Wealthtech Roundup: COMPLY, Envestnet, Docupace, Ledgex, Vestmark And F2 Strategy

Chris Latham, Deputy Managing Editor, Wealth Solutions Report

COMPLY Expands C-Suite, Pontera Integrates With Envestnet, Alkymi And Ledgex Partner On Family Offices, Docupace Hires Former eMoney COO, Vestmark Launches SMAs Based On S&P Dow Jones Indices And F2 Strategy Releases WealthTech Outlook

In this edition of the Wealthtech Roundup, we meet our newest Wealthtech Leader of the Month, Helen Johnson, Chief Technology Officer of COMPLY, which recently unified the brands of several compliance-technology firms and expanded its leadership team.

Other entries this month include Pontera integrating its 401(k) management capabilities with Envestnet, Alkymi and Ledgex partnering to help family offices improve their operational efficiency and data management capabilities, Docupace hiring former eMoney Chief Operating Officer Mike Zebrowski as its COO, Vestmark collaborating with S&P Dow Jones Indices to launch six direct-index separately managed account (SMA) strategies and F2 Strategy releasing its 2023 WealthTech Outlook Report.

1. COMPLY Builds On Momentum By Expanding C-Suite After Unifying Brands

WSR Wealthtech Leader of the Month, Helen Johnson, CTO of COMPLY

Separately, the wealthtech companies ComplySci, RIA in a Box, National Regulatory Service (NRS) and illumis cover different points on the regulatory, compliance, cybersecurity and data analysis spectrum. Together, they form the unified parent brand COMPLY, which in November integrated its leadership team across the companies and in January expanded its C-suite.

Also in November, ComplySci served as founding sponsor for the inaugural ComplyConnect Conference & Expo in Austin, Texas. Last summer, RIA in a Box became a compliance partner with LinkedIn for social media communication recordkeeping and launched a continuing education program in response to the North American Securities Administration Association’s (NASAA) CE rule. And just last week, illumis released a compliance update on the Securities and Exchange Commission’s Pay-to-Play Rule for political contributions.

And now for our quick Q&A with Wealthtech Leader of the Month Helen Johnson, Chief Technology Officer of COMPLY.

WSR: How did ComplySci, RIA in a Box, NRS and illumis determine that operating together as COMPLY would be good for each firm, and for each firm’s clients?

Johnson: We recognized unifying all our brands under one corporate umbrella with an integrated senior leadership team would further solidify COMPLY’s position as the leading, comprehensive provider of regulatory technology and compliance solutions for the financial services sector. 

The move will accelerate our strategic growth initiative while allowing COMPLY to better serve the industry with expanded offerings and resources. Now our customers will be able to leverage the breadth of our solutions and expertise for all four businesses.

WSR: How do the executive appointments of Eric White, Nathan Remmes, Daniel Sanders and John Gebauer benefit COMPLY?

Johnson: Our new senior leadership team – Eric White as President, Nathan Remmes as Chief Growth Officer, Daniel Sanders as Chief Financial Officer and John Gebauer as Chief Regulatory Officer – will help position us for our next chapter of growth. Their combined knowledge and expertise in regulatory compliance, product innovation, business development, merger and acquisitions, and operational management will allow COMPLY to continue its mission as the comprehensive compliance partner and champion for compliance professionals across the financial services industry.

WSR: What is your role as CTO of COMPLY, and what initiatives are you personally working on in 2023 for COMPLY?

Johnson: My role is to oversee the strategic implementation of technology and integration of our platforms within the company, in addition to managing COMPLY’s ever-expanding product offerings. This year particularly, we are focusing on increasing our data insight offerings within our product suite to better support our customers in their day-to-day activities. 

By taking a holistic view in how we work and what we create, we enable our teams to provide the tools, services, education and solutions our clients need and care about most, while helping them remain in compliance within a dynamic and rapidly growing regulatory environment.

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

2. Pontera Integrates 401(K) Management Capabilities With Envestnet

Pontera’s new integration enables advisors on the Envestnet | Tamarac platform to view 401(k), 403(b) and other retirement savings accounts data, run aggregated and performance reporting, bill on those accounts and produce more complete views of the client’s financial life.

Pontera’s product suite includes providing advisors with tools for holistic planning, asset location, rebalancing, consolidated reporting and compliance. Envestnet’s Tamarac platform,  which includes a comprehensive set of tools from CRM to trading to data aggregation and reconciliation, is used by more than 3,100 RIAs collectively managing over $1.3 trillion in assets.

“Our integration with Envestnet reflects our collective commitment to delivering technology that helps advisors create better financial outcomes for their clients,” Dave Goldman, Chief Business Officer of Pontera, said in the press release. “We are proud to partner with Envestnet to enable more clients to manage their retirement and investment allocations in a single view.”

To learn more, view the press release here.

3. Alkymi And Ledgex Partner To Boost Family Office Efficiencies And Data Management

Alkymi, an artificial intelligence (AI), machine learning (ML) and automation provider focusing on enterprise workflows, and Ledgex, whose tools aim to help investment firms manage complex asset portfolios with data accuracy and transparency in a timely manner, are partnering to increase operational efficiency and data management capabilities for family offices.

Alkymi’s tools automatically identify, capture and structure data from documents such as capital and financial statements, K-1s and partnership agreements, according to the press release. Once in Ledgex Pro, portfolio managers can access the data for modeling, performance and analytics including transactions and market values, exposure data, fee and liquidity terms.

“Working with Ledgex to automate data workflows for family offices will be a transformative efficiency win for our mutual customers,” Alkymi CEO Harald Collet said in the press release. “By integrating Alkymi’s advanced AI/ML solutions, Ledgex customers can refocus employees on more strategic work such as deeper investment analysis leading to better returns.” 

To learn more, view the press release here.

4. Docupace Hires Former eMoney COO Mike Zebrowski

Mike Zebrowski, COO, Docupace

The cloud-based fintech digital operations software provider Docupace hired industry veteran Mike Zebrowski as its Chief Operating Officer. He will be responsible for product, delivery, relationship management, support, training, transitions and legal teams.

Zebrowski has nearly three decades of experience in financial services. He served as COO of eMoney from 2006 to 2016. Zebrowski then co-founded Advisor Innovation Labs (A.I. Labs) with Docupace Board Chair Lori Hardwick. That firm was acquired by Envestnet. He also is an Executive in Residence at F2 Strategy and is an advisory board member for Tolerisk, a risk-tolerance assessment technology for financial planners and investment advisors.

“It’s wonderful to have an accomplished executive with a proven track record of leading execution and driving elevated client experience at diverse global organizations during periods of accelerated growth,” Docupace CEO David Knoch said in the press release. “Mike will play a significant role in deepening relationships with clients and empowering the Docupace brand to become known for its vibrant culture of execution excellence.”

To learn more, view the press release here.

5. Vestmark Collaborates With S&P Dow Jones Indices On Direct-Index SMA Strategies

Vestmark, a software provider of portfolio management/trading solutions and outsourced services for financial institutions and their advisors, is collaborating with S&P Dow Jones Indices to launch six direct-index separately managed account (SMA) strategies.

Three of these Focused Index Portfolios are based on new S&P Dow Jones indices that select constituents from the large-cap S&P 500 Index and the S&P 500 Catholic Values Index. The other three Focused Index Portfolios are based on longstanding S&P Dow Jones indices that target dividend-payers, ESG and international developed markets.

“With SMAs, investors can enjoy tax benefits that aren’t available through pooled products such as mutual funds and ETFs, and financial advisors can work with investors to select strategies to best fit their values and portfolio objectives, efficiently bringing personalization to the client relationship while also helping to improve overall investment outcomes for more investors,” Robert Battista, Senior Vice President and Managing Director of Vestmark Advisory Solutions, said in the press release.

To learn more, view the press release here.

6. F2 Strategy Releases 2023 Wealthtech Outlook Report

Last year, F2 Strategy’s research team communicated with 80 RIAs, wealth managers and asset managers representing over $20 trillion in assets under management (AUM) to explore key trends in the marketplace. Last month, the company released its 2023 Wealthtech Outlook Report, covering nine key trends of 2022 and where it sees them heading this year.

Topping the list is that financial firms’ satisfaction with CRMs dropped 20 points since 2020, with 56% of respondents dissatisfied with their CRM platform in 2022. This will prompt more firms to better define their CRM goals, research CRM options before committing and find the proper fit for their goals, according to F2 Strategy.

Another key finding is that 84% of respondents boosted their technology resources in the past two years and 78% of respondents plan to ramp up their technology resources in the next two years. According to F2 Strategy, financial firms also may be able to recruit talent from large technology firms that recently conducted layoffs due to broader economic conditions.

To learn more, view the report here.

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

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