Whoops! My May 8 email newsletter link lands here by mistake. Click here to see May 8 Bits and Bytes!
On today’s broadcast, Shareholders Service Group is attracting the attention of independent advisors, and for good reason, Orion Advisor Services announces a new partnership in the robo-advisor arena, and, find out how you can stay one step ahead of the latest cyber attacks that have the potential to cripple your business.
So get ready, FPPad Bits and Bytes begins now.
(WatchFPPad Bits and Bytes on YouTube)
This week’s episode of Bits and Bytes is brought to you by Total Rebalance Expert, the industry’s largest, privately owned portfolio rebalancing software provider.
TRX now offers TRX Edge, a completely rewritten rebalancing platform optimized for the web as well as mobile devices. Sign up for a demo of TRX Edge by visiting http://fppad.com/trx
Here are the links to this week’s top stories.
Video coverage of the 2015 Shareholders Service Group conference from FPPad.com
[This week’s top story comes from Shareholders Service Group, as I spent the end of last week at the company’s annual conference for advisors outside San Diego. SSG is one of those institutions that flies below the radar of most advisors, but now with over 1,400 financial advisors leveraging the resources of SSG, the company is continuing to attract attention.
From a technology standpoint, Shareholders Service Group follows an open architecture approach powered by the custody services of Pershing, and SSG wants advisors to be able to choose the best of breed solutions they want to use, without being told what to do by the institution. While at the conference, I connected with CEOs from content marketing provider Vestorly as well as CRM provider Junxure to learn about the partnerships they recently formed with SSG.
I also connected with XY Planning Network co-founders Michael Kitces and Alan Moore to get their take on important trends advisors need to monitor, which, no surprise, include a number of technology takeaways.
There’s a lot more from the Shareholders Service Group conference, including conversations with CEO Peter Mangan and President Dan Skiles]
Orion Advisor Services, LLC Partners With Jemstep to Deliver New Integrated Technology to Independent Financial Advisors from Marketwired
[Next up is news from Orion Advisor Services, as the company recently announced a new partnership with online investment provider Jemstep. Jemstep originally formed back in 2008 to deliver online investment solutions to retail investors, but now the company also offers Jemstep Advisor Pro as a solution you can offer to your emerging clients. Here’s a quick summary. You can embed Jemstep Advisor Pro on your website where new clients can complete a self-directed process to open an account, just like Redhawk Wealth Advisors has done.
Clients fill out a basic profile, complete a very simple risk questionnaire, and link investment accounts using account aggregation. Jemstep then generates a simple portfolio analysis using the client’s existing holdings and compares hypothetical performance to a target allocation of a portfolio allocation that you, the advisor, created and Jempstep matches to the client’s risk tolerance. If everything looks promising to the client, they proceed to the account opening stage where they complete account forms electronically.
So where does Orion fit in to the picture? New accounts created by Jemstep are custodied with TD Ameritrade Institutional, and those account details can then be fed into Orion using Veo Open Access. Once in Orion, all kinds of performance and analytics can be performed, which is what Jemstep, as of today, May 1, 2015, doesn’t currently provide. Now do you get it?
But if you’re NOT using Orion, Jemstep delivers the online investment interface, but it lacks the portfolio performance reports found in other solutions. That’s why the partnership with Orion is important, among other reasons.] Orion Advisor Services, LLC (“Orion”), the premier portfolio accounting service provider for advisors, announced that it has partnered with Jemstep, Inc., a leading provider of robo-technology solutions to advisors, to offer a new integrated technology solution for independent financial advisors.
SEC Cybersecurity Guidance Update from SEC.gov
[I need to move on to today’s final story on cybersecurity, as the SEC released new guidance this week with three important takeaways for advisors:
You need to periodically assess your cybersecurity risks, you need to identify how you will detect and respond to attacks, and you actually need implement your written policies and procedures and provide training to your staff.
So to do that, the SEC offered the following tips and resources to … oh, I’m being told they didn’t offer tips and resources, right, so I’m going to help you with the first takeaway which is cybersecurity threat assessment.
Do you want to know what threats advisors are actually facing every day? I set up a page on FPPad to collect threat information from advisors nationwide, and rank the top threats by the number of reports received. Plus, I’m going to highlight new attack techniques as they happen, so you can do your best to stay one step ahead of ever-more-sopisticated attackers. They’ve gone way beyond misspelled emails from Nigerian princes!] The Division has identified the cybersecurity of registered investment companies (“funds”) and registered investment advisers (“advisers”) as an important issue. Both funds and advisers increasingly use technology to conduct their business activities and need to protect confidential and sensitive information related to these activities from third parties, including information concerning fund investors and advisory clients.
Access the FPPad RIA Cybersecurity Exchange at fppad.com/cybersecurity
Visit the FPPad RIA Cybersecurity Exchange
Here are the stories that didn’t make this week’s broadcast:
Personal Capital Apple Watch App Review from Dough Roller
Personal Capital revolutionized the free online financial dashboard. In one place you can now automatically track all of your investments, including retirement accounts. It shows your asset allocation and investing costs, and does so with amazing charts and graphs. All for free. Now the dashboard is available on the Apple Watch.
Addepar lays out world-fixing vision and rolls out upgrades at swanky The Battery event in San Francisco from RIABiz.com
Addepar Inc. is angling to manage a major chunk of a $120 trillion of assets under management on Earth, including pensions, sovereign countries, private wealth and endowments, by attacking the challenge as a data management problem first and a design and analytics problem at a close second.
Watch FPPad Bits and Bytes for May 1, 2015
