Wealthtech At The Fore In 2024

Larry Roth, CEO, Wealth Solutions Report
Larry Roth, CEO, Wealth Solutions Report

My Take On The Year’s Biggest Wealthtech Trends, Changing Tech Stacks, Client Demands Push Data Forward, Cybercriminals Weaponize The SEC, Managed Account Tech And Our Weekly Recruitment Roundup

As we draw the curtain on the stage of 2023 and prepare for a new year, technology remains at the fore for many advisors and firms. The technology that we leverage to carry out dozens of tasks across the industry is a microcosm of the excitement, progress, uncertainty and brisk pace of change exhibited across wealth management.

This week, I provide my thoughts on the year’s biggest wealthtech trends and the views of experts from Morningstar, Opto and Wealth.com. We also speak with Advyzon’s Chief Growth Officer on the technology lessons of 2023 and the needs of advisors when changing tech stacks; BetaNXT’s CEO on the changes forced by clients’ demands for real-time, personalized information; The Oasis Group’s CEO on an unsettling development in ransomware; and SMArtX’s CEO on technology and managed accounts. We also bring you our weekly roundup of deals and recruiting.

You can play your role in the industry’s technology news by taking a few minutes to complete our survey on the state of advisor technology.

My take on wealthtech: In my final quarterly wealthtech trend piece of 2023, I reflect on the biggest platform integration deals of the year by Orion, Nitrogen and Envestnet, as well as look at new insights from industry executives about how technology is changing the game for advisors and their firms. Marc DeMoss, Head of Research Products at Morningstar; Ryan VanGorder, CEO at Opto Investments; and Rafael Loureiro, Co-Founder and CEO at Wealth.com, provide comments.

Weekly Recruitment Roundup: Meet our newest Recruiter Of The Month, Paul Stetz, President of Alphastar Capital Management. This week’s deals also include Kestra PWS bringing on two firms; LPL recruiting five advisors and investing in Independent Advisor Alliance; Atria’s Cadaret Grant adding Gaschen, Berlingeri & Casebolt; tru Independence achieving record growth in 2023; Aon agreeing to acquire NFP; Exencial Wealth Advisors acquiring Weinheimer Wealth Management; Allworth Financial acquiring two firms; and Connecticut Wealth Management hiring Alec Rosen as Director of Growth.

The tech stack dilemma: John Mackowiak, Chief Revenue Officer of Advyzon, relates this year’s lessons on advisors’ tech needs, describes trends in comprehensive versus “best-in-breed” tech stacks, and explains the challenges advisors face when changing tech stacks.

Weaponized SEC: John O’Connell, CEO and Founder of The Oasis Group, describes the newest tactic in ransomware, in which bad actors exploit new SEC cyberattack disclosure rules against their victims, explaining that wealth management firms could be next.

Real-time demand: Stephen C. Daffron, Chairman and CEO of BetaNXT, explains how client demands for real time, bespoke information are pushing firms to connect and digitize their data and increase the speed, detail and personalization of information delivered to clients.

Shifting to managed accounts: Jonathan Pincus, CEO of SMArtX Advisory Solutions, describes the factors behind advisors’ move toward managed accounts and the need for tech solutions to make managed accounts work for the advisors and their clients.

Keep up with the latest by following us on LinkedIn, and send us your thoughts, questions and suggestions.

All the best to you and yours for the holidays!

Larry Roth
Wealth Solutions Report

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