Wealthtech Roundup

Weekly WealthTech Report: The First CEFEX-Certified Robo

Also this week, SIFMA testifies in Congress on cybersecurity, and Grinnell College chooses InvestCloud to handle its endowment.

PlanCorp is putting its experience and research into a new hybrid automated advice plarform called BrightPlan, which it says is the first of its kind to be certified by the Centre for Fiduciary Excellence for providing prudent fiduciary practices to clients. The online service offers goals-based financial planning without requiring users to invest. They can input external accounts to track goal progress, and BrightPlan will offer advice, such as a portfolio of stocks and bonds for an existing 401(k) account, to help stay on track. Brightplan also provides automated contributions, rebalancing, dividend reinvestment and tax-loss harvesting.

Clients can choose either a digital-only service, or tap into Plancorp’s team of wealth managers.

“For too long, sophisticated financial life planning and investment services have been the exclusive privilege of the wealthiest 1 percent of the population,” said BrightPlan founder and CEO Marthin De Beer. “My inspiration to create BrightPlan was to provide everyone that same level of access to trusted, affordable financial advice in order to achieve life’s most important goals.”

SIFMA Goes to Capitol Hill

SIFMA President and CEO Kenneth E. Bentsen testified before the the U.S. House Financial Services Subcommittee on Financial Institutions and Consumer Credit on what the group considers the key priorities for enhancing cybersecurity and protecting investors. Bentsen argued for harmonization of standards between various regulatory bodies and for an increased partnership between government and the industry. He also raised concerns about the Consolidated Audit Trail developed by FINRA and the SEC, saying there are too few details concerning security and protection for what promises to be one of the world’s largest databases of personal information.

Grinnell College Chooses InvestCloud

The liberal arts college in Iowa is selecting InvestCloud Navy as the digital platform to handle its $1.8 billion endowment fund. Previously, the fund relied on multiple service providers with information spread across various documents and formats, and Grinnell College believes InvestCloud will help simplify its investment management, improve efficiency and centralize data. The college also named InvestCloud’s support for multi-asset-class portfolios and its unique Digital Warehouse as reasons it chose the tech firm.

Wisdom Tree Launches Digital Tools 

WisdomTree is introducing a new technology suite that includes a digital portfolio construction tool powered by FinMason and wealth management tools from AdvisorEngine. The former, called Digital Portfolio Developer, providers advisors with on-demand analysis and alternative approaches to achieve better outcomes. For more complex issues, advisors can work with WisdomTree’s team of asset allocation specialists for portfolio analysis and new ways to achieve certain investment goals.

Cambria Investments Partners with TD on TAMP

Meb Faber’s firm is launching all of its Trinity Portfolios on TD Ameritrade’s new Institutional Model Market Center, a portfolio model marketplace for advisors to select client portfolios without having to build it themselves. Advisors can access the models at no fee, and Cambria’s Trinity portfolios carry a zero percent management fee, meaning the turnkey asset management program comes at nearly no cost to advisors.

Wells Fargo Launches Personal Finance App

The bank is putting out a new mobile personal finance app called Greenhouse that it hopes will help consumers manage money and know where they stand financially. In addition to helping people pay bills on time, build savings and spend confidently, Wells Fargo says Greenhouse will provide personalized insights using artificial intelligence. The app will work with Wells Fargo banking, but exist as a standalone app. Greenhouse customers won’t incur bank overdraft fees, and purchases and payments that would overdraw an account won’t be processed. Wells Fargo will release Greenhouse in a limited pilot mode in the first quarter of 2018, with a general release planned for the first half of next year.

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