracing AI isn’t just about staying competitive; it’s about transforming the way we connect with and serve our clients.
WSR: What are some of the biggest pain points that advisors and their firms have with current marketing technology?
Swan: Advisors and their firms often struggle with marketing technology that just doesn’t meet their needs. Many firms and advisors struggle with integration issues, data silos and a lack of personalization. On top of that, it’s hard to get a full picture of client interactions when platforms fail to integrate seamlessly with existing systems, leading to fragmented data and inefficiencies.
And let’s be honest, generic marketing just doesn’t cut it anymore. Clients expect personalized communication that speaks directly to them. Having access to the right data isn’t the only solution, but integrating it with the systems advisors are already using, unifying it and making personalization easy will truly enhance marketing efforts.
WSR: What kinds of technologies and partnerships is Catchlight working on to help advisors and their firms in 2025?
Swan: In 2025, Catchlight is working on a few exciting ideas to continue to make it easier for advisors and firms to grow organically. More to come on that! We’re continuing to focus on developing and refining technologies that integrate with existing platforms seamlessly to simplify the RIA tech stack for growth. At the heart of it all, we’re committed to helping advisors grow, work smarter and stay ahead in a market that’s constantly evolving.
2. Orion Agrees To Acquire Summit Wealth Systems
Orion agreed to acquire Summit Wealth Systems. The transaction is expected to close in early 2025. Summit Co-Founder and CEO Reed Colley will join Orion as President of Orion Advisor Technology and report to Natalie Wolfsen, CEO of Orion. Summit, which launched in 2019, provides consolidated client reporting and portfolio management to large RIAs.
Reed and Summit’s 12 employees will join Orion, and Summit will become a brand entity of Orion. Before founding Summit, Reed founded and served as CEO of Black Diamond Performance Reporting. He also founded the calendar analytics platform Copilot, Do Something Great Today and FlightPath.
“We are thrilled to welcome the Summit team, Summit clients and Reed to Orion in early 2025. Summit’s powerful software will further enhance our unified, flexible tech ecosystem,” Wolfsen said. “Reed is a visionary, innovative, highly experienced leader with a deep commitment to helping wealth businesses, financial advisors and investors thrive in today’s dynamic environment.”
3. Interactive Brokers Enhances Advisor Portal With Portfolio Management, AI Tools
Interactive Brokers enhanced its web-based Advisor Portal with trading and portfolio management tools for financial advisors. The updates aim to streamline client account management and trading by integrating features from the company’s desktop platform.
Its enhancements include Portfolio View, Allocation Order, Rebalance and Tax Loss Harvesting tools. U.S.-based advisors can access the AI Commentary Generator tool to help create custom portfolio performance reports and market commentary, which provides four sections of content: Portfolio Summary, Portfolio News and Trends, Macro Update, and Economic and Market Outlook.
“Our web-based Advisor Portal is now more powerful than ever, offering advisors the same robust trading and portfolio management experience they’ve come to expect from our desktop platform,” said Steve Sanders, Executive Vice President of Marketing and Product Development at Interactive Brokers. “With tools like the AI-powered Commentary Generator, we’re empowering advisors to save time, deliver value, and focus on what matters most: their clients.”
4. InvestCloud Releases Private Markets Account For Wealth Management Firms
InvestCloud released the Private Markets Account (PMA), for the management of alternative investments alongside traditional investments for wealth management firms. It includes a fully dedicated sleeve designed to hold and manage alts for consumers, combining public and private assets in a single managed account platform.
The PMA Network is a connected ecosystem of asset managers, wealth managers, distributors and model creators. Through its APL managed accounts platform, InvestCloud supports nearly 4 million models. The PMA allows management of private credit, private equity, real estate, operating companies, interval funds, non-traded REITs and BDCs. Users can also find and select strategist, home office or asset manager models and products for their PMA.
“The PMA will enable the wealth management industry to benefit from the private markets through a combination of our leading technology, relevant models and top-tier partnerships with key leaders in the industry,” said Jeff Yabuki, Chairman and CEO of InvestCloud. “We are focused on creating a network of connected capabilities to meet growing client demand for private market investments that allows our clients to prosper in this exciting and transformational time.”
5. Advyzon Teams With iCapital To Enhance Alts Capabilities For Advisors
Advyzon partnered with iCapital to enhance the alternative investment capabilities available to financial advisors who use Advyzon’s portfolio reporting platform, and facilitate alts investing in Advyzon’s platform. The integration will also be available in Auria, the offering from Advyzon Institutional for family offices and ultra-high net worth clients that was announced last month and will launch in the first quarter of 2025.
The enhancements will initially include data and fund activity integration from iCapital’s alternative investment strategies into Advyzon’s platform, along with single sign-on from Advyzon to iCapital. Future enhancements will incorporate iCapital’s Document Center into Advyzon’s document vault, which will allow Advyzon to notify of alerts and tasks from Advyzon’s CRM and dashboard, including capital calls and subscription updates.
“Advisors and family offices are allocating more of their client’s assets into alternatives, so this partnership with iCapital addresses a key need to aggregate and report on this growing asset class and provide clients with a holistic view of their wealth,” said Kartik Srinivasan, President of Advyzon Institutional.
6. LPL Invests $500 Million In Tech Enhancements Throughout 2024
LPL Financial updated its financial technology, investment solutions and platform infrastructure, investing approximately $500 million in technology innovation and infrastructure enhancements in 2024. This impacted more than 250 new product enhancements which in turn directly influenced advisor, institution and end-client experiences. It also enabled an integration with Prudential Financial.
LPL also recently launched AI Advisor Solutions, a program designed to help advisors balance time-saving AI tools with compliance and regulatory risk management. The firm plans to expand its third-party AI-powered solutions in 2025 and is piloting a program that applies AI to generate customized insights for personalized financial planning.
“Leveraging our scale and the insights from 28,000 advisors, we continuously enhance and reinvest in our technology to align with their and their clients’ most pressing needs,” said Greg Gates, Chief Technology and Information Officer at LPL. “Our aim is to streamline processes and free up valuable resources, enabling advisors and institutions to focus on their businesses.”
7. Concurrent Partners With TIFIN @Work To Enhance Financial Strategies
Concurrent Investment Advisors, a multi-custodial hybrid RIA, partnered with the AI-powered workplace growth platform TIFIN @Work for a more focused and personalized approach to financial solutions. The technology provides tailored actions to help employees with financial strategies such as paycheck contributions and planning for long-term goals.
The integration aims to deliver clear, actionable outcomes for Concurrent’s employees, employers and advisors. TIFIN serves the wealth and asset management industries. Its portfolio includes Magnifi, TIFIN Wealth, TIFIN @Work, Helix and other solutions. The wealthtech firm is supported by financial companies including JPMorgan, Franklin Templeton and Morningstar.
“This partnership is about creating better wealth outcomes with tailored solutions that truly make a difference,” said Marc McDonough, CEO of TIFIN @Work. “By combining our technology with Concurrent’s advisory experience, we’re offering a solution that directly addresses the financial needs of the workplace, creating practical value for all involved.”
8. Future Capital Integrates With APIA On Personalized Retirement Solutions
Future Capital, a tech-enabled RIA specializing in personalized retirement solutions, partnered with Assured Partners Investment Advisors (APIA) to enhance retirement plan services for APIA’s professionals. They will gain access to Future Capital’s Construct platform, enabling them to manage clients’ held-away 401(k) assets, provide holistic financial advice and identify rollover opportunities.
Construct launched in June. It gives advisors trade discretion, customization of client portfolios and fee structure setting capabilities. As a result, advisors can access new revenue streams. APIA is an affiliate of the national investment advisor AssuredPartners. In November, Future Capital integrated with SS&C’s Black Diamond Wealth Platform.
“Advisors require access to their clients’ held-away retirement assets to truly offer holistic financial planning,” said Jay Jumper, Founder and CEO of Future Capital. “Our partnership with AssuredPartners Investment Advisors extends sophisticated retirement plan management tools to help financial professionals serve their clients comprehensively.”
9. F2 Strategy Appoints Ryan Beach As CEO
F2 Strategy appointed former Orion executive Ryan Beach as its new CEO, succeeding Doug Fritz, the consultancy firm’s Co-Founder, who is shifting to the role of Executive Chairman. Fritz will focus on strategic initiatives and client engagements.
Beach served almost 13 years at Orion in executive technology and wealth management roles, including Chief Operating Officer and President of Orion Wealth Management, and was involved in the firm’s M&A initiatives. The recruitment of Beach is the latest in a series of strategic personnel additions by F2 that included Laura Korbel being named President in 2023 and Jay Halbert becoming Chief Financial Officer in April, a newly created position at the firm.
“I’ve long admired F2 Strategy’s thoughtful approach to helping the wealth management industry adapt to a rapid pace of change,” Beach said. “During my time at Orion, I saw firsthand the value F2 brought as a partner, delivering innovative solutions and real-world insights.”
10. Opto Rolls Out Planner Tool To Simplify Long-Term Private Markets Investing
Opto Investments launched a new Planner tool that seeks to simplify long-term private markets investing by helping advisors determine appropriate target private markets allocations and develop an investment pacing strategy suited to individual client needs. The company partners with RIAs and family offices to structure tailored, proprietary private markets funds.
Its technology suite, which now includes Planner, includes investment selection and diligence collaboration, and portfolio construction tools. When clients are ready to transact, advisors can use a simplified subscription document flow and automated back-office processes including managing capital calls, tax documentation and reporting.
“From start to finish, private markets can be complex,” said Eytan Schindelhaim, Head of Product at Opto Investments. “At Opto, we embrace that complexity and create solutions that are thoughtfully simple. The Planner enables advisors to clearly demonstrate to clients how private markets can help them achieve their goals within the context of their total portfolio – and then lays out the steps to get there.”
Chris Latham, Managing Editor at Wealth Solutions Report, can be reached at clatham@wealthsolutionsreport.com.
