Portfolio management technology provider Advyzon is integrating with Onramp Invest, a cryptocurrency “integration platform as a service,” according to announcements by Advyzon and Onramp Invest. Also integrating with Onramp Invest are indices provider CF Benchmarks and crypto custodians Gemini and Prime Trust. An integration with CRM provider Wealthbox is “on the roadmap,” according to Onramp Invest co-founder and CEO Tyrone Ross.
The integration is designed to give advisors using Advyzon transparency into their clients’ crypto assets, and by extension, the ability to provide advice and bill on the assets, according to executives and pilot advisors.
For its part, Advyzon follows AdvisorPeak into the realm of advisor-focused portfolio management systems connecting with the crypto ecosystem. Advyzon is Onramp’s first portfolio management integration partner.
It’s not immediately clear how many advisors will benefit from the Advyzon-Onramp Invest integration. Advyzon declined to disclose the number of advisors in the pilot program, only that it is “a limited number of firms” that is “small by design,” according to John Mackowiak, chief business development officer at Advyzon.
Ross stated that there were no more than five advisors in the pilot group. But, he cited a waitlist whose advisors had a combined total of almost $250 billion in overall AUM as evidence of pent up demand; though he did not disclose how much of this was in the form of crypto assets.
Advisor and Onramp Invest VP of Marketing Justin Castelli, one of the beta group participants, estimated no more than 10% of his clients have crypto assets—the “majority” of them are “younger clients.”
Castelli, founder of RLS Wealth Management in Fishers, Ind., which manages $55.6 million in assets, envisions the integration sitting alongside his RightCapital financial planning software, where he can use information from Onramp Invest to provide more nuanced planning for clients.
Before investors start clamoring for financial advice with crypto, Onramp Invest wants to educate advisors on the asset class, according to an announcement. To do so, it is launching “Onramp Academy” in partnership with Galaxy Fund Management, Interaxis and CoinDesk. “The Academy aims to educate advisors, their clients and consumers about cryptoassets, thereby helping investors at all levels make better strategic decisions,” according to the press release. Part of the firm’s push into education will be making compliance guides and fact cards available to advisors.
“The demand is there,” said Ross, who noted advisors have always benefited from insight into what clients are holding outside of the advisor’s immediate reach. In fact, visibility into heldaway crypto assets is one of the chief demands Ross said has been requested by advisors. “There’s some demand for trading as well, but not as much.”
Onramp Invest will help advisors approach crypto with the same degree of confidence that they approach other asset classes, he said. Advisors wanting to place crypto trades will need to create an Onramp Invest account and make the trade on that platform. Information from the trade will be pushed through to Advyzon.
Onramp Invest has drawn comparisons to Stripe and Plaid, both of which thrive on connecting disparate systems. Notable fintech leaders, such as Altruist’s Jason Wenk, Envestnet’s Danielle Fava, Bone Fide Wealth’s Doug Boneparth, Carson Group’s Jamie Hopkins and Advicent’s Anthony Stich are all investors and/or advisors to the firm.
Onramp Invest plans to integrate with Riskalyze, Altruist and has aspirations to integrate with Envestnet, Ross said. The firm has "fewer than 20 employees," according to Ross, including 11 full- or part-time engineers.