Wealthtech Roundup

Weekly WealthTech Report: RIA in a Box Wins Best in Show at Fuse

Also this week: Envestnet Yodlee wins at FinovateFall, Riskalyze integrates with MoneyGuidePro, and InvestCloud launches Synergy.

Orion Advisor Services hosted its annual Fuse conference in Park City, Utah, last week, which brings coders from several wealthtech vendors for a hackathon to develop new integrations with Orion’s portfolio-accounting technology. The focus this year was specifically on Orion’s Insight dashboard for interactive client presentations.

Joel Bruckenstein, Michael Kitces and Bill Winterberg served as judges, listening to 27 pitches from tech vendors and providing feedback. RIA in a Box, a compliance-technology firm, took home the award for Best in Show for the third year in a row on the back of its automated solution to improve the due-diligence process. The new tool gives advisors the ability to automatically connect with service providers and access electronic documentation and storage of due-diligence information.  

“Fuse continues to bring together the most creative names in fintech to create cutting-edge, efficient innovations for advisors,” Orion CEO Eric Clarke said. “Congratulations to RIA in a Box and all the Fuse winners—the talent demonstrated this year continues to amaze us.”
 
Envestnet Yodlee Wins at FinovateFall
 
In other fintech awards news, Envestnet Yodlee took home Best in Show honors at the annual FinovateFall conference in New York for its FinCheck app. The new technology uses artificial intelligence to give wealth management firms new, actionable insights from client data. FinCheck tracks finances across four categories—planning, spending, saving and borrowing—and uses Yodlee’s massive data network to compare how customers are doing with their peers. Envestnet Yodlee beat out 79 other companies that pitched fintech tools at Finovate.
 
MoneyGuidePro Adds Risk Numbers
 
On Tuesday, PIEtech announced that it completed integration of Riskalyze’s Risk Number into the MoneyGuidePro financial-planning software. The integrations let advisors evaluate how much risk a clients wants, has, or needs to reach their financial goals, and gives advisors a tool for documenting a client’s risk tolerance during the planning process. PIEtech president Tony Leal said the integration will eliminate redundancy and provide more-precise results for clients. 
 
InvestCloud Launches Synergy
 
Data is useless if it isn’t accurate, and the disconnect between financial services firms often leads to errors and discrepancies. To improve the quality of data in its wealthtech apps, InvestCloud is integrating reconciliation and data-cleansing technology from BOSS (Back Office Support Service) for a new service it calls Synergy. According to a statement, Synergy ensures information is up to date and accurate before it’s pulled into InvestCloud’s digital platform.

“The industry has relied for far too long on siloed information,” said Yaela Shamberg, InvestCloud’s chief product officer, who added that in conjunction with InvestCloud’s Digital Warehouse, Synergy is “bringing data management forward and enabling managers to do more for their clients.”
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