Rebranding is risky. In some cases, you drop the donuts, shorten it to Dunkin' and everyone is thrilled.
In other cases, you end up with New Coke. Something that, by comparison, makes Crystal Pepsi seem like a really good idea.
Thankfully for Aaron Klein, he knows a thing or two about risk. After all, the company he founded alongside Matt Pistone and Mike McDaniel back in 2011 was all about risk.
But as Riskalyze evolved from a company focused on risk to one focused on the growth of advisory firms, the name actually became a bit of a misnomer. So this week, Klein closed the chapter on Riskalyze and opened the book of Nitrogen. A few days before the new name went public, Klein explained to me that Nitrogen, Earth's most plentiful element and a vital component for plant growth — was the perfect fit.
But he also said going through the process was like renaming one of his children. So clearly, he knew that a lot was on the line. I'm just thankful Klein & Co. didn't go with "New Riskalyze."
Also growing in 2023 are wealthtech budgets. Following year-starting surveys from Financial Planning parent company Arizent and Orion that suggests technology spending will rise across the board this year, Edward Jones made it clear during their most recent earnings call that they're ready to shatter the piggy bank to deliver a better tech experience.
Firm leaders said the plan is to spend more than $1 billion on new technology tools and overhauls in 2023, with a significant portion earmarked for investment advisory software aimed at personalization, flexibility, tax strategy and an expanded product shelf.
As the spending begins, it'll be interesting to see where the money flows and what kind of tech will make the biggest long-term impact.
Check out both stories and a whole lot more at Financial Planning.
Also a quick reminder that Financial Planning's annual INVEST conference will be here before you know it! Wealth management veterans, fintech innovators and industry leaders will share their experience and insights with tech-minded advisors at the event scheduled for June 12-13 at Hilton Midtown in New York City.
We're just one month away, so register today!
Anything else on your mind? Drop me a line at [email protected]. Have a great rest of the week!
Regards,
Justin

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