Wealthtech Roundup: Docupace, STP Investment Services, F2 Strategy, Riskalyze And Surge Ventures

Chris Latham, Deputy Managing Editor, Wealth Solutions Report

Docupace Launches Virtual Roundtables And RIA Productivity Suite, STP Acquires WealthSite, F2 Strategy Identifies 2023 Wealth Management Tech Spending Priorities, Riskalyze Partners With InvestorCOM And Sid Yenamandra Launches Surge Ventures

In this edition of the Wealthtech Roundup, we meet our newest Wealthtech Leader of the Month, David Knoch, Chief Executive Officer of Docupace, which is launching a new series of virtual roundtables and an RIA Productivity Suite.

Other entries this month include STP Investment Services acquiring WealthSite, F2 Strategy identifying the top five wealth management tech spending priorities of 2023, Riskalyze partnering with InvestorCOM on rollover compliance workflows, as well as Entreda Founder Sid Yenamandra launching Surge Ventures.

WSR Wealthtech Leader of the Month, David Knoch, CEO of Docupace

1. Docupace Launches Virtual Roundtables And RIA Productivity Suite 

Docupace, a digital back-office workflow and automations provider for the wealth management industry, launched a new RIA Productivity Suite and this week launches a new 2023 Kickoff Roundtable virtual series of webinars.

In consultation with Ezra Group, Docupace developed the RIA Productivity Suite with  capabilities such as streamlined new account opening and simplified new client onboarding; a workflow engine with automated rules-based data validations and work item status dashboard by contact; straight-through processing of work items; as well as integrations with many of the leading CRM and custodial platforms.

Expert panelists from 18 companies will participate in the 2023 Kickoff Roundtables for six topics: operations on Jan. 4, RIA megatrends on Jan. 11, advisor technology on Jan. 17, growth on Jan. 19, marketing on Jan. 26 and compliance on Jan. 31. Each roundtable is scheduled to start at 12 p.m. ET, with replays posting to the Docupace website shortly after completion. Registration is open.

And now for our quick Q&A with Wealthtech Leader of the David Knoch, Chief Executive Officer of Docupace.

WSR: Howdoes the new RIA Productivity Suite help Docupace stand out?

Measurable goals

Knoch: The RIA Productivity Suite is specifically designed to remove barriers for RIAs of all sizes as they seek scale and growth. By leveraging Docupace products, the Suite drives significant efficiencies at a much lower cost than the current group of solutions.

Smaller and mid-sized RIA firms operating without large IT departments stand to see the most acute benefits from the new offering, which automates and digitizes many tasks that give financial advisors more time to strengthen client relationships. Streamlined systems combined with strong digital tools also help draw top talent to an advisory firm. These tools were out of reach for many firms. 

With “out-of-the-box” capabilities and integrations, Docupace’s toolkit includes a digital back office that allows end-to-end pre-defined workflows that include preconfigured custodial form validations and bundles for Axos, Pershing Advisory Services (PAS), Charles Schwab, Pershing and Fidelity Institutional.

WSR: How can advisors and RIAs determine ahead of time when a product launch is worth their time and money?

Knoch: Advisors and RIA leaders cannot know ahead of time when a new product will be worth their time or money. To combat this uncertainty they need two things – a strategic plan with measurable goals and to work with a company they can trust.

Wealthtech is based on two main pillars – relationships and results. If you don’t develop both, your time in the industry will be short. Docupace has delivered innovative results for the wealth management sector for two decades, always with an eye to the current and future needs of our clients.

Reporting and analytics

Our intimate knowledge of the industry, dedication to enabling a meaningful feedback loop with our clients and stakeholders, as well as our reputation for developing best-in-class back-office solutions should give RIAs enormous confidence our launch will deliver. The products on the market now that address these issues do not provide the results that RIAs need to continue to secure growth and achieve scale in this economic environment.

To learn more, view the press releases here and here.

2. STP Investment Services Acquires WealthSite Family Office Solution 

The technology-enabled investment operations service provider STP Investment Services acquired WealthSite, an accounting, portfolio management, reporting and analytics solution to single and multifamily offices and advisory firms and asset managers. 

Due to the acquisition, STP’s total assets under administration (AUA) exceed $400 billion. WealthSite technology also is poised to support STP’s proprietary cloud-based BluePrint platform, which provides clients and their investors with analytics, reporting and digital experiences, according to the press release.

“Beyond the technology pieces aligning, perhaps the most important component of any two firms joining is the cultural fit,” Bernie Holtgreive, WealthSite’s Managing Partner, said in the press release. “It was apparent early on that we held the same vision and ethos in that regard. With BluePrint’s industry-leading capabilities, married with our technology, together we can deliver everything family offices, wealth advisory firms and their clients demand.”

To learn more, view the press release here.

3. F2 Strategy Identifies 2023’s Top Wealth Management Tech Spending Priorities

Areas of focus

F2 Strategy, a wealthtech management consulting firm, identified the top five focus areas for technology spending in 2023 based on feedback gathered in November from 39 RIAs, wealth managers, and asset managers representing $6 trillion in assets.

In order of importance, the priorities are digital client and advisor experience, data architecture, CRM, reporting and portfolio construction. According to F2 Strategy, essential capabilities include an integrated mobile-friendly client experience, real-time data values, transparency of investment information, personalization, self-service, document sharing and texting.

The firm found that fewer than 33% of respondents had digital experience usage metrics in place, which suggests they could benefit from implementing data-point tracking to measure the success of investments in new capabilities. F2 Strategy also suggested defining the practices and processes around data usage to get the most out of data architecture.

To learn more, view the research here.

4. Riskalyze Partners With InvestorCOM On Rollover Compliance Workflows

Face-to-face client meetings

Riskalyze forged a strategic partnership with InvestorCOM to provide advisors with access to rollover compliance workflows such as analysis of proposed rollover transactions, plan fee lookups and documenting recommendations. The integration strives to give advisors more time to focus on activities such as face-to-face meetings with clients, according to the press release.

It enables advisory firms to start a proposal workflow in Riskalyze’s growth platform and select “Rollover Analysis” to access InvestorCOM’s RolloverAnalyzer. This tool ensures full compliance with recently introduced Department of Labor requirements governing retirement plan rollovers, according to the press release. Advisors are then automatically redirected to Riskalyze to complete the proposal.

Although both products are currently available to wealth management firms, Riskalyze expects the new workflow integration to become more widely available in the first quarter of 2023. InvestorCOM provides regulatory compliance software and communications solutions to wealth managers, asset managers and insurers.

To learn more, view the press release here.

5. Entreda Co-Founder Sid Yenamandra Launches Virgo Capital-Backed Surge Ventures 

Sid Yenamandra, Co-Founder and Managing Partner, Surge Ventures

As previously reported, Surge Ventures, a new venture studio initially targeting the financial services and wealth management space, aims to bring multiple software-as-a-service (SaaS) startups to market by addressing emerging compliance risks. 

These include advisor data governance, client privacy obligations management, user entitlement management and holistic Personally Identifiable Information (PII) posture assessments. The venture studio uses a proprietary “Surge Method” that seeks to swiftly test ideas, detect product-market-fit, track growth and de-risk investments by focusing on promising products and solutions. Virgo Capital, an Austin, Texas-based private equity firm, provided $10 million in seed funding for Surge Ventures.

It is the brainchild of Sid Yenamandra, who founded and ran the award-winning cybersecurity platform Entreda before its acquisition by K1 Investment Management and Smarsh in 2020. He also serves on the Advisory Board for Wealth Solutions Report, and WSR CEO Larry Roth joined the new Advisory Board for Surge Ventures.

To learn more, view the press release here.

Chris Latham, Deputy Managing Editor at Wealth Solutions Report, can be reached at clatham@wealthsolutionsreport.com

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