In this edition of the Wealthtech Roundup, we speak with the Director of Investment Solutions at Luma Financial Technologies, Brady Beals, our Wealthtech Leader of the Month, about digital tools and alternative investments.
This edition of the Wealthtech Roundup also features YCharts’s AI Chat, TradingBlock’s customizable trading platform for retail investors, Docupace acquiring Hubly, PureFacts adding three executives, Savvy Wealth hiring Eric Hurkman as CTO, Raymond James appointing its first Chief Artificial Intelligence Officer, Ritholtz’s CEO investing in FINNY AI, T3’s software survey, BetaNXT and Fi-Tek partnering, Flourish acquiring Sora Finance and Cerulli’s wealth management technology report.
Larry’s Take
Just when you think that the discussion surrounding AI can’t go to a higher level, Raymond James appoints a chief AI officer. It’s common for this monthly roundup of wealthtech news to feature AI innovations, but bringing AI officially into the C-suite lets you know how tremendous this technology has become. The creation of this C-suite role for AI is ironic given how our industry has been asking for two years if AI will take jobs away. It’s not going to take jobs away any more than computers did – it will redefine jobs.
In my recent quarterly review of the wealthtech space, I presented the views of industry experts on “Demystifying The AI Hype,” getting down to the business of integrating this technology into our workplace. A new example arose at Future Proof, where lead generation firm FINNY AI’s CEO said since her firm received investment from Josh Brown it’s been booked eight weeks in advance for demos.
Our jobs will change, and we’ll be better off for it, so long as we keep up with the changes. In other words, don’t be the Luddite who refuses to put a computer on your desk.
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.
Wealthtech Leader Of The Month, Brady Beals Of Luma, Discusses Digital Tools And Alternative Investments
Ensight, a sales platform for annuity, life and long-term care insurance and Luma Financial Technologies partner to offer insurance products and pricing to advisors from Luma’s platform. The integrated platform helps advisors discuss annuity, life and long-term care products with clients.Founded in 2018, Luma is a customizable buy-side tech platform for broker-dealers, RIAs and private banks that provides structured notes and insurance products. Brady Beals leads Luma’s RIA and family office relationships and helps develop advanced analytics tools. We caught up with Beals to get his perspective on using alternative investments at a time of increasing market uncertainty.
WSR: Amid market volatility and economic (or policy) uncertainty, how are digital tools and fintech platforms helping advisors leverage alternative investment strategies like structured notes and insurance products to better serve client needs?
Beals: Digital platforms like Luma play a crucial role during periods of market and policy uncertainty by helping advisors efficiently integrate alternative investments, such as structured notes and insurance solutions, into client portfolios. In volatile conditions, these tools enhance transparency, streamline transactions and provide robust education, enabling advisors to assess risk-adjusted opportunities with greater precision.
By simplifying operational complexities, Luma allows advisors to construct diversified portfolios that offer potential downside protection and income stability. As alternative investments gain traction, technology-driven solutions improve due diligence, ensure compliance and support informed decision-making, helping advisors navigate uncertainty with confidence.
WSR: Based on data and activity you are seeing in platform, do you see specific product types or strategies that are gaining traction, and what’s influencing that growth?
Beals: We’re seeing increased adoption of income-focused and downside-protection strategies, particularly structured notes with buffered equity exposure and annuities designed for guaranteed income. This growth is fueled by volatility in the equity markets and uncertainty in interest rate projections, as well as rising client demand for risk-managed returns.
Luma’s digital infrastructure is also accelerating adoption by making structured investments more accessible, allowing advisors to customize products efficiently, automate compliance reviews, and leverage real-time analytics to compare risk-adjusted outcomes.
WSR: How has the market responded to Luma’s technology-driven approach to life insurance, and what broader opportunities do you see in digitizing that space?
Beals: We have received an enthusiastic response to the new technology-driven approach Luma is bringing to what has traditionally been a paper application workflow. Our platform will modernize traditionally complex insurance transactions by digitizing policy discovery, comparison and execution, ultimately bringing the same efficiency, transparency and automation that advisors expect in other asset classes. Given the significant overlap between advisors who transact in annuities and life insurance, having a unified digital interface to manage both is a major value add.
YCharts Launches AI Chat For Advisors
YCharts launches an AI-powered tool for financial professionals to provide quicker access to insights and workflows. Called AI Chat, the tool is designed to improve research workflows through faster insights, interactive data and visualizations, customizable queries and an integrated workflow.
Advisors can type in a search prompt or navigate to the AI Chat tool to get real-time responses that YCharts said are backed by indexed financial databases. Users can refine their queries by selecting specific data sources, such as YCharts data, SEC filings, financial news or proprietary research from enterprise partners, YCharts said. AI Chat builds on the firm’s previous AI-based capabilities, including Quick Extract.
“With many advisors transitioning to new investment research and analytics tools, having a platform that delivers instant insights and streamlines workflows is more important than ever,” said Caleb Eplett, Chief Product Officer at YCharts. “AI Chat helps users quickly find the data they need, allowing them to focus on high-value analysis and client engagement.”
TradingBlock Unveils Professional-Grade Trading Platform For Retail Investors
TradingBlock launches a customizable trading platform to offer retail investors the same tools made for professionals. The platform’s web-based dashboard and mobile app are designed to provide investors with a flexible, professional-grade experience while maintaining low-cost pricing and accessibility for traders at all levels.
The customizable dashboard lets users tailor their trading experience with layouts designed for different trading styles. The platform supports options trading and provides access to a trade desk and customer support. As users’ needs grow, the dashboard can be modified to accommodate them. The launch of the platform follows TradingBlock’s recent expansion into customized order-routing algorithms for asset managers and professional traders.
“Whether you’re a beginner or an advanced trader, you can design and modify layouts within TradingBlock to fit your style without ever outgrowing the platform,” said TradingBlock’s President and CEO Jere Wickert. “We have more than 20 years of experience serving professional and institutional traders, which puts us in an advantaged position to deliver seamless, professional-grade trading experiences to retail investors.”
Docupace Acquires Canadian Workflow Platform Hubly
Holmdel, New Jersey-based Docupace, a provider of back-office software solutions, acquires Vancouver, Canada-based Hubly, a workflow management platform. Hubly automates back-office tasks such as client onboarding, preparing for and following up on client review meetings, account opening, tax preparation and staff training. The no-code platform allows firms to manage customized workflows without technical expertise. The acquisition follows Docupace’s 2021 purchase of PreciseFP, a client engagement platform. In July, Docupace announced that it received a majority investment from Genstar Capital.
“Hubly and Docupace share a passion for taking the complex, cumbersome and most arcane areas of the wealth management industry and transforming them into a unified, transparent and intelligent experience,” said Docupace Chief Executive Officer David Knoch. “This acquisition perfectly aligns with our strategic vision to deliver a comprehensive back-office ecosystem to the financial services industry.”
PureFacts Hires Three For C-Suite
PureFacts Financial Solutions, a provider of revenue management solutions, adds three executives to its C-Suite. Robert O’Boyle joins the company as Chief Revenue Officer. He previously held leadership roles at InvestCloud and Advent Software. Anuradha (Anu) Dodda, who steps into the role of Chief Technology Officer, brings experience in generative AI, data analytics and cloud computing garnered from her previous senior roles at IBM, Manulife, RBC and Thomson Reuters. Stephen Tkaczyk, who joins as Chief Financial Officer, has held leadership positions at Alliance Atlantis Communications, Cority, Kognitiv and Shred-it International.
The leadership buildout comes as PureFacts plans to expand after receiving a majority investment from GrowthCurve Capital in August.
“Our goal is to help firms maximize revenue potential by leveraging our deep industry expertise to deliver intelligent, enterprise-grade solutions that can drive real business impact,” said Rob Madej, CEO and Founder of PureFacts. “With these experienced leaders joining our executive team, we are better positioned to drive the next wave of innovation and help our clients unlock millions of dollars of unclaimed revenue.”
Savvy Wealth Hires Eric Hurkman As Chief Technology Officer
New York-based Savvy Wealth hires Eric Hurkman as its first Chief Technology Officer, to help scale its AI-based platform for financial advisors. Hurkman comes from Carta, where he was Vice President of Engineering, working on developing venture capital solutions. He previously held positions at Say Technologies, DrChrono and Maven Clinic.
Hurkman’s appointment comes on the heels of another C-Suite addition, with David Weiner joining as Chief Growth Officer in February. Savvy Wealth said it had quadrupled AUM and more than tripled its advisor headcount in 2024.
“Savvy Wealth has already built a sustainable and powerful technology platform that enables advisors to spend more time serving clients and growing their business—and less time toggling between several disparate solutions,” said Hurkman. “At this pivotal juncture in Savvy Wealth’s growth trajectory, I’m enthusiastic about the opportunity to unlock greater efficiency and scalability and build solutions that empower our advisors and advisory teams to deliver a more modern, tech-driven client experience.”
Raymond James Appoints Its First Chief AI Officer
Raymond James promotes Stuart Feld to Chief Artificial Intelligence Officer, a new leadership position. He will lead the firm’s efforts in applying emerging technologies to advisor and client services. Previously, Feld served as Senior Vice President, Head of Front Office Technology.
The firm says it already has AI initiatives in areas including cybersecurity, electronic communications review and operational monitoring and feedback. Raymond James advisors are also using analytics and machine learning in aspects of their client work.
“Our philosophy is to augment, not replace, the human touch by reducing administrative workload and empowering associates and advisors to better serve their clients,” said Feld. “As with all technology at Raymond James, we design tools in collaboration with our Technology Advisory Council, comprised of experienced financial advisors, to ensure that each has a practical, real-world application to the business.”
Ritholtz CEO Josh Brown Invests In FINNY AI, Joins Board
New York City-based FINNY AI, an AI-powered wealth management platform, receives an investment from Josh Brown, the CEO of Ritholtz Wealth Management. Brown joins the startup’s advisory board alongside Arun Anur, Chief Operating Officer at Orion. Co-founded by CEO Eden Ovadia, FINNY’s mission is organic growth for financial advisors through AI-based prospecting and marketing. In December, FINNY announced a $4.3 billion seed round, with investors including Morningstar CEO Kunal Kapoor and Deel COO Dan Westgarth.
“FINNY is solving the biggest challenge advisors face today: finding and connecting with the right clients,” said Brown. “Advisors are great at building relationships, but they don’t have the time—or the right tools—to consistently find new prospects. They don’t want to sit around cold-calling or sifting through generic databases and spreadsheets. FINNY changes that.”
T3/Inside Information Software Survey Finds 41% Of Advisors Using Search Or Generative AI Tools
The 2025 T3/Inside Information Software Survey is evolving with the fintech market, adding four categories this year: Alternatives platforms, generative language AI, search AI, and graphics AI. One notable survey finding is that 41% of financial advisors are using search or generative AI tools, according to Joel Bruckenstein, President of Technology Tools for Today (T3), and Bob Veres, Owner of Inside Information. The pair shared key insights at the 2025 T3 Conference.
The survey highlighted the top AI tools by market share, including ChatGPT, Microsoft Copilot and Google Gemini. However, when ranked by advisor ratings, the leading AI tools were Perplexity, Anthropic and ChatGPT. The survey asked 2,128 financial planning participants about more than 300 fintech solutions.
“We believe this data is useful to people who make software decisions at advisory firms – the people who are charged with creating and maintaining a functional tech stack in an ever-shifting marketplace,” said Bruckenstein. “The charts offer guidance on programs and solutions in 45 different categories, providing insight into not just solutions, but more broadly, the directions that the tech marketplace is evolving.”
BetaNXT And Fi-Tek Partner On Unified View Of Brokerage, Advisory And Trust Accounts
BetaNXT and Fi-Tek partner to provide account management and reporting across brokerage, wealth and trust business lines. The integration, called TrustWealthX, provides a unified, real-time view of investments and balances for brokerage, advisory and trust accounts. Users of the integrated platform can access capabilities from each partner’s proprietary platform. For example, they can use BetaNXT’s brokerage and accounting system as well as Fi-Tek’s trust and wealth management platform for front, middle and back-office.
“With TrustWealthX, we are solving the major industry-wide problem of siloed processing for trust and non-trust business lines,” said Bob Santella, CEO of BetaNXT. “As partners, BetaNXT and Fi-Tek have made it possible for firms to seamlessly manage and report on their brokerage, wealth, and trust lines through a single lens.”
RIA Platform Flourish Acquires Liability Management Platform Sora Finance
Flourish, an RIA platform, acquires Sora Finance, an AI-based liability management platform. The acquisition creates a single platform for asset and liability management and allows RIAs to offer cash and lending services, the companies said. The integration is expected to be complete in 2026.
Sora uses AI insights to help advisors analyze clients’ debt profiles, including mortgages, HELOCs, student loans and other loans. It alerts advisors to opportunities for clients to save money on their loans.
“By combining Flourish's leading cash management solution in Flourish Cash with Sora’s lending expertise and technology, we're creating a uniquely comprehensive platform that empowers advisors to bring services traditionally associated with banks directly to their clients,” said Flourish CEO Max Lane. “For the first time, advisors can now aggregate both sides of the balance sheet to analyze cashflows, optimize existing liabilities, and opportunistically leverage credit at competitive rates via a delightful experience that ‘just works.’”
Cerulli Finds Growing Need For Financial Planning Technology Tools For Advisors
Nearly half of advisors are offering financial planning services as part of their existing fee, in order to meet growing expectations from their clients. Innovative financial planning tools designed specifically for advisors could drive further adoption of financial planning and help advisors deepen client relationships, according to findings from Cerulli’s new report, “State of U.S. Wealth Management Technology 2025: Technology as an Enabler of Service Delivery.”
Among advisors who don’t offer currently financial planning services, the top reason given was that their core strength was investment management. Other reasons included insufficient staff and resources for doing so and lack of interest in financial planning.
Cerulli also found that advisors are relatively satisfied with their existing technology suites, though more than two-thirds said they would get more functionality from them if there was better integration with compliance restrictions. “Advisors are relatively satisfied with the extent to which their technology enables them to achieve key business objectives,” the report said. “The growing maturation of wealth management technology challenges new technology entrants to better understand advisor challenges to address more difficult to solve problems.”
Wealth Solutions Report can be reached at info@wealthsolutionsreport.com.
