Welcome to the May 2019 issue of the Latest News in Financial Advisor #FinTech – where we look at the big news, announcements, and underlying trends and developments that are emerging in the world of technology solutions for financial advisors and wealth management!
This month’s edition kicks off with the news that Schwab’s PortfolioConnect is now available – for free – to all RIAs on its platform. Thus far, PortfolioConnect is a downscale portfolio performance reporting system that is meant to appeal to “smaller” RIAs, with less than $100M of AUM, for whom the other performance reporting tools may be too costly and who may be attracted to the Schwab platform for the potential cost savings of a free alternative. But the real question is what happens if and when Schwab adds more features to PortfolioConnect and it becomes a more head-to-head competitive offering to the likes of Orion and Black Diamond … but available for free, because Schwab can profit indirectly from its core custodial business simply by attracting RIAs and their clients’ assets to the platform.
From there, the latest highlights also include a number of other interesting advisor technology announcements, including:
• Envestnet launches a new Credit Exchange to facilitate independent advisors offering mortgages and eventually business loans to clients as a part of a more holistic advice offering (and providing Envestnet yet another means to monetize transactions that occur across its platform)
• Fidelity announces a further expansion of its Integration XChange as the company continues its shift towards a more open architecture approach (building around