ONYX partners with Elements to help underrepresented planners with prospecting: Wealthtech Weekly

June 16, 2023 5:12 PM

ONYX Advisor Network is furthering its mission to bridge the wealth gap and empower underrepresented advisors by inking a new wealthtech deal.

This week, ONYX leaders announced a partnership with Elements to provide its members discounted access to the Utah-based wealthtech firm's prospecting tools.

Founded by Dasarte Yarnway, the founder of Berknell Financial Group, and Miles-Mattingly, the founder and CEO of Gen Next Wealth, ONYX was born out of frustration after the two advisors attended one too many financial services conferences and realizing they were often the only two black men in the room.

With a membership comes discounted access to technology tools, custodial access, investment management resources, coaching support and an inclusive community to financial professionals who often feel overlooked by the industry.

Elements wants to support ONYX's mission by helping overlooked advisors distill a prospect's financial journey into simple, comparable ratios that show the value of an advisor's guidance.

Elements CEO Reese Harper

Elements

"At Elements, we have been championing the concepts of 'financial health' and 'financial joy' for some time now," Elements CEO Reese Harper said in a statement. "Our goal is to ensure that as many people as possible experience the satisfaction of being financially secure and confident in their lives. This partnership with ONYX is a valuable opportunity for their advisors to swiftly demonstrate their value and efficiently serve a wider audience, advancing our shared mission."

As part of this partnership, ONYX members will receive a 10% discount on an Elements subscription. In addition, they will be gifted a $25 Amazon gift card for attending an Elements demonstration.

In return, Elements members will be granted half off their first month of TRIBE, an inclusive community for all financial advisors.

"To ensure our advisors' success, it is essential to equip them with a comprehensive toolkit," said Emlen Miles-Mattingly, co-founder of ONYX Advisor Network. "That's why we're glad to add Elements as another opportunity for our advisors. We are grateful for Elements' partnership as we strive to support, uplift, and amplify services for our advisors."

ONYX Advisor Network co-founders Dasarte Yarnway and Emlen Miles-Mattingly

This is not the first time Elements and ONYX have joined forces. In February, Carl Richards — the chief brand officer at Elements and known to many as The New York Times' "Sketch Guy" — spoke to ONYX members during a fireside chat focused on the importance of having tough conversations with clients.

The hour-long discussion with Richards covered topics like the role of the financial advisor in today's world; how to forge deeper connections with your book of business; and addressing the gap between a client's stated purpose and their behavior. It also provided an example of the kinds of educational content Onyx hopes to provide to the members of its network.

People of color, women, members of the LGBTQ+ community and other groups historically excluded from the financial services industry can join the comprehensive support platform for a $549 monthly subscription.

The subscription cost — which can be billed monthly or annually — comes with a bundled technology stack including Altruist, MessageWatcher, Envestnet|MoneyGuide, RightCapital, Synergy RIA Compliance Solutions and Wealthbox. Network advisors will also have the option to invest client assets in "Onyx Model Portfolios," powered by Vanguard and Alpha Architect.

Scroll down to get caught up on other recent fintech news you might have missed in our Wealthtech Weekly recap. And check out the previous edition here.

F2 Strategy acquires Oakbrook Solutions from Renovus Capital

California-based wealthtech management consulting company F2 Strategy has announced the acquisition of consulting and services provider Oakbrook Solutions, as well as a majority investment, from private equity firm Renovus Capital.

Founded in 2000 and based in Winston-Salem, North Carolina, Oakbrook caters to a diverse range of financial services clients such as banks, trust companies, RIAs, family offices, retirement plan providers and custodians.

Officials said the addition of Oakbrook's 75 person team bolsters F2 Strategy's wealth management and bank trust domain experience. Doug Fritz, CEO and co-founder of F2 Strategy, will lead the unified teams under the F2 brand.

F2 now has a client base representing more than $2.5 trillion in AUM. Craig Cook, CEO at Oakbrook Solutions, will be joining the F2 Strategy board.

"This strategic deal marks a pivotal moment in our journey, as we combine our strengths with Oakbrook and add the support of Renovus Capital," Fritz said in a statement. "Together, we will leverage our collective capabilities to uncover new opportunities, expand market reach, and deliver unparalleled results for our clients. I am honored to lead this unified team and couldn't be more excited for the transformative impact we will have on the industry."

OneVest raises more than $12M and makes U.S. push

Canadian wealthtech firm OneVest is following up a successful funding raise with plans to make moves south of the border.

The company's Series A funding round generated $12.88 million ($17 million CAD) and was led by OMERS Ventures with participation from existing investors Luge Capital, Panache Ventures, AAF Management, FJ Labs; and new investors Fin Capital, Pivot Investment Partners and Deloitte Ventures.

The funding will be used to, among other things, accelerate the company's growth, expand into the U.S. market and for other corporate purposes.

OneVest leaders say the news comes as margins at financial institutions are being increasingly squeezed, a broad shift in consumer and employee expectations and increased administrative burdens that often cannot be automated due to legacy technology constraints.

OneVest was founded in 2021 by Amar Ahluwalia, Jakob Pizzera and Nathan Di Lucca. The firm provides investor and advisor interfaces, data aggregation, a book of record and a portfolio management engine.

"We've built OneVest as a durable, highly scalable platform that can shape the future of wealth management. Financial institutions need exceptional experiences to meet both customer and advisor expectations when it comes to technology. The ability to implement a modern service with all the required compliance requirements built in, is compelling," Ahluwalia, OneVest CEO, said in a statement. "This new capital will help us ensure financial institutions around the world are well-equipped for the future."

According to Laura Lenz, a partner at OMERS Ventures, which also participated in OneVest's seed round last year, the market has been primed for a new infrastructure player to emerge for some time.

"Having had a two-year relationship with Amar, Jakob, Nathan and their team, we know they are best in class. And the data reinforces our view," Lenz said. "They have consistently been able to sign new customers at an accelerating pace. It is clear there is a need in the market, and they are meeting it."

iCapital rolls out new alternatives marketplace for advisors

New York-based fintech iCapital is celebrating the launch of a new platform that aims to connect financial advisors with alternative investment opportunities.

Called the iCapital Marketplace, the offering is powered by the firm's proprietary technology and is billed as a digital investment experience that bridges the divide that has "historically separated asset managers, advisors and clients from alternative investments."

Lawrence Calcano, the chairman and CEO of iCapital, says the service is a one-stop shop for advisors to access an even broader array of alternative investment offerings.

With iCapital Marketplace, asset managers may now also choose to fundraise through iCapital Marketplace and manage distribution themselves. These funds will be supported by iCapital's technology platform.

"Advisors and clients can benefit from exposure to this asset class, but expanding access requires a comprehensive technology platform that optimizes the process with the right technology, tools and education," Calcano said.

More than a dozen managers participated in the pre-launch of iCapital Marketplace, including Audax Private Debt, Blackstone, Carlyle, CrowdStreet Advisors, Fidelity, FS Investments, Henderson Park, John Hancock Investment Management, Kayne Anderson, Net Lease Capital, Partners Group, RedBird Capital Partners, Steele Creek Capital and Sealy & Company.