Account aggregation and trading platform FeeX is integrating with wealthtech provider Advyzon to facilitate advisors’ management of held-away retirement, health savings and college savings accounts, according to an announcement. The improved management of held-away assets is the latest instance of increased functionality at Advyzon, which has integrated with Onramp Invest to bring crypto holdings’ visibility to advisors, as well as launching a prospect portal and starting to develop its own rebalancing software all within the past 12 months.
FeeX’s “Order Management System” allows end clients to link their accounts to the platform, which then “acts as a secure information bridge between the advisor and the client's account, with its own audit trail,” according to a company spokesperson. The end client logs into FeeX once, then the platform passes that information along to the advisor to manage directly. When an advisor takes an action through FeeX, those instructions are transmitted from its platform to the client’s financial institution.
Between 30 and 40 firms participated in Advyzon's pilot of FeeX, said John Mackowiak, chief business development officer at Advyzon. "We quickly saw that their service was not just another aggregation tool," he said, calling the integration a "game changer." Unlike a simple account aggregator, FeeX offers advisors the ability to manage outside accounts, he added.
“The assets in held-away and retirement accounts are often underserved,” said Hailin Li, Advyzon’s founder and CEO, in a statement. “This partnership presents advisors with a significant opportunity to strengthen relationships with their clients and add additional value.”
“This helps individual clients grow their portfolios, while also helping advisors grow their businesses—with both existing clients and new clients,” he added.
Advyzon isn't the only firm to recently partner with FeeX. In trials conducted at Orion Advisor Solutions prior to an official rollout of its own FeeX integration in May, Orion saw the number of firms in the pilot grow from five to dozens and an asset growth rate nearing 1,500% at one point.
With advisors placing greater emphasis on financial planning and financial wellness than they did a generation ago, insights into held-away assets can produce a wealthier retirement for end clients, according to executives at Advyzon and FeeX. “Our mission is to help individuals retire wealthier,” said Dave Goldman, vice president of business development at FeeX, in a statement. “This relationship makes it possible for more people to benefit from professional financial advice across their entire portfolio.”
Now that management of held-away assets is on the table for Advyzon users, the firm's development of its own rebalancing software, called Quantum and in development for the past three months, takes on even greater importance. "Our beta testers have been incredibly helpful and engaged in sharing how they work and how we can design technology to make their jobs easier," said Mackowiak. Recently, the firm made tweaks to the software's user interface and advisor workflow, he added. The firm expects full deployment of Quantum in the coming months.