The Latest In Financial #AdvisorTech (June 2021)

The Latest In Financial #AdvisorTech (June 2021)

Welcome to the June 2021 issue of the Latest News in Financial #AdvisorTech – where we look at the big news, announcements, and underlying trends and developments that are emerging in the world of technology solutions for financial advisors!

This month’s edition kicks off with the big news that Zoe Financial has raised a $10M Series A round to accelerate its lead generation service for advisors, as the pandemic accelerates the consumer shift away from finding a local advisor in their area and instead to going online and finding the ‘best’ advisor to solve their particular financial challenges. As the reality is that with an average Client Acquisition Cost of over $3,100 for the typical advisor to get a single client, and a lifetime client value for a mass affluent client that is still 10X that cost or more, there is a significant market opportunity in driving new leads to advisors. In fact, the only real question is how many consumers are actually in the market for an advisor at any particular time, and whether there’s enough room for Zoe (and other advisor lead generation startups entering the same at the same time) to grow and scale.

From there, the latest highlights also feature a number of other interesting advisor technology announcements, including:

  • Tifin Group pledges to spend $100M acquiring financial media sites to turn self-directed investors into clients of advisors
  • Altruist raises $50M as it shifts from RIA custodian to the All-In-One overlay that powers one
  • Vise raises $65M at a $1B valuation as Silicon Valley places its bets on advisor-driven Direct Indexing
  • InvestCloud acquires NaviPlan for what may become the digital storefront for its own financial products supermarket?

Read the analysis about these announcements in this month’s column, and a discussion of more trends in advisor technology, including:

  • Skience launches a new centralized workflow platform to overlay any advisor’s CRM
  • RIA In A Box acquires Itegria to expand into outsourced IT support and cybersecurity
  • OnRamp launches a new platform to facilitate advisors monitoring their clients’ cryptocurrency investments
  • FMG Suite and WealthTender roll out new marketing modules for advisors to leverage client testimonials
  • ScratchWorks AdvisorTech incubator announces Season 4 applications are open through mid-June, with pitches to occur at the fall T3 Advisor Technology conference!

And be certain to read to the end, where we have provided an update to our popular “Financial AdvisorTech Solutions Map” as well!

*And for #AdvisorTech companies who want to submit their tech announcements for consideration in future issues, please submit to [email protected]!

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