News, Vision & Voice for the Advisory Community


SS&C solves its Axys problem -- for now -- by acquiring Modestspark

The owner of Advent and Black Diamond buys tiny two-person Redmond, Wash. firm that also solves Schwab's PortfolioCenter problem with digital add-on

Author Brooke Southall November 2, 2017 at 11:00 PM
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Eli George: Surprisingly, a lot of the firms $1 billion and more were coming to us.

Related Moves

Pete Giza and Damon Deru go for Holy Grail of portfolio rebalancing with software that shuffles stocks, bonds... and asset classes; Believe it?

The RedBlack and TradeWarrior executives see old systems as 'archaic' yet know that the Black Diamonds, Morningstars, Orions and Tamaracs see rebalancing as a loss leader

June 11, 2019 at 9:49 PM

Oisín's Bits: Wealthfront drops old mission statement, declares war on institutions and emphasizes banking future • Seeking Utah charter, Edward Jones may become largest bank in US by branch count • After Advent chief leaves, Black Diamond head steps up

Andy Rachleff cans the old 'democratizing' mission statement at his robo; The 14,200 one-man Ed Jones branches may become branch banks; Steve Leivent consolidates power at SS&C.

July 3, 2020 at 1:12 AM

Addepar hires Advent genius then launches 'Advent Converter' to court the RIAs still on Axys and APX ; PortfolioCenter 'easy button' comes next

The tactic by the Mountain View, Calif. firm and Advent co-founder and code avatar Steve Strand comes a decade after Orion, Black Diamond and Tamarac began feasting on the legacy corpses, but Addepar insists meat remains on the bone.

March 3, 2020 at 5:05 PM

Mentioned in this article:

SS&C Technologies
Top Executive: Bill Stone

Stephen Winks

Stephen Winks

November 4, 2017 — 2:42 PM
Great illustration of small firms being at the forefront of technological innovation. Large firms that have self selected not to support professional standing in advisory services will increasingly not fare well in today's rapidly changing competitive business environment which affords a far higher advisor value proposition at far lower cost than conventional brokerage. .Advisors wonder why they should give their b/d half or more of their gross revenues for inferior advisory services support. A wake-up call for large brokers who oppose fiduciary duty and professional standing in advisory services. SCW

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