This edition of the Wealthtech Roundup features FP Alpha launching an update of Estate Insights 2.0, Advyzon appointing Clark Richards as VP of Client Success, FINNY launching prospecting tools, F2 reporting on an increase in AI use at wealth management firms, Integrated Partners introducing an AI assistant and new platform, Zocks and eMoney partnering on AI data entry and meeting prep, Jolt! panelists discussing the state of AI adoption, Snappy Kraken launching marketing and lead conversion tools, Commonwealth and Wealth.com teaming up on estate planning, Franklin Templeton partnering with Mercurity on tokens, Orion partnering with 11th.com on class action claims and Envestnet adding alts to its UMA platform.
Larry's Take
This month two providers of lead prospecting technology – Snappy Kraken and FINNY – announced new prospecting solutions. Technology is pushing this area quickly. As Snappy Kraken’s CEO Robert Sofia told us, the “days of a country club business with gradual growth based solely on referrals are over.”Technology tools are distilling weeks or years of human research into minutes or seconds, while powering data enrichment, segmentation and lead outreach. These tools are “break(ing) the cold outbound cycle,” as FINNY’s CEO Eden Ovadia said.
As our industry grapples with generating organic growth, tools like these are critical to the solution. AI’s rapid development should produce even more powerful prospecting tools in the near future. Just make sure that these tools amplify your human touch rather than replace it.
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.
FP Alpha Launches Enhanced Version Of Estate Insights Tech Platform
FP Alpha announces an enhanced version of its Estate Insights 2.0 technology, developed to provide advisors with better insights while streamlining the estate review process. By leveraging artificial intelligence (AI)-powered data extraction, the firm said it can now deliver “hundreds of data points—up from 30—directly from estate planning documents” that include powers of attorney, trusts and wills.
The new version includes more thorough estate analysis for clients, identification of planning opportunities, and faster and more accurate risk discovery. FP Alpha said Estate Insights 2.0’s benefits include: AI-driven estate document analysis; a redesigned questionnaire enabling advisors to select between instant or in-depth analyses; categorization of insights with tags that label observations including informational insights (“analysis” tags) and actionable planning opportunities (“guidance” tags); and enhanced client engagement.
“Advisors are looking for tools that help them deliver real value and stand out in a competitive landscape,” according to Rachel Schwab, Head of Product at FP Alpha. “This enhancement empowers them to do just that—while setting a new standard for estate planning excellence.”
Advyzon Appoints Clark Richards As Head Of Client Success
Chicago-based wealthtech and portfolio management platform Advyzon announces the appointment of Clark Richards as its Vice President of Client Success. Richards will oversee the firm’s customer support, onboarding and implementation and relationship management teams. Richards previously served in leadership positions at Juniper Square and Envestnet | Tamarac. Advyzon, founded by CEO Hailin Li, is a platform for advisors that integrates portfolio management, performance reporting, trading, CRM, billing and document storage. It serves more than 2,100 advisory firms.
“Clark’s depth of experience and thoughtful leadership approach aligns perfectly with our mission to provide both powerful technology and an exceptional experience,” said Hailin Li, Founder and CEO of Advyzon. “We’re thrilled to welcome him as we continue to scale and innovate in support of our advisor clients.”
FINNY Launches Tools For Finding High-Intent Prospects, Data Enrichment And AI-Based Voicemail
FINNY AI launches three new capabilities on its AI-powered prospecting and marketing platform: Intent Search, Prospect Enrichment and AI Voicemails. The Intent Search feature helps advisors find prospective clients who are actively seeking financial guidance. Advisors can choose desired keywords, such as “401(k) rollovers” or “business succession planning.” The platform then searches real-time online activity to find potential matches, using 1.8 billion proprietary intent signals that FINNY said are updated daily.
A feature called Prospect Enrichment searches advisors’ external contacts and checks them against FINNY’s database, turning up relevant information such as estimated net worth, interests or “money-in-motion” events. It then assigns a predictive score to help advisors prioritize the most promising leads. Another tool, AI Voicemails, lets advisors send ringless, personalized voicemails that are able to circumvent spam filters, the firm said.
“With our proprietary intent data, advisors can finally break the cold outbound cycle,” said Eden Ovadia, Co-Founder and CEO of FINNY. “Now they know what prospects are actively searching for so they can reach out when interest is highest and the prospect is ready to connect.”
F2 Strategy Report: AI Use Up 23% Among Wealth Management Firms Since 2023
AI adoption among wealth management firms is up 23% since 2023, driven largely by RIAs and large wealth management firms, according to F2 Strategy’s AI trends report. Smaller RIAs are accessing AI technology via vendor relationships while larger institutions are taking a “DIY/build in-house approach,” the report notes.Another key finding is that respondents’ understanding of AI increased 22% in the past two years, with 60% rating their AI understanding at 6/10 or higher now. More than 60% of firms are also confident about implementing AI initiatives successfully. “As they implement AI, firms report they still want a deeper understanding of how to balance compliance regulations, train staff on new tools, and monitor AI’s usage within the firm,” according to the report.
“There are clear benefits of AI use in the industry to streamline operations and allow advisors more time to build stronger client relationships,” said Doug Fritz, F2 Strategy Co-Founder and Executive Chairman. But he added, “While RIAs have embraced the disruptive technology, we’re concerned that the bank trust sector will fall even further behind in its ability to compete for client relationships.”
Integrated Partners Introduces Unified Technology Platform With AI Assistant For Advisors
Integrated Partners partners with Invent to launch a new technology platform — featuring its new AI assistant, RAI — with a dashboard that is designed to streamline advisor workflows, deliver real-time insights and help advisors manage their practices. RAI is able to retrieve data and marketing collateral, and initiate tasks like client communications. The firm said the AI assistant is modeled after Ray Lucas, SVP of Financial Planning and Training at Integrated Partners.The platform brings together CRM, custodians, marketing tools and notifications on a single dashboard. The customizable views provide advisors with real-time data such as client distribution risk and total AUM. Invent’s cloud-based infrastructure allows Integrated to plug in new tools over time to help advisors scale their businesses.
“We want to make the Integrated Dashboard, powered by Invent, the Amazon for their businesses,” said Andree Mohr, President of Integrated Partners. “Advisors face increasing complexity in a landscape where time is their most precious resource. With this platform, we’re giving them that time back.”
Zocks And eMoney Partner On Automated Client Data Entry And Financial Planning
AI assistant Zocks and technology services provider eMoney Advisor team up on an AI-driven integration that will automate data entry and time-consuming aspects of advisors’ planning process. The integration is available for advisors who subscribe to both eMoney and Zocks.
Zock’s AI notetaker extracts relevant data from meetings and client conversations. By sharing that data between the two companies, Zocks will be able to automatically populate client data in eMoney, and utilize eMoney’s data in meeting prep and creating client emails. Advisors will be able to save time on fact-finding, follow-ups and plan updates, the firm said.
“The planning process can often be delayed, while advisors gather and reconcile information and notes from conversations,” said Mark Gilbert, CEO of Zocks. “Reducing that effort, automating data entry and accelerating ‘time to advice’ is critical in keeping momentum with clients.”
Jolt! Panelists Discuss ‘State Of AI’ At Nashville Conference
Martech firm Snappy Kraken hosts the Jolt! Conference, featuring live AI tool demonstrations and discussions about the industry’s AI adoption in a pre-conference workshop. Patrick Hannon, VP of SaaS Commercialization at Fidelity Labs, introduced the theme that “data is the new oil,” while AI models are the cars. He argued that “AI solutions are coming too fast,” but firms must define what problems they’re trying to solve before incorporating AI-based technology.
Parker Ence, CEO and Cofounder of Jump, demonstrated his firm’s meeting assistant, aimed at the “meeting cycle,” from preparation to notes, then to follow-up. His demonstration showed how those steps can be enhanced and time saved through AI. He also noted that there must be a “human in the loop” to review the information.
On the question of advice for AI beginners, Jamie Kaestner, Financial Advisor at Ironhorse Investments & Estate Planning, said the beginner should first ask where they need more help, and consider AI as an extension of themselves. She suggested starting with simple tasks such as client profiles. She cautioned that as an advisor becomes familiar with AI, “don’t forget the human component. The reason they’re working with you is because they don’t want a robo advisor.”
Snappy Kraken Announces Smart Growth Suite For Marketing And Lead Conversion
Snappy Kraken launches a unified system for automated, targeted marketing and lead conversion for firms and advisors – Smart Growth Suite. The system includes Dynamic Groups, a tool to help advisors automate segmentation and conduct personalized outreach.Smart Growth Suite unifies tools typically found in CRMs, marketing automation platforms, AI tools and content hubs. Features include automation of lead routing, capture, enrichment and assignment to campaigns; multi-channel communications; insights into campaign effectiveness; and integrations to enrich data. According to data gathered by Snappy Kraken, firms see a 20% to 340% increase in lead conversions when using the system.
“Individual advisors are constantly challenged to compete with larger firms that have more resources to invest in marketing technology,” said Robert Sofia, Snappy Kraken Founder and CEO. “Our Smart Growth Suite levels the playing field—equipping firms and advisors with intelligent automation, always-on segmentation and powerful analytics—all without the heavy lift.”
Commonwealth Partners With Wealth.com On Estate Planning Platform
Commonwealth Financial Network selects Wealth.com to provide its estate planning solution to Commonwealth’s network of more than 2,300 advisors. Commonwealth is adding specialized planning services in an effort to help advisors attract and retain high net worth clients.The deal provides Commonwealth advisors with Wealth.com’s estate planning solution, which has modern features such as an AI legal assistant, Ester, that can review documents and generate summaries. Wealth.com says it will be providing training sessions in the coming months to Commonwealth advisors that want to adopt the solution.
“We continually seek innovative solutions that help our advisors get time back in their day while also becoming strategic partners for their clients, including HNW clients,” said Heather Zack, Commonwealth’s Director, High Net Worth. “Wealth.com simplifies estate planning nuances with a modern, tech-enabled approach.”
Franklin Templeton And Mercurity Partner On Asset Tokenization
Franklin Templeton and Mercurity Fintech announce a plan to integrate Franklin Templeton’s blockchain token, BENJI, and its Franklin OnChain U.S. Government Money Fund (FOBXX) into Mercurity’s platform. BENJI is a blockchain token that provides direct access to FOBXX. It “combines the stability of government-backed securities with the flexibility of digital assets,” according to Mercurity.
Mecurity is a blockchain platform focused on new forms of digital assets, such as “tokenized” versions of real-world assets (RWAs). The partnership lets Mercury clients access Franklin’s fund while converting between cryptocurrencies and fiat currencies.
“This partnership with Franklin Templeton reflects our focus on bridging the gap between traditional and digital finance,” said Shi Qiu, CEO of Mercurity Fintech. “BENJI addresses a real pain point in the market by offering regulated money market access through blockchain technology. It's the type of compliant, institutional-grade solution our platform is designed to support.”
Orion Partners With Class Action Recovery Firm 11th.com
Orion and 11th.com announce a deal that will streamline class action claims processes for the more than 2,400 users of Orion’s platform. 11th.com is an investor claim recovery platform that modernizes the processes for securities class actions, regulatory settlements and shareholder programs.
With the 11th.com integration, advisors using Orion’s wealthtech solutions will be able to automatically identify and file claims on behalf of their clients and route any recovered funds to the proper accounts within the platform, reducing the advisor workload required for class action investor claims.
“Advisors shouldn’t have to choose between growth and compliance,” said Stan Vick, Founder and CEO of 11th.com. “With this integration, claim recovery becomes as seamless as billing or rebalancing—automated, reliable, and built into the platforms advisors already use.”
Envestnet Increases Access To Alts On Its UMA Platform
Envestnet announces the expansion of alternative investments options on its unified managed account (UMA) platform, with additions including managed model portfolios with semi-liquid alternative allocations and alternative ETFs. The firm said demand for private market assets, including real estate, infrastructure, private equity, private credit and hedge funds, is increasing as the number of publicly traded companies decreases.
The move is part of Envestnet’s effort to widen access to semi-liquid and illiquid investments for advisors to include in client portfolios. The managed model portfolios are being added through partnerships with BlackRock, Fidelity, Franklin Templeton, State Street Global Advisors and Envestnet | PMC.
“As innovation and growth continue to shift to the private markets, advisors need access to a broader set of tools to deliver truly diversified portfolios,” said Dana D’Auria, Group President, Envestnet Solutions and Co-Chief Investment Officer at Envestnet. “Alternatives … offer unique sources of return and the potential for higher yield and, in some cases, lower correlation to traditional assets.”
Wealth Solutions Report can be reached at info@wealthsolutionsreport.com.
