Wealth management firms are bolstering their planning and portfolio management systems to keep up with the competition — and some are landing millions in funding in the process.
The wealth management tech provider d1g1t announced a $6.8 million raise to fund the growth of its latest wealth management offering, a cloud-based platform that includes datasets, asset allocation and performance analytics and risk management tools with real time monitoring and compliance software.
Incubated at the University of Toronto, the Canadian-based firm provides technology to roughly 200 individual advisors with $9.8 billion in client assets and over 5,000 households, according to the firm. “Advisors tell us they’re happy with their portfolio management systems or relationship management,” says d1g1t CEO Dan Rosen. “The questions is what do they do with the financial plan afterward.”
The d1g1t platform syncs a financial plan to the investment mandate and the mandate to the portfolio and risk profile, so an advisor can keep track of the entire relationship and make adjustments as needed, Rosen says. Tools include client monitoring, portfolio rebalancing, trading and compliance features, according to the firm.
The funding round was led by
The d1g1t platform is scheduled to go live to all clients this week.
In the U.S., the turnkey asset management provider AssetMark introduced a new wealth management and planning platform to its network of advisors, in addition to an updated mobile-first client portal. Called WealthBuilder, the new system builds global investment portfolios that leverage core markets, like ETFs and actively-managed mutual funds, and lets clients track their performances in real-time.
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Headed by Charles Goldman, former head of Schwab Institutional and president of Fidelity's clearing and custody business, the Concord California-based firm is making an aggressive push to catch number two SEI Advisor Network, which has around $65 billion in assets.
Betterment, the independent hybrid robo advisor managing roughly $15 billion in client assets, continues its platform upgrades. It announced a new advisor dashboard for its Betterment for Advisor network, which pairs retail clients with RIAs.
The upgrade offers a deeper look into clients’ investments and activities, a detailed view of net deposits and pending actions like incomplete rollovers, and improves user experience and functionality, according to the firm.
In August, the firm rolled out its “Coffee with Customers” initiative to connect prospective clients to Betterment employees — from marketers to engineers —to have informal conversations about its service.
