T3 Conference Preview: Largest Issues Facing Wealthtech Today

Executives From White Glove, Choreo, Advyzon, Kwanti And CogniCor Discuss The Largest Issues In Wealthtech Today 

Michael Madden, Contributing Editor & Research Analyst, Wealth Solutions Report

Though only one space in wealth management, wealthtech touches on the full spectrum of industry needs, offering solutions and improvements to any area of an advisor’s work that might be accelerated or enhanced by technology. Experts who focus on different needs will bring different perspectives to the largest issues facing wealthtech.

No doubt, cybersecurity is one of those needs, as we recently discussed in a Wealthtech Roundtable with Joel Bruckenstein, Brian Edelman and Brian Hamburger. Perfecting the basics is another, as explained by our CEO Larry Roth

We spoke with other executives who will attend T3 to ask them about the pressing needs of the day in wealthtech. As one might expect from the range of niches represented, the answers ranged broadly from fragmented tech stacks and integration issues to portfolio rebalancing and economizing advisors’ time. The executives are:

  • Rosh Cherian, Co-Founder and CTO of CogniCor
  • John Mackowiak, Chief Revenue Officer of Advyzon
  • Josh Schwaber, Head of Customer Experience at Kwanti
  • Matt Bankston, Managing Director, Platform Strategy and Innovation at Choreo
  • Lara Galloway, SVP of Channel Management at White Glove

We asked each of them the following question:

What are the largest issues facing your space within wealthtech, and what solutions are you bringing to the T3 conference to address those issues?

Here are their responses:

Rosh Cherian, Co-Founder and CTO, CogniCor

Rosh Cherian, Co-Founder and CTO, CogniCor

The impending generational wealth transfer, ongoing consolidation within the wealth space and demographic shifts of the financial advisor population present exciting opportunities for the advisory industry to adapt, evolve and position itself for long-term success and sustainability. These changes represent a positive shift toward a more dynamic and innovative advisory industry that is well-equipped to meet the changing needs of clients and the broader market.

We believe that AI-enabled digital assistants backed by industry-specific knowledge graphs and GPT3-like large language models provide a clear path forward that will enable the industry to re-invent the wealth experience and create profitable opportunities. 

Over the past few years, we’ve seen several clients – including leading IBDs, large insurance firms and expanding RIAs – apply this technology with incredible success, saving advisors several hours a week in processing meetings, avoiding “not in good order” forms and handling client maintenance activities.

John Mackowiak, Chief Revenue Officer, Advyzon

John Mackowiak, Chief Revenue Officer, Advyzon

A fragmented tech stack is inefficient, expensive and – in 2023 – completely unnecessary, and it’s one of the largest issues facing the wealthtech space. One of the most dangerous phrases in business is, “because we’ve always done it this way” – and it certainly applies here.

Integration between vendors is still important in some cases, but advisors should consider whether an application is critical or if shopping for a replacement has simply been put off. CRM is a great example. There are some wonderful standalone tools available for advisors that integrate with other pieces of the traditional advisor tech stack. This was cutting edge a dozen years ago. Consolidating systems used to mean compromising on features, but that’s no longer the case. 

We provide most of the technology that advisory firms of all sizes need to run and scale their business. Our platform combines eight core capabilities with business intelligence: client reporting, flexible billing, CRM, white-label client portal and mobile app, document management, robust rebalancing, investment management (TAMP) and prospecting tools in a single interface. That’s what we’re looking forward to showing to conference attendees.

Josh Schwaber, Head of Customer Experience, Kwanti

Josh Schwaber, Head of Customer Experience, Kwanti

With so many choices, many advisors struggle to identify the best tools for their specific needs and waste time and resources testing different platforms. This can lead to frustration and inefficiencies that ultimately impact their ability to serve clients effectively.

In particular, functionalities such as portfolio reporting, model management, proposal generation and investment research are usually available through distinct tools from different providers. Having multiple tools results in high subscription costs, excess training and sorting out integration issues.

To address this challenge, we continue to enhance our solutions with new features in order to unify access to these key functionalities in a single interface, drastically enhancing the efficiency and experience for both the advisor and their clients. For example, we recently added a screener functionality to our portfolio analytics solution, helping advisors research, build and adjust their portfolios and models.

Even with continued enhancements, it is hard to imagine there ever being a one stop shop for everything an advisor could need. That is why it is essential to focus on integrations with partners to streamline workflows and make it easier for advisors to use multiple tools seamlessly. We have always had a large set of integration options available for advisors and we will continue to add more. 

Matt Bankston, Managing Director, Platform Strategy and Innovation, Choreo

Matt Bankston, Managing Director, Platform Strategy and Innovation, Choreo

We are passionate about providing an integrated client-centric service approach that improves the wellbeing of our clients, their families and their communities. To provide recommendations across sophisticated tax and estate planning, household portfolio management and comprehensive financial planning, we consistently review and evaluate innovative technology that aligns with our values. 

This year, we’re looking at a variety of rebalancing software options that focus on delivering after-tax returns at a household level.

Lara Galloway, SVP of Channel Management, White Glove

Lara Galloway, SVP of Channel Management, White Glove

As a marketing company specializing in lead generation and engagement services for growth-minded financial advisors, we see time as a persistent challenge in the wealth management and wealthtech industry. Demands on people’s time continue to increase, which can be a barrier for financial advisors who succeed by attracting leads and nurturing client relationships through in-person meetings and events. 

Capturing the attention of a potential client has become increasingly difficult, but the market turbulence of the past year demonstrates how important it is for individuals to have professional financial guidance. We provide solutions that leverage technology and in-person moments to deliver advisors opportunities for long-term growth. Our turnkey programs provide marketing outreach, client engagement campaigns and the data needed to create the ideal customer journey.

Michael Madden, Contributing Editor & Research Analyst at Wealth Solutions Report, can be reached at mmadden@wealthsolutionsreport.com

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