Wealthtech Roundup: Wealth.com, Nitrogen, Seeds Investor, Docupace And More

FusionIQ Launches Modular Platform, Crystal Capital Partners With SS&C, Nitrogen Integrates With FMG, Docupace Appoints New CFO, Wealth Management GPT Launches Writing Tool, Halo Appoints New CEO, Seeds Raises Another $2 Million, F2 Strategy Acquires Oakbrook Solutions And Smarsh Appoints New CTO

Chris Latham, Managing Editor, Wealth Solutions Report

In this edition of the Wealthtech Roundup, we speak with our newest Wealthtech Leader of the Month, Danny Lohrfink, Co-Founder and Chief Product Officer at Wealth.com.

Other entries this month include FusionIQ launching a modular integrated platform, Crystal Capital Partners selecting SS&C for back-office enhancements, Nitrogen integrating with FMG, Docupace appointing Leon Weiss as CFO, Wealth Management GPT launching an AI-driven writing tool, Halo Investing appointing COO Matt Radgowski to CEO, Seeds Investor closing an additional $2 million of funding, F2 Strategy acquiring Oakbrook Solutions and Smarsh naming Vinay Mehta as CTO.

The digital estate planning platform Wealth.com launched Ester, an artificial intelligence-based legal assistant that aims to help financial advisors make estate planning more accessible, cost effective and scalable. It automates tasks traditionally handled by financial analysts and in-house paralegals so advisors can deliver customized wills, trusts and other documents.

Ester’s proprietary model is built on Wealth.com’s estate planning data and is conditioned with both short-term and long-term memory, enabling it to incorporate clients’ previous actions into responses. More than 1,000 U.S.-based financial professionals use Wealth.com, including those at Keebeck Wealth Management, MarketCounsel and Farther.

And now for our Q&A with Wealthtech Leader of the Month Danny Lohrfink, Co-Founder and Chief Product Officer at Wealth.com.

WSR: What challenge is Ester solving for financial advisors that previously went unaddressed in the wealthtech market?

Danny Lohrfink, Co-Founder & Chief Product Officer, Wealth.com

Lohrfink: Client expectations from their financial advisor have never been higher, which presents a tremendous opportunity to help financial advisors willing to truly differentiate their practice. Ester saves advisors and their teams hundreds of hours of tedious work by understanding the complexities of existing estate planning documents in a matter of seconds.

In the same way that financial advisors leveraged technological innovation to evolve from the stock broker, so too is the modern advisor having to evolve into the role of holistic wealth planner. This means financial planning, tax planning and estate planning all coordinated by the quarterback – the financial advisor.

WSR: How can advisors use technology in general to better improve their ability to serve the estate planning needs of clients?

Lohrfink: The purpose of technology is to drive efficiency. This means faster, less expensive, and more scalable output, without compromising on quality or legal rigor. Companies like Wealth.com are applying the latest in technological innovation, including AI, to upend the longstanding legal concept of the traditional billable hour.

By combining the legal expertise of in-house attorneys that hail from the preeminent trust and estate firms in the country with best-in-class tech, we are able to deliver the same level of quality and complexity for which clients would otherwise pay $9,000, for just a fraction of that cost.

WSR: Will artificial intelligence become essential to wealth management technology in the near future? Why or why not?

Lohrfink: The short answer is “yes,” AI will become essential to wealth management technology in the near future, but only if people focus on creating things that actually help solve problems and cut through the hype that makes people rightfully skeptical.

I think this quote from George Westerman of MIT is very relevant: “When digital transformation is done right, it’s like a caterpillar turning into a butterfly, but when done wrong, all you have is a caterpillar.” Becoming essential requires a high level of utility, which is why our platform is designed to solve real problems for advisors.

2. FusionIQ Launches Modular Integrated Platform

Mark Healy, CEO, FusionIQ

Wealthtech firm FusionIQ launched the FusionIQ One platform with four integrated modules to enable IBDs, RIAs and financial institutions to implement a white-labeled platform in as little as six weeks. Clients can be onboarded in five minutes on many custodians.

The branding is designed to communicate the ease with which the platform can be implemented and the firm’s commitment to delivering innovative, intuitive and scalable solutions. It contains four pay-as-you-grow modules that deliver workflows and process automations: Digital Advice, Self-Directed Investing, finTAMP and Digital Model Marketplace. In addition to these modules, an API Integration Suite is available for additional tools required by clients.

“The new FusionIQ One brand lets the wealth management industry see how our digital technology has evolved into an all-in-one platform and the value it’s bringing to our clients,” said CEO Mark Healy. “By providing an easy on-ramp to digital, FusionIQ One is helping advisors and institutions say goodbye to legacy technology. We’re delivering the integrated platform they need to scale and grow.”

3. Crystal Capital Selects SS&C To Optimize Back-Office Operational Processes

Karen Geiger, Co-General Manager, SS&C Advent

Crystal Capital Partners, a wealthtech provider and turnkey alternative investment platform for financial advisors, chose SS&C Technologies, a global software and services provider, to optimize its back-office operational processes. This encompasses minimizing burdens in the investing process for advisors and their clients regarding tasks such as subscriptions, rebalancing and liquidity schedules.

SS&C’s Geneva solution has been tapped to streamline portfolio management and reporting for Crystal Capital across more than 500 customized portfolios and support growth goals for the alts platform. SS&C serves approximately 20,000 organizations, ranging from small- and mid-market businesses to global entities.

“We are excited to support Crystal Capital Partners in their efforts to bring efficiencies to alternatives investing,” said Karen Geiger, Co-General Manager at SS&C Advent. “We look forward to helping Crystal Capital optimize operational workflows on their platform, so their member advisors can focus on client relationships and generating investment returns.”

4. Nitrogen And FMG Partner On Integrated, One-Click Multi-Channel Marketing Solution

Nitrogen (formerly Riskalyze) and marketing software as a service (SaaS) provider FMG partnered to integrate the email marketing and website creation capabilities of the FMG digital marketing platform with the risk alignment, financial planning, proposal generation and client engagement tools of the Nitrogen Growth Platform.

Susan Theder, Chief Marketing and Experience Officer, FMG

Subscribing mutual customers can receive access to the complete Nitrogen marketing toolkit, including a lead generation questionnaire, as a collection within the FMG all-in-one platforms. Teams from FMG and Nitrogen will showcase the solution live at Nitrogen’s Fearless Investing Summit, which will be held from Oct. 2 to Oct. 4 in Miami.

“The firms that are seeing the most growth today are those that have mastered the art of building their brands and expanding their networks on social media, engaging prospects on their websites and sharing valuable, relevant resources with clients,” said Susan Theder, Chief Marketing and Experience Officer at FMG. “This integration enables our shared clients to effortlessly execute multichannel campaigns, leveraging Nitrogen’s comprehensive marketing toolkit, to accelerate lead generation and drive new business.”

5. Docupace Appoints Former Nitrogen Executive Leon Weiss As Its New CFO

Leon Weiss, CFO, Docupace

Docupace, a digital back-office workflow and automations provider for the wealth management industry, appointed industry veteran Leon Weiss as its new Chief Financial Officer leading the firm’s finance and accounting functions.

Weiss has nearly 25 years of corporate finance experience. From 2020 to 2022, he served as CFO of Riskalyze, before it rebranded as Nitrogen, and during his tenure played a central role in the company’s 2021 sale to Hg Capital. Most recently, he served as CFO of XOi Technologies. Prior to Riskalyze, Weiss served as CFO of Inland Business Systems, a Xerox business solutions company.

“I’m excited to join a company that’s making such an impact in the wealthtech industry,” Weiss said. “I look forward to working with FTV Capital and the Docupace leadership team to bring more efficiency, effectiveness and excellence to the wealth management back office.”

6. Wealth Management GPT Launches AI Tool For Advisors

Marc Butler, Founder, Wealth Management GPT

Wealthtech firm Wealth Management GPT announced the launch of an AI-driven writing tool designed to assist financial advisors in delivering personalized messaging and financial education for their clients, prospects and communities.

The tool includes a suite of features to aid in marketing, communications, workflows and personalizing experiences. Founded by Marc Butler, formerly President and COO of Skience, Wealth Management GPT provides a suite of solutions intended to provide advisors with a simple, user-friendly design and the ability to scale marketing and content with low cost and quick speed to market.

“Wealth Management GPT represents a significant leap forward in the use of AI to enable the human advisor and their business,” Butler said. “We understand the challenges advisors face when it comes to effective communication, marketing and delivering personalization at scale.”

7. Halo Investing Promotes COO Matt Radgowski To CEO

Matt Radgowski, CEO, Halo Investing

Halo Investing appointed Chief Operating Officer Matt Radgowski as its new Chief Executive Officer, as Co-Founder Biju Kulathakal transitions from the role. Prior to joining Halo in 2022, Radgowski served for nearly a decade at Morningstar, most recently as Head of Advisor Solutions and before that as Chief Operating Officer, Investment Management.

The platform connects advisors with providers of structured notes, buffered ETFs and annuities; allows advisors to create custom structured notes; as well as offers digital tools and education resources. It works with more than 40 global banks and insurance partners, and has had over $12.5 billion in transactions since inception in 2015. Chicago-based Halo has more than 100 professionals, with offices in Abu Dhabi and Zurich.

“Before joining Halo, I spent my career seeking innovative ways to invest in traditional asset classes and product types to meet client objectives,” Radgowski said. “I’m excited to have the opportunity to lead Halo’s efforts in protecting the world’s investments and forever changing the way advisors build portfolios.”

8. Seeds Investor Raises $2 Million In Additional Capital, Reaching $4.7 Million

Zach Conway, CEO, Seeds Investor

Seeds Investor closed an additional $2 million of funding, bringing its total funding to approximately $4.7 million. The latest round was led by Blank Ventures with participation from existing investors Social Leverage and The Compound Capital Fund I, LP, which is affiliated with Ritholtz Wealth Management. Seeds completed its initial capital raising in December.

In May, Seeds announced that it partnered with Citizen Mint to allow advisors to present clients with vetted impact investments that align with client values, risk tolerances and time horizons. Founded in 2019, Seeds provides advisors on its platform with tools to assess investors, generate multi-asset class portfolios and share tailored insights with clients.

“We’re extremely grateful to our new and existing investors who deeply understand the wealth management space and continue to support our vision,” Seeds posted on its website. “This new capital will enable us to more quickly evolve our product to meet the needs of the growth-minded advisors we serve.”

9. F2 Strategy Gains Capital Backing, Acquires Consultancy Oakbrook Solutions

Doug Fritz, Co-Founder and CEO, F2 Strategy

F2 Strategy acquired consulting and services provider Oakbrook Solutions and received a majority investment from private equity firm Renovus Capital, to lay the foundation for F2 Strategy’s goal to accelerate growth and expand its service offerings. Founded in 2000, Oakbrook serves banks, trust companies, family offices, retirement plan providers, custodians and RIAs.

Its 75-person team will strengthen F2 Strategy’s wealth management and bank trust capabilities. Doug Fritz, Co-Founder and CEO of F2 Strategy, will lead the combined firms. F2 Strategy will leverage Oakbrook to provide enhanced access for its clients to subject matter experts, tech strategy leadership, research and its professional network.

“This strategic deal marks a pivotal moment in our journey, as we combine our strengths with Oakbrook and add the support of Renovus Capital,” Fritz said. “Together, we will leverage our collective capabilities to uncover new opportunities, expand market reach and deliver unparalleled results for our clients.”

10. Smarsh Names Vinay Mehta Chief Technology Officer

Vinay Mehta, CTO, Smarsh

Regtech and compliance provider Smarsh announced the appointment of Vinay Mehta as its Chief Technology Officer. He will lead the firm’s global engineering organization by managing engineering, architecture, product development and hosting, as the firm continues to expand its executive team.

Smarsh manages billions of messages per month across more than 100 digital communications channels. Mehta will participate in the development and delivery of communications intelligence and risk management technology for highly regulated financial services companies including financial institutions, broker-dealers, RIAs and other wealth management firms.

“I am honored to join Smarsh as its new CTO and am eager to serve as the bridge by which our engineers enable the business to achieve its strategic goal of maximizing value to customers,” Mehta said. “Wealth management and financial services is an exciting space with unique challenges due to the rapid pace of change in technology and regulations.”

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

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