I wanted to write this week about the action happening among technology outsourcers like AssetMark and Envestnet, but there’s only one thing on my mind today.
Racism.
Look, it’s no secret that the worlds of wealth management and technology are two worlds pretty traditionally dominated by white men. When the two of them come together in wealthtech — woo boy. But while some companies have made definitive efforts to make the industry more diverse and many, many others say nice words about inclusion, it’s important to remember that discimination is very much alive and well.
So I implore you to take some time to read the excellent reporting from my colleagues about an advisor who allegedly told staffers she wants “no Blacks” to manage money for her white customers, and interviewing African American candidates for a job opening is a “complete waste of [her] time.” LPL appears to have cut ties with the advisor, but we all know this person isn’t alone in her beliefs. Not in wealth management, not in technology, and certainly not in wealthtech.
When racism rears its ugly head, it’s important to look it right in the face, no matter how unpleasant it is, so we never forget what we are fighting against.
Anyway, here are the top wealthtech stories of the week. And as always, please send me an email at [email protected] or tag me on Twitter @RyanWNeal to share your thoughts.
| | Ryan Neal
Technology Editor, Financial Planning
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| By Ryan W. Neal 3 min read | The TAMP saw record quarterly inflows under new CEO Natalie Wolfsen, who has plans to make a splash in wealthtech M&A. Read story → |
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| | | By Ryan W. Neal 2 min read | The TAMP has also created a new chief digital officer role to oversee improvements to the firm’s technology infrastructure. Read story → |
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| | | By Jessica Lerner 2 min read | The firm is the first service that makes it possible to gain exposure to cryptocurrency as part of a diversified portfolio with automation features. Read story → |
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| | | A conversation with Penny Pennington, manager partner at Edward Jones. Read story → |
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| Financial are gearing up to offer expanded advice while relying more on digital channels to meet their clients’ needs. All the change can lead to deepening client relationships and increasing assets under management. Learn More → |
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| | | By Cynthia Fernandez 2 min read | New role will oversee leaders and businesses of Wells Fargo Advisors Financial Network (FiNet), First Clearing, and the Registered Investment Advisor (RIA) custody business. Read story → |
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| | Follow Financial Planning in real time. More ways to get the most trusted industry news and analysis. |
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| | | | | | | | | | | | | | | RESOURCES | | | WEB SEMINAR | | Tuesday, August 17, 2021 12:30 PM EDT | Learn More → | | | WEB SEMINAR | | Tuesday, August 24, 2021 12:30 PM EDT | Join Financial Planning’s Editor-in-Chief, Chana Schoenberger, and industry luminary Mark Tibergien as they discuss the profound changes that the financial advisory sector is currently undergoing. Mark and Chana will explore the catalyst driving this transformation and how it will impact the client /advisor relationship of the future. In addition, come and meet Financial Planning’s Rising Stars for 2021. Learn More → | | | WEB SEMINAR | | Tuesday, August 17, 2021 12:30 PM EDT | Learn More → | | | WEB SEMINAR | | | After a year that’s been disrupted by COVID-19, business owners have drastically altered their financial habits to keep up with evolution in consumer preference. The competitive landscape, meanwhile, is becoming more challenging as digital technology lowers barriers to entry. Our session will explore what the role of banks is in a far more competitive environment and how banks can utilize digital tools for business building, which will ultimately serve as a growth and success engine for their small-business clients. Learn More → | More resources → |
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