business woman using tablet / AJ_Watt

Financial advisors are using new technology to enhance their services and improve operational efficiency. Here are recent fintech developments in wealth management.

FusionIQ expands into Canada

Woburn, Mass.-based fintech firm FusionIQ is introducing its FusionIQ One platform to the Canadian market.

The all-in-one digital platform, which has operated in the U.S. for several years, encompasses digital advice, self-directed investing, finTAMP (its turnkey asset management program), and a digital marketplace for model portfolios run by various fund managers.

The platform currently has more than 75,000 investors through financial advisory firms in the U.S. and is integrated with five custodians, two of which also operate in Canada.

Howard Atkinson, who was recently named head of business development for FusionIQ Canada, said the company will initially focus on two key modules: digital advice and self-directed investing.

Atkinson emphasized FusionIQ’s integrated approach, noting that most financial advisors currently use multiple, disconnected technology applications. He said FusionIQ’s platform is expected to save advisors time, reduce overhead costs and enhance compliance efficiency.

“Every piece of the technology speaks to one another,” Atkinson said.

The platform also maintains a digital trail of all actions, simplifying audits and compliance reporting.

According to Atkinson, the company has been considering the Canadian market “for several years” and is currently in discussions with major custodians.

Broadridge and Salesforce join forces

New York-based Broadridge Financial Solutions Inc. has announced a partnership with Salesforce aimed at improving data exchange and operational efficiency within the wealth management sector.

Through the partnership, Broadridge’s books and records data consolidation, securities-based lending applications and the AdvisorStream content marketing platform will become accessible to customers in Canada using the Salesforce Financial Services Cloud.

Ramprasad Sandilya, vice-president of client solutions and business development, wealth management at Broadridge, said the partnership aims for seamless integration between platforms.

Previously, advisors had to navigate a complex process of data transfer between Salesforce’s CRM and Broadridge’s systems. This process also placed the onus on advisors to manage communication between these cloud-based systems, Sandilya said.

The release of these solutions will occur in phases, with the books and records data consolidation connector already available. Securities-based lending and AdvisorStream are expected to be released on the Salesforce AppExchange before the end of the year.

CapIntel teams up with Conquest Planning, debuts OMNI platform

Toronto-based fintech firm CapIntel has launched OMNI, a tool to help advisors present financial information to clients.

OMNI aims to offer retail investors a better understanding of their financial goals and how to achieve them, thus strengthening advisor-client relationships, said CapIntel founder and CEO James Rockwood. “It’s about delivering educational content in a more accessible way.”

The platform includes an interactive presentation builder with embedded compliance and secure-sharing protocols.

In addition, CapIntel partnered with Winnipeg-based Conquest Planning earlier this year to integrate Conquest’s strategic advice manager (SAM) into its network of over 12,000 North American financial advisors. SAM utilizes artificial intelligence to analyze client information and offer personalized financial planning advice.

The collaboration seeks to expand Conquest’s reach and enhance the financial-planning capabilities of advisors utilizing CapIntel’s investment sales platform.

“Conquest wants to make financial plans actionable and we want to educate clients and give them confidence in their financial future, so the combination really works well together,” Rockwood said.

More than 20 firms in Canada use CapIntel, including BMO Global Asset Management, BMO Insurance, IG Wealth Management, MD Private Investment Counsel and Quadrus Investment Services Ltd.