The Latest In Financial Advisor FinTech November 2019

8 Nov    Investing News

Welcome to the November 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 news that Schwab will allow fractional share trading in its retail accounts, in what is widely viewed as another jab at Robinhood in the competition for young new investors (who literally might not have enough saved to buy even a single share of Amazon at nearly $1,800/share)… but what may ultimately be laying the groundwork for Schwab to launch its own Direct Indexing 2.0 solution and compete more directly with mutual fund and ETF providers (and the robo-advisor Wealthfront that pioneered the approach for the mass market but never managed to scale it as Schwab may with its national brand reach).

From there, the latest highlights also include a number of other interesting advisor technology announcements, including:

  • Riskalyze expands further beyond risk tolerance assessment towards becoming an Envestnet competitor by launching Connected Trading to implement third-party models in its Model Marketplace
  • Broadridge acquires Fi360 in a strong statement that it anticipates the future of financial advice, even in broker-dealers, will be fiduciary
  • Galileo raises a massive $77M Series A to expand its white-labeled savings, checking, and debit/credit card services (including for advisors)
  • Cetera launches a new fee-for-service 401(k) offering powered by AdvicePay to allow 401(k) advisors to get paid directly when providing individual financial planning advice to plan participants

Read the analysis about these announcements in this month’s column and a discussion of more trends in advisor technology, including the launch of yet another ‘digital’ RIA custodian (Velox Clearing), more tools from Fidelity and Pershing to choose or customize model portfolios, Timeline’s integration with Black Diamond and ByAllAccounts to facilitate real-time updated sustainable withdrawal rate projections for retirees, and Whealthcare’s announcement of a fundraising initiative to expand its tools for serving aging clients just as regulators increasingly focus on how advisors can better help prevent elder financial abuse.

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!

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