The Latest In Financial Advisor #FinTech (July 2019)



Welcome to the July 2019 issue of the Latest News in Financial Advisor #FinTech – where we look at the big news, announcements, and underlying trends and developments that are emerging in the world of technology solutions for financial advisors and wealth management!
This month’s edition kicks off with the announcement that Fidelity is launching a new Managed Account XChange (FMAX), in what appears to be a shift in the Fidelity business model to capture the ongoing advisor shift from internal portfolio construction to outsourced third-party managers and models, and also a re-positioning of Fidelity itself to compete more directly with Envestnet’s own manager marketplace in the future.
From there, the latest highlights also include a number of other interesting advisor technology announcements, including:

Envestnet putting its own Insurance Exchange into full production, with the potential to finally catalyze growth of fee-based annuities in the RIA channel
Plaid announcing a new Investments API on the back of its Quovo acquisition, that may put even more investment-related tools directly in the hands of consumers through various financial apps
Canadian FinTech Equisoft acquires Grendel CRM to potentially push into US broker-dealer and insurance enterprises
LifeYield rolls out a new “Income Advantage” tool to assist advisors in figuring out exactly which investment retirees can sell to raise spending cash in a tax-sensitive manner
Two new advisor matchmaking platforms – Harness Wealth, and MyPerfectFinancialAdvisor – launch as demand continues for outsourced lead generation for financial advisors

Read the analysis about these announcements in this month’s column, and a discussion of more trends in advisor technology, including Tamarac rolling out digital onboarding tools to overlay Schwab and TD Ameritrade, Advisor Group launches an internal financial planning payment processing tool called “eQuipt for Financial Planning” as broker-dealers increasingly pivot into fee-for-service financial planning advice, Personal Capital launches its own high-yield cash offering as Wealthfront raises their cash yields to an industry-leading 2.57%, and XY Planning Network announces the finalists for its 4th annual FinTech competition for advisor technology to support the delivery of financial planning to the next generation of clients.
And be certain to read to the end, where we have provided an update to our popular new “Financial Advisor FinTech Solutions Map” as well!
I hope you’re continuing to find this new column on financial advisor technology to be helpful! Please share your comments at the end and let me know what you think!
*And for #AdvisorTech companies who want to submit their tech announcements for consideration in future issues, please submit to TechNews@kitces.com!
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