2/20/2020 TOP TECHNOLOGY TRENDS 2020 AND BEYOND Joel Bruckenstein, - - PDF document
2/20/2020 TOP TECHNOLOGY TRENDS 2020 AND BEYOND Joel Bruckenstein, CFP-President, T echnology T ools for T oday M&A ACTIVITY AMONG TECH VENDORS WHAT ARE THE IMPLICATIONS FOR YOU? VENDOR M&A ACCELERATES Envestnet has been an
Envestnet has been an acquirer for years MoneyGuidePro Folio Dynamics Yodlee Tamarac And more… The Goal: A one stop shop for advisor’s technology needs
Morningstar does portfolio management and rebalancing Morningstar now entering the financial planning market Fidelity Financial planning through eMoney Entry level portfolio management through eMoney Advyzon and Circle Black offer platforms Orion buys a TAMP and a financial planning software product
The traditional wisdom of “best of breed” technology stacks is being
These firms believe advisors will value convenience and integration above
Firms that had been partners in the past now competing Is there a disincentive to cooperate with former integration partners?
The Schwab/TD Ameritrade merger will put constraints on choice
Schwab will have a commanding market share What will happen to VEO One?
What About Orion?
Will a buyout impact choice?
What would that mean? Any other potential mergers that could disrupt things?
Innovation is alive and well Some new firms that launched at T3 Advisor this past week
fp Alpha Summit Wealth ACT Analytics PlantechHub
Altruist-New custodian Apprise Labs-Advanced estate planning, risk mgt. and retirement planning D1d1t-Enterprise Wealth Management Platform Moxtra-Client portals Benjamin-AI assistant inTELOSfp-Financial planning software OpenInvest-direct indexing at scale
Some industry firms already have adopted AI fp Alpha-Acts as a sort of virtual assistant Benjamin-AI assistant created for advisors by advisors CAIS-AI learning platform to learn faster, remember more. Targeted education Salesforce Einstein-What clients are most likely to fire you? Some of your vendors already use AI to support you This tech will trickle down to you
Account aggregation
We are losing this battle
We need to advocate for change
WHAT’S ALL THE BUZZ ABOUT?
Bitcoin is but one use case
Much of the buzz has died down, but the potential is there
Almost every large firm I deal with has some blockchain pilot
I am less enamored with bitcoin
But reportedly 70% of clients ask about it You need to have the answers Crypto-currency scams cost investors at least $4.3 billion in 2019
MOST INDEPEN DENT RIA F IRMS ARE WOEFULL Y UNPREPARED
Up from 5.68% last year, but numbers are not comparable Average category rating of 8.11* is ridiculous
Of those, almost ½ use LastPass LastPass also has the highest user satisfaction ratings
Virtually every independent firm has some gaps in cyber preparedness
Many who use 3r
d party vendors don’t fully understand what they do
The first independent cyber course for RIA’s Full day of study Will need SEC and state education requirements Will grant CFP Board CE Credits Dallas, TX area March 4, 2020 CTO, CISO, and/or operations chiefs should attend https://www.technologytoolsfortoday.com/
What are you doing to protect my data Do you have cyber insurance?
Leading firms are providing cyber education to their HNW clients
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