On today’s broadcast, it’s a robo free-for-all, so put on your best robo accessory, because FPPad Bits and Bytes begins now!
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Here are the links to this week’s top stories:
Fidelity Go Vs. Pokemon Go: Be A Low-Cost Investor Or AR Zombie from Investor’s Business Daily
Better Together: Automated Investing with Professional Guidance from BusinessWire
TD Ameritrade Earns $240M in Quarter; Says Retail Robo Is Coming from ThinkAdvisor
Wells Fargo Plans to Start Robo-Advisory in 2017, Sloan Says from Bloomberg
Big News for the Quantopian Community: Managing External Capital from Quantopian
[Get ready for the robo news, as this week’s top stories come from Fidelity Investments and TD Ameritrade, as both financial institutions recently announced online investing solutions for the retail investor. A few days ago, Fidelity officially rolled out Fidelity Go, specifically targeting digitally savvy customers in their 20s, 30s, and 40s, with investment assets in the low six figures.
When asked by Investor’s Business Daily what happens when Fidelity Go customers get older and wealthier, Rich Compson, head of managed accounts at Fidelity, responded that customers would be referred “to other services like Fidelity’s Portfolio Advisory Services.”
Ok, ok, but advisors aren’t completely left out, as Fidelity did promise details about an automated service it’s developing for financial advisers by year-end. That’s, details, by year-end.
And a few weeks ago, TD Ameritrade announced it had completed updates to its Amerivest Managed Portfolios retail offering, including a digital overhaul for better goal setting, performance tracking, and more.
In ThinkAdvisor’s interview with incoming CEO Tim Hockey, he said that the company will be using Amerivest’s tech enhancements “to launch a new robo for the self-directed client’s needs” scheduled for sometime in 2017.
When asked about referrals to RIAs who custody with TD Ameritrade Institutional, Hockey added that retail clients with $1 million dollars or more are the “target referral” for affiliated RIAs.
That comment came out at the same time the company announced a program with the XY Planning Network to provide dedicated service and no minimum asset requirement to use TD Ameritrade Institutional’s custody services. That’s good, it’s gotta be awkward knowing TD Ameritrade is going to target digitally savvy investors, aka potential XYPN clients, with their own retail robo solution.
On top of all that, Wells Fargo also announced that it, too, is entering the robo market, with a solution expected also sometime in 2017.
And if you don’t like today’s current robo solutions, you can go build your own robo algorithm with Quantopian, who just received fresh venture capital this week from hedge fund investor Steve Cohen.
That’s it, all I hear all day long is how great robos do this, or how wonderful robos do that: robo, robo, robo!]
Envestnet | Tamarac to Roll Out Client Portal 2.0 from PRNewswire
[Now in NON-robo news, how about an update from Envestnet | Tamarac, as the company released the latest version of its client portal to advisors who use the Advisor View™ application. If you watched my coverage of the Envestnet Advisor Summit earlier this year, you would have seen a preview of the updated client portal, plus the key enhancements highlighted by Brandon Rembe. So click right here so you can watch that video.] Envestnet | Tamarac has completely redesigned the client portal in its Advisor View™ portfolio management and performance reporting application. The new client portal will be implemented as part of Tamarac’s July 2016 technology release, and seeks to help RIAs create highly customizable client portal experiences to engage their clients and appeal to the next generation of investors.
MoneyGuidePro creator releases DOL fiduciary-focused software from InvestmentNews.com
[Also, MoneyGuidePro recently released a utility called Best Interest Scout, intended to gather information about client goals, expectations, and investment details in one place. This should help you from a workflow perspective, but the tool should also be helpful in identifying when you must engage in a Best Interests Contract with a client. If you’re concerned about compliance with the pending fiduciary rule from the DoL, expect more tools like Best Interest Scout to come to market.] PIEtech, the creator of financial planning software MoneyGuidePro, has built a tool to see how well clients’ portfolios are aligned with their best interests, including retirement goals and concerns, insurance needs, and health-care costs.
Now since I took a few weeks off, I just don’t have time to cover all the stories in my backlog, including news on the talent exodus at Wealthfront, the Betterment for Business 401(k) offering surpassing 200 plan sponsors and $5 billion in AUM, Quovo, Riskalyze and more, so links to those stories are below:
Wealthfront, founded in 2008, is experiencing its first big talent exodus — a flurry of departures that includes some C-suite titles and a Unicorn shepherd.
Betterment for Business Surpasses 200 Plan Sponsors from PRNewswire
Betterment for Business, the only turnkey 401(k) service that includes personalized investment advice for all participants, announced today that it has successfully added 200 plan sponsors to the platform in the last six months.
Betterment announced today that it is the first independent robo-advisor to reach $5 billion in assets under management. The company now helps more than 175,000 customers intelligently manage and grow their wealth.
Apex Clearing to Offer Vanare’s Digital Advice Platform from PRNewswire
Apex Clearing Corporation will begin offering to its broker dealer and RIA clients the ability to digitally manage investments using Vanare’s digital advice platform. Vanare offers a wealth management technology platform with a highly customizable white labeled Roboadvisor.
Advisor Software, Inc. has teamed up with Quovo to provide wealth managers with seamless access to aggregated client financial data, which can help put together an all-encompassing financial picture for every client.
Marstone and Quovo Announce Partnership from MarketWired.com
Marstone, an innovative digital wealth company, and Quovo, a financial data science company for the wealth management industry, today announced that they have completed a partnership to enhance Marstone’s digital wealth solutions with Quovo’s industry-leading data aggregation.
Riskalyze Autopilot for Retirement Plans from Riskalyze
LastPass introduces Emergency Access from LastPass
With the Emergency Access feature, you can give trusted family and friends access to your LastPass account in the event of an emergency or crisis.