Impact Labs, a software-as-a-service provider, has added factor-tilt and smart beta options to its social impact portfolio construction platform. The technology company, spun out of registered investment advisory ImpactAdvisor two years ago, has an algorithmic social impact portfolio construction engine, where advisors can input a client’s core values, and it will build a responsibly-diversified portfolio. Advisors can choose from a number of causes that clients might want to support in their portfolio, such as climate sustainability, corporate transparency and gender equality. It also includes gain and loss harvesting tailored to the individual’s tax profile. But the newest features, factor-tilt and smart beta options, allows advisors to build customized risk-return profiles, such as valuation, quality or for seeking minimum volatility.
Fidelity Clearing and Custody Solutions tapped Andy Fay, a 16-year Fidelity veteran as the new head of Fidelity’s family office business, which provides custody, brokerage, investment and reporting services to family offices, wealthy families and the advisors that support them. He replaces Ed Orazem, who will retire June 1 after eight years in charge. Sanjiv Mirchandani, president of Fidelity Clearing & Custody Solutions, expressed his enthusiasm for the move, noting, “We continue to see tremendous opportunity with the ultra high net worth market, and Andrew’s deep knowledge of the family office industry positions him well to capitalize on the opportunity and continue to grow the business.” Fidelity's family office business assets increased from $15.6 billion to $107 billion under Orazem's watch, so Fay has big shoes to fill.
The CFP Board Center for Financial Planning has teamed up with iRelaunch to create an initiative aimed at establishing re-entry internships at financial planning firms for professional women looking to return to the workforce. The Financial Planning Re-entry Initiative (FPRI), as it’s called, is part of the CFP Board’s wider effort to diversify the financial planning workforce. Under the new initiative, firms will participate in a pilot, where the Center and iRelaunch will help them develop and execute customized internships for women. The pilot firms include Edelman Financial, United Capital, Fairpoint Asset Management, Yeske Buie and Fidelity Investments. "Returning professionals are a natural fit for financial planning careers, with their well-established networks, maturity and pre-career break work experience,” said Carol Fishman Cohen, CEO of iRelaunch, which works directly with employers to develop, pilot, source for, present in and publicize their re-entry programs.