In|Vest Insights

The three banking giants are reportedly planning to jointly build a data management company.

Following a surprising multimillion-dollar deal, the industry is regaining an appreciation for tapping all of a client's financial data, an ability long relegated to personal finance management software providers.

Betterment data scientist Sam Swift asks advisors: "How do you know how much you've helped [clients] with your advice?"

While much of the financial industry is undergoing transformation, the traditional brokerage industry has resisted technological change so far. But newcomers offering mobile options for customers show there is a faster, low-cost alternative.

Fidelity National Information Services, a provider of banking and payments technology, agreed to buy software maker SunGard Data Systems in a deal valued at $9.1 billion, including the assumption of debt.

The acquisition of Yodlee, considered PFM's pioneering firm, would cement Envestnet's capability to serve an emerging demand for data aggregation and leveraging data insights and behavioral science in wealth management.

Chicago-based Envestnet will pay $660 million in cash and stock for Yodlee, a California firm that sells data-aggregation services to banks and others.

Commentary: All signs point to the need for advisors to change, simply in order to remain relevant to clients and prospects.

Commentary: Firms can more effectively compete with digital upstarts and grow AUM by adopting new strategies that scale the business at a much lower cost.

Robo fears are based on newer technology where the motivation is to replace people, says the CEO of Addepar. Its portfolio analysis platforms currently serve $300 billion in AUM, the firm says.