XY Planning Network announced finalists for its upcoming advisor-focused fintech competition scheduled for next month. The six hopefuls are unified by their goal of helping advisors and their clients—and not much more. The mix of firms provide services ranging from specialized financial planning to survey assistance to managing college tuition payments.
Designed by two CFPs, Holistiplan aims to use software to turn uploads of client tax returns into a two-page report with “helpful metrics and potential planning observations,” according to a review of the finalists. Advisors can use 2018 tax data to run tax scenarios for future years.
Knudge is a “shared to-do list platform” so advisors and clients can stay on the same page in regard to which tasks have been completed by clients or advisors. Automated reminders are provided for outstanding items.
Identifying at-risk clients or increasing client engagement are perennial concerns for advisors. NEXA Insights, a WealthManagement.com Awards finalist, allows advisors to pull insights from clients using a survey tool that distributes advisor-developed questionnaires to clients to solicit feedback.
Still in its beta phase, Altruist is a “digitally native RIA custodial platform,” led by a team that includes the co-founder of FormulaFolios, Rocket Lawyer’s former CTO and the CCO of now-defunct Swell Investing. The platform facilitates the opening of client accounts, by advisors, through the firm’s mobile and building and trading model portfolios with no commissions or assets under management fees, according to a review of the finalists.
Advisors chafing in the chains of document-based workflows might find Anvil of interest. The fintech finalist converts document-based processes into online workflows, prefilling paperwork in some cases.
The finalist list concludes with College Aid Pro, a collaboration between student loan-focused firms Capstone College Partners and College Funding Services. The tool helps advisors create forecasts of college financial aid packages and develop college planning advice for their clients.
The finalists present their offerings on Sept. 10 before a panel of judges and advisors at the XYPN Live advisor conference.