Jeannette Kuda has been appointed COO of TIFIN's AI platform, TIFIN AG.
Most recently, Kuda served as senior vice president and COO of Wealth Management Solutions for LPL. Prior to that, she worked for TIAA, leading the Trust Company and Private Asset Management divisions for nearly a decade.
TIFIN AG was recently detached from TIFIN. The platform uses algorithms to answer advisors' questions on topics such as where to find new clients that fit their target profile, how to discover new leads for client referrals, which clients or assets are at risk , how to find future customers within a specific. company and more.
Founded by Vinay Nair in 2018, TIFIN has evolved into a fintech platform that builds technology in-house or through joint ventures with financial services firms. It started as a startup incubator, studio and holding company and grew into more than a dozen businesses, some of which have now been combined into TIFIN Wealth, a full-scale platform for wealth managers. It also operates Magnifi, a natural language search powered marketplace.
In May 2022, TIFIN announced its closure About $109 million in Series D fundingwhich included Franklin Templeton and Motive Partners joining previous investors Hamilton Lane, JP Morgan Asset Management, Morningstar and Broadridge.
Cerulli Report: Heavy tech users are more efficient and grow faster
While the findings aren't likely to surprise anyone, they reinforce what we've seen in studies and research for years now: “The challenges to effective use of technology that advisors most often identify are compliance restrictions that limit functionality or place other limitations on advisors .ability to use technology (73%), followed by lack of integration between tools/applications (71%) and insufficient time to learn and implement (70%). These results are from Cerulli Report-The State of US Wealth Management Technology 2024.
The research also found that advisers who consider themselves heavy users of technology (nearly 30% of respondents) outperformed other practices in terms of new client growth rates and asset under management growth rates over the longer period. last three years.
So, perhaps surprisingly, Cerulli found that heavy tech users “performed on average materially better than light users on practical productivity metrics.” Among these improved metrics are “higher numbers of clients served per staff member across the practice – number of clients per producing advisor, number of clients served per professional staff and number of clients per senior advisor.”
When it comes to the tools advisors attribute most to improving their operational efficiency, they cite e-signatures at 65%, CRM at 44% and video conferencing at 29%.
Study: Firms must differentiate themselves through technology to retain affluent millennials
According to a study by F2 Strategy, firms that want to retain affluent millennial customers must prioritize personalized digital experiences and be open to their feedback.
F2 Strategy conducted the survey in February, and respondents included 38 RIA, wealth management and asset management firms totaling approximately $6 trillion in AUM.
Firms surveyed said they were interested in catering to this younger demographic. However, they admitted that they haven't done much to find out what this population wants or how effective their actions are.
Although 81% of firms reported that they believed a compelling customer experience would be extremely important in the next three to five years, 58% said they did little or no customer research to determine this, and only 21% reported tracking return on investment.
Firms offered various reasons for these findings, including a sense of being at the mercy of watchdogs and big tech companies, unable to provide feedback, fear of inviting compliance complaints, and the need for better integration into stakeholder groups. their technological
The report suggested that firms engage these customers through surveys and interviews to maintain a representative sample of customer opinions.
MyVest extends tax-aware portfolio transitions to its strategic portfolio system
MyVest has released the latest version of its Strategic Portfolio System, which expands its tax-aware portfolio transition capabilities.
It includes support for transitions across a firm's managed account programs, including SMAs, UMAs and bank trusts. Firms can also choose to be managed by transition advisers or delegated to a home office team for managing the move.
Transition plans can be automatically generated and configured by default. The firm may provide advisors with the ability to selectively delegate ongoing transition management to a central team.
Advisors can also transition legacy holdings in the most tax-efficient manner over time, engage in proactive tax-loss harvesting, and aggregate, track and manage transition portfolio pools on a daily basis.
MyVest, a subsidiary of TIAAserves large enterprise providers, including independent broker/dealers and banks.
MyVest was awarded Best Rebalancing Provider for its portfolio management suite in 2018 WealthManagement.com Industry prices.