Envestnet, Orion Partnerships Add New Advisor Tools to Competitive TAMPs
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Another day, another richtech announcement.
There’s a good reason why it’s so hard to keep up with all the technology updates being announced in the wealth management industry these days. There is a lot of blood in them. Established turnkey asset management platforms, emerging fintech software companies and financial advisory firms are all working hard to build an open, connected technology ecosystem that puts more tools and information (and more strategic decisions) in the hands of planning professionals. Leading TAMPs including Orion and Envestnet announced a partnership this week that they said will improve the “wealth management experience.” It’s a big shift from proprietary software and closely linked data, and one that should ultimately benefit both advisors and their clients.
There will be discomfort along the way, however, as advisors adapt to new workflows and even new philosophies about bringing value to the financial planning process. Think about those growing pains.
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Light Integration
Orion has launched an enhanced integration with Flourish that aims to bring the customer’s money front and center. If clients opt-in, eligible cash account data can be linked to Orion’s operational reporting and planning.
Historically, fixed income assets have often remained outside the advisory workflow, limiting visibility to a significant portion of household balance sheets. Essentially, this has engaged advisors in deep planning discussions about cash flow management, distribution, liquidity and surplus. Similar challenges existed in other areas of planning, including estate planning and trusts. Today, advisors are facing the ongoing transition to an integrated planning framework with a little help from something called… artificial intelligence:
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The majority of advisors (87%) believe their technology stack effectively supports their achievement of key business objectives, according to Cerulli data.
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Conversely, very few feel that their current technology stack provides a high-quality client experience (35%) or enables the effective and efficient delivery of investment management services (33%).
