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Schwab Intelligent Portfolios gathers $500 million, Orion highlights, LinkedIn acquires Refresh - YouTube
Channel: FPPad
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On todayâs broadcast, Schwab Intelligent
Portfolios gathers over $500 million dollars
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in its first few weeks, find out why Orion
Advisor Services is regarded as one of the
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good fintech vendors, and personal dossier
app Refresh gets acquired by LinkedIn.
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So get ready, FPPad Bits and Bytes begins
now.
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Hey everyone, Iâm Bill Winterberg thank
you for joining me for this weekâs âgolden
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deliciousâ advisor technology news broadcast.
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Todayâs episode is brought to you by Wealthbox
CRM. Be the first to see the release of Wealthbox
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version 1.8 with a ton of new features
and integrations, including one with MoneyGuidePro.
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Sign up for a free trial of Wealthbox CRM
in just 15 seconds to see what the buzz is
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about at Wealthbox dot com.
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For the second week in a row, this weekâs
top story comes from Charles Schwab, as the
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company told InvestmentNews that it gathered
âconsiderably overâ $500 million in assets
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in the new Schwab Intelligent Portfolios program.
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Schwab Intelligent Portfolios was released
to retail investors just three weeks ago,
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which you heard three episodes ago, and now
they have over $500 million. And just four
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weeks ago, my broadcast covered Wealthfrontâs
news that they surpassed $2 billion dollars
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in assets under management.
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So it took Wealthfront a little over three
years to get to two billion dollars, and Schwab
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Intelligent Portfolios is on pace to do it
in about two months. NOW whoâs going to be
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the fastest growing and most trusted automated
investment service in the world? I think that
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titleâs up for grabs.
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But hold on: thereâs a deeper story here.
Your business is experiencing grocery store
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econ 101. Thatâs right, itâs all about
shelf space. You might have the best business
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in the world, but if you donât have any
shelf space, you donât even have a chance
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to step up to the plate.
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So all of these new solutions online are taking
up shelf space and theyâre crowding you
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out of the market. Sure, investors are getting
low fees, rebalancing, even tax loss harvesting,
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but are they getting any REAL advice that
actually matters? Not from what I can tell.
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But what I do see is that your shelf space
is slowly being eroded, so you better start
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doing something about that today.
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You can start by sharing this broadcast to
your colleagues. Go on, the buttonâs down
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there, or up in the corner. Use it.
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For more information on the online asset gathering
competition, be sure visit fppad.com/159 for
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the links to this weekâs top stories.
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Next up is news on Orion Advisor Services,
as this week Joel Bruckenstein highlighted
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the portfolio accounting service bureau for
a number of the companyâs innovations in
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financial technology.
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Here are the most relevant updates from Bruckensteinâs
column. Orion now serves over 570 advisory
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firms who collectively process over $200 billion
in assets, and the company expects to add
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another 280 firms this year.
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Bruckenstein highlights many of Orionâs
innovations, including its free private labeled
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mobile app for advisors, video client statements
powered by Engage, and trading sleeve capabilities
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in its order management system.
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Bruckenstein also writes that Orion exhibits
a company culture of innovation, which you
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saw first hand from my Fuse 2014 hackathon
coverage, which is an event the company will
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repeat once again this September.
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To be fair, Orionâs competitor Envestnet
| Tamarac has also recently achieved some
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significant milestones, as the company now
serves over 800 advisory firms with over $500
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billion dollars on the platform, and they
also offer a custom branded iPad app for use
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by advisors and clients. So remember what
I said about shelf space and competition?
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Both of these companies, plus many other technology
providers, will put you in a position to differentiate
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yourself in a crowded market.
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And finally, Iâm wrapping up this broadcast
by revisiting Refresh, an app I told you about
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way back in episode 107. Refresh is an app
that creates a real-time dossier about people
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youâre going to meet, pulling information
from a variety of sources to help you, well,
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refresh your memory about your connections.
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This week, Refresh announced that it will
be acquired by LinkedIn (probably because
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of the Bits and Bytes bump!), so the company
will soon be sunsetting its standalone app
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and rolling in its dossier capabilities into
LinkedIn. Iâm pretty happy about this move,
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because Refresh has been one of my go-to apps
for a while, and Iâm glad to see how the
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technology can enhance the value of LinkedIn
as all of us continue to develop meaningful
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relationships with clients and colleagues
everywhere.
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For details on LinkedInâs acquisition of
Refresh, and to see stories that didnât
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make this weekâs broadcast, visit fppad.com/159
for the links to this weekâs top stories.
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Remember, Bits and Bytes exists because of
the support of our sponsors, so be sure to
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visit Wealthbox CRM and be the first to see
the release of version 1.8, packed
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with new features and integrations. Sign up
for a free trial today by visiting wealthbox.com.
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So I want to know what you think about my
shelf space comments. Really, I want to know.
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Send me a tweet using @billwinterberg or leave
a comment on the FPPad YouTube channel.
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Now if youâll excuse me, Iâm in dire need
of a spring break, so, for FPPad.com, I'm
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Bill Winterberg, see you in a few weeks!
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