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The Riskalyze Fintech 5

April 2023 Riskalyze Fintech Five

Riskalyze CEO Aaron Klein provides his take on the biggest news to hit advisor technology in the previous month.


Here is your Riskalyze Fintech Five for April, a focused take on what we think are the recent top five stories in wealth management technology.

Altruist Raises $112M

So far, it seems like no other company has dominated WealthTech news in 2023 quite like Altruist.

First, it quickly followed up the launch of its own self-clearing platform with news it had acquired Shareholders Service Group, doubling the number of RIAs it serves.

Now, Altruist has announced a $112 million dollar capital raise just five years after it was founded, the up-and-coming custodian startup is suddenly the No. 3 company in the space and gaining momentum.

Where do they go next?  I can’t wait to see what founder Jason Wenk has up his sleeve.

Planning Startup Lumiant Raises $3.5M

Next up, we have more fintech funding news from a particularly shining startup. Lumiant has closed a luminous seed funding round of $3.5 million.

Companies behind the seed round include Invest Blue, an Australian financial planning firm, and Savant Wealth Management.

By structuring its workflows around aligning values with goals, Lumiant is tapping into increasingly important consumer attitudes that advisors need to be aware of—like how personal beliefs can, and should, affect financial decisions.

Congratulations to co-founders Santiago Burridge and Chris Dadej on this exciting news.

Opto Forms An Advisory Council

Alts platform Opto Investments, which provides access to private market investments, has announced the formation of its advisory council.

This news clearly puts advisors at the center of Opto’s roadmap and product development efforts. I can tell you—forming a group like this early in Riskalyze’s journey was one of the best decisions we made as a company.

Opto’s initial council members include: David Barnard, CEO of Luminary and former head of private wealth at Alliance Bernstein; Michael Batnick, managing partner at Ritholtz Wealth Management; David Kleinhandler, co-founder of Dynasty Financial Partners; and others.

Congrats to all; I’m excited to see how this influences Opto’s path going forward.

Join Us At Wealth Management EDGE

We’re just about to enter summer and I don’t know about you, but i’m ready for warmer weather.

If you are too, has an event that will bring you both those warm temperatures, and an inside edge on leading trends in the industry.

The Wealth Management EDGE conference is returning to South Florida at the end of May. The event bundles together Inside ETFs, WealthStack, and RIA Edge into a mega-event that has something for everyone.

Our team will be well represented at edge and I can’t wait to spend my time with the 2,000+ wealth management leaders who will also be there.

Riskalyze Becomes Something … New

And that brings me to today’s last story. If you do attend EDGE, you’ll have the chance to see our brand new corporate identity in person.

Late last year, we announced that Riskalyze would have a new name to tell our story for the next decade, as we accelerate our vision to help wealth management firms intrigue leads into meetings, meetings into valued clients and clients into referral champions.

On May 9 at 8:15 a.m. Pacific / 11:15 a.m. Eastern, you can join our industry livestream for the big reveal of our new name and brand identity. I’ll be joined by some amazing special guests—Robert Sofia, Tricia Rothschild, Cody Foster and Samantha Russell.

Grab your seat at before our livestream capacity is completely full.

Now, all this talk of change brings one final announcement. As Riskalyze opens its next chapter of growth, we’re also closing another chapter.

Today, We’re Winding Down The Fintech 5.

It’s been just about eight incredible years since we started the original Fintech Report Card that morphed into the Fintech 5.

I’d like to thank our incredible friends at for their partnership over that time, as we looked for fun ways to keep you informed of all the great stuff happening in fintech. It’s been a blast, but I’ve got a busy day job, and all good things must come to an end.

So there you have it. Those are the biggest stories in advisor fintech right now. I’m Aaron Klein, and I’m sure I’ll see you in the digital pages of in the future.

Watch past episodes of the Fintech 5.

TAGS: Industry
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