RIABiz

News, Vision & Voice for the Advisory Community

RIABiz

Technology

The RIA business has many tech vendors working hard to serve its diverse needs, and we're seeing technology become a more crucial part of setting up and running an RIA than ever before.

The Technology section includes unbiased tech reviews, tech-related news, and coverage of tech-related conferences.


Hussain Zaidi (with Eric Clarke): Most didn't need asset management. They needed paycheck management.
Hussain Zaidi (with Eric Clarke): Most didn't need asset management. They needed paycheck management.

The founder of Advizr sold his firm to Orion in 2019, left at start of 2021, and he's now ready for a new start. also backed by Vanilla founder Steve Lockshin and Lloyds of London's chairman.

Saturday, September 24, 2022 – 1:48 AM by Brooke Southall

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Hussain Zaidi is back where he started -- as CEO of a startup financial planning firm but where the plan's enforcer is more like a budget robot - and his ex-boss is a backer.

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Joe Lonsdale: As the alternative space matures there's room for creative approaches and ... products that might not have worked in the past.
Joe Lonsdale: As the alternative space matures there's room for creative approaches and ... products that might not have worked in the past.

Opto comes late to the alts game, but at a $475-million valuation, VC backers are seeing founders' vision of a way-upmarket niche

Friday, September 23, 2022 – 2:38 AM by Oisin Breen

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Brooke's Note: Perhaps nobody comes better equipped than Joe Lonsdale to create an alts marketplace for RIAs. He comes to the table with every base covered. He is a proven alts technologist as founder, ex-CEO and current chair of Addepar. He's founder of Palantir, an upper ...

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Zak Boka: We can onboard an eight-year [alts] investment ... in a handful of minutes.
Zak Boka: We can onboard an eight-year [alts] investment ... in a handful of minutes.

AltExchange raised $1.25 million but bridged an alts gap that firms that spent hundreds of millions have not -- especially downmarket where alts are new on the scene

Friday, September 16, 2022 – 2:42 AM by Oisin Breen

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Addepar and SS&C Black Diamond aggregate “alternative investments,” but now they integrate with a New York City startup that can all but digitize a lump of coal and put it there with your Coca-Cola stock.

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Eric Clarke and Michael Wilson were still just football buddies at this MSU-Cornhuskers game in 2015 but now game stakes are about to go much higher.
Eric Clarke and Michael Wilson were still just football buddies at this MSU-Cornhuskers game in 2015 but now game stakes are about to go much higher.

The Orion CEO is yielding day-to-day power in the software sphere to the Redtail founder so he can think about integration from 30,000 feet with an unusual LPL entrepreneurial talent in Wilson.

Thursday, September 8, 2022 – 1:07 AM by Brooke Southall

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Brooke's Note: There are two flaws in the registered rep model of financial advice that allowed the registered investment advisor model to surpass it in about 25 years. Stockbrokers have virtually nothing integrated about what they do. They operate by a series of transactions that assure any ...

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Eric Clarke: Our shared clients were notified the [TDA] program would be sunset about a year ago.
Eric Clarke: Our shared clients were notified the [TDA] program would be sunset about a year ago.

The Westlake, Texas RIA custodian 'sunset' the 2009 Eric Clarke deal with former TDA CEO Tom Bradley that lifted both Omaha firms.

Wednesday, August 17, 2022 – 1:24 AM by Oisin Breen

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Brooke's Note: For RIA lifers, it seems like yesterday when Schwab seemed to own the RIA custody business, and Advent Software owned portfolio accounting software. My San Francisco office used to be, literally, situated between the two company headquarters when Advent was based down near ...

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Josh Gray 'dramatically improved the velocity of his tech team everywhere he worked.'
Josh Gray 'dramatically improved the velocity of his tech team everywhere he worked.'

The Auburn, Calif., risk software maker is undergoing a shift to enterprises and nabs Josh Gray from the Dallas firm.

Wednesday, August 10, 2022 – 2:25 AM by Brooke Southall

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Riskalyze has a chief technology officer, again, after a fund raise, a key conversation, a resignation, a search and a poach from a rival fintech.

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Tyrone Ross Jr.: BlackRock leapfrogged everyone today.
Tyrone Ross Jr.: BlackRock leapfrogged everyone today.

The New York and San Francisco superpowers in conventional assets and crypto assets sacrifice profit margins and exclusivity with investors but are 'huge' in tandem by tearing down prohibitive RIA barriers, says Tyrone Ross Jr and other RIA crypto experts

Saturday, August 6, 2022 – 1:06 AM by Lisa Shidler

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BlackRock and Coinbase proved, once again, that the whole can sometimes be greater than the sum of the parts.

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Abby Johnson: 'We are not pulling back.'
Abby Johnson: 'We are not pulling back.'

The Boston company pledged to add the second digital token to its crypto custody service by year-end 2021, but 'complexity' stalled the project, even though a third-party solution was available.

Thursday, June 30, 2022 – 8:40 PM by Oisin Breen

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Fidelity Investments -- now six months "late" adding Ethereum to its crypto custody and trading services -- is using a Fidelity-sized response to solve a very un-Fidelity-like tardiness.

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Philipp Hecker: 'We'll bring it to the middle- and bottom-of-the-book of business
Philipp Hecker: 'We'll bring it to the middle- and bottom-of-the-book of business

Marty Bicknell, Andy Putterman, Kelly Waltrich and Shannon Eusey lead a list of RIA biz angels taking a shot at 'Life Numbers' -- a Vestorly-like model with its own 'secret sauce' and love from the CRM super-friends

Wednesday, June 22, 2022 – 8:19 PM by Brooke Southall

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Nine of the better-known RIA influencers are betting a combined $1 million on two J. P. Morgan breakaway executives who hatched an idea inside the giant bank that they hope will attract RIAs as chief clients.

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Ainslie Simmonds: Success will be a feeling a few years from now among advisors that they wonder why they ever did it any other way.
Ainslie Simmonds: Success will be a feeling a few years from now among advisors that they wonder why they ever did it any other way.

The $474-billion bank's relationship with Pershing just got far more complex as it puts its belief in ringer, Ainslie Simmonds -- who is being given a long rope to tie up loose ends.

Saturday, June 18, 2022 – 2:29 AM by Guest Columnist Timothy D. Welsh

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Brooke's Note: One of the biggest selling points of Pershing as RIA custodian has always been the notion that its ownership by BNY Mellon was a big plus. All those resources and all that experience! Yet really BNY Mellon has stayed at a remove and ...

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Oleg Tishkevich: Right now, it's basically for geeks. We want it more turnkey for developers like [the way] Azure or AWS [do it].
Oleg Tishkevich: Right now, it's basically for geeks. We want it more turnkey for developers like [the way] Azure or AWS [do it].

The INVENT CEO and founder gets Craig Uhlenkott and James Byers to hone RIA product fit for a more turnkey developer package to go with pre-existing app store.

Thursday, June 16, 2022 – 2:16 AM by Brooke Southall

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Brooke's Note: Nobody sounds quite as 'What-me-worry?' as Oleg Tishkevitch and maybe for good reason. In a few years, he already has a giant Seattle-based startup with 120 staff, 20,000 advisor users and no third-party capital. What he doesn't have, yet, is a way to create ...

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Vinay Nair: We have now completed the process to rightsize our cost structure for the current environment.
Vinay Nair: We have now completed the process to rightsize our cost structure for the current environment.

CEO Vinay Nair and eight other senior executives took a 20% pay cut, but Tifin continues to hire, and the software roll-up is open to making fresh acquisitions

Tuesday, June 14, 2022 – 12:06 AM by Oisin Breen

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Brooke's Note: If you're a roll-up in your fourth year after startup, burning through tens of millions of dollars out of $205.7 million in financing, with one hand buying up firms and the other making layoffs, eventually you need to make some hard choices. Tifin is lowering its cash ...

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Eric Clarke: Today, we start bringing Orion and Redtail together.
Eric Clarke: Today, we start bringing Orion and Redtail together.

Clarke now 'holds all the cards' to 'own the desktop' of hundreds of thousands of advisor firms, one consultant says, but analysts wonder whether Orion really has the 'bandwidth' to make a tech stack out of so many towering silos.

Thursday, June 9, 2022 – 1:39 AM by Oisin Breen

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Brooke's Note: We are writing [again] about a level of strategic action so big and complex that analysts -- egged on by reporters at RIABiz in two cases -- are doing their best to do a bite-sized assessment when any sensible person might be tempted to punt. The X factors ...

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Stuart DePina's exit is part of 'pivotal moment' in play to 'better innovate.'
Stuart DePina's exit is part of 'pivotal moment' in play to 'better innovate.'

The $5-trillion Berwyn, Pa., software, investments company and Yodlee owner reveals the next generation of leaders succession and, it hopes, success for shareholders

Wednesday, June 8, 2022 – 12:17 AM by Brooke Southall

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Brooke's Note: The story today is big news -- albeit a tad anti-climactic. Suddenly, if not all at once, we know Envestnet's power vacuum and vision void left by Jud Bergman's untimely death is not a black hole. Bill Crager is fully in charge. Tony Leal has risen like ...

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George Tamer: Portfolio management is a mature category, but the opportunity to innovate remains massive.
George Tamer: Portfolio management is a mature category, but the opportunity to innovate remains massive.

Black Diamond, Orion Tamarac and Addepar built a $10 trillion mountain of AUA by taking RIAs to the cloud, but a number of firms are emerging to challenge the status quo.

Thursday, June 2, 2022 – 3:50 AM by Oisin Breen

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In the coming years, the big names in RIA portfolio management software may not be SS&C Black Diamond, Orion Advisor Solutions, Envestnet|Tamarac or Addepar.

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