Deutsche Bank Wealth Management is hoping to appeal to the younger generation of investors with its Wealth Innovation Summit, the first of which was held last week. The firm invited 80 of its next generation clients to the three-day private event, where they met with executives from some of the most innovative technology companies in Silicon Valley. Deutsche Bank partnered with Plug and Play, a startup platform that invests in over 100 companies a year, to arrange the summit. Plug and Play has invested in such companies as PayPaul, DropBox and Lending Club. The event included a series of workshops, demonstrations and networking sessions, as well as some tours of technology firms' offices. “We are constantly looking for new ways to give our clients access to experiences, networks and investment opportunities that they can’t get anywhere else,” said Fabrizio Campelli, head of Deutsche Bank Wealth Management.
Johnston & Associates Private Wealth Advisors, a financial advisory firm formerly associated with Ameriprise, has joined Private Advisor Group, according to a press release. "Private Advisor Group is an excellent fit for us and our clients," said Dana Johnston, principal of Johnston & Associates, which manages over $100 million in assets. "The relationship gives us the freedom of going independent while providing us with infrastructure support we need- especially in light of the looming Department of Labor rule." Private Advisor Group has recruited advisors from Merrill Lynch, Morgan Stanley and MetLife, among other firms.
PIEtech, the company behind the MoneyGuidePro financial planning tool, announced a new partnership with MX, a financial data firm, to strengthen MGP’s aggregation abilities. The companies said aggregation is increasingly important under the upcoming Department of Labor fiduciary rule, which says firms must consider the “investment objectives, risk tolerance, financial circumstances, and needs of the retirement investor.” MX currently partners with 1,100 financial institutions and more than 40 digital, online and mobile banking powers. The integration also adds personal financial management tools to the MGP client portal.