Advyzon, a comprehensive technology provider for the wealth management industry, this week announced that it will launch Auria, a new platform intended for use by single-family offices, multi-family offices and other advisory firms and enterprises serving UHNW clients. sometime in the first quarter of 2025.
While the new Auria platform is being designed specifically to meet the needs of higher-end customers, its core technology has “evolved” from Advyzon's broader core offerings.
Auria will combine portfolio management – which includes trading, rebalancing and performance reporting – and CRM into one interface and will also be able to track alternative investments and provide secure document management, helping advisers serving families UHNW with a holistic view of their wealth.
“In my many conversations with wealth managers and family offices, I've repeatedly heard the need for technology that unifies core capabilities and can manage the complexity of UHNW clients – all in an easy-to-use, modern experience ,” said Kartik Srinivasan, president. of Advyzon Institutional, in a statement.
Srinivasan joined the firm in March, having previously served as managing director of digital advisor solutions at Schwab.
With some caveats and qualifications, industry analysts said what Advyzon is building could meet the demand for more choice and competition in technology to serve UHNW clients.
“The arrival of the UHNW portfolio management platform reflects the increasing technological sophistication of private banks, family offices and other high-end providers, as well as the need for efficiency in the face of growing wealth and cost pressures,” said Will Trout. director of securities and investment practices at Datos Insights.
He said the trend toward “platformization” represents a counterbalance to the fragmentation of services seen in the retail wealth management market, where best-of-breed tools still rule the day.
“In the UHNW segment and family offices, conversely, the trend is toward consolidating tools, Excel spreadsheets among them,” he said.
Long-time industry analyst and consultant Alois Pirker said there is room for competition in serving UHNW clients, noting that many advisers and wealth management firms see leading providers in the space, among them Addepar, as expensive.
“Can they do better, generating a higher quality of data at a lower price than competitors?” he asked, referring to Advyzon's development of Auria.
With family office platforms, it's either high-quality and relatively expensive data or lower cost with often a lot of manual data reconciliation, said Pirker, who has run his consultancy, Pirker Partners, for two years. the last one.
“If they can get this balance to work, they have a shot, but data quality is hard to come by,” he said.
It's been a busy year for Advyzon. In August, Advyzon hired Samantha Schwimmer as the new chief marketing officer. This followed news of a partnership with the custody and clearing firm Innovayte to launch a new model market. As part of the launch, Advyzon created a protection platform for Innovayte.
In June, Advyzon Investment Management, an asset management program under the Advyzon platform, was named Scott Smith, Chief Revenue Officer. He had most recently served as head of the central RIA custody sales division at Goldman Sachs. Advyzon launched Advyzon Investment Management in March 2022.
In addition to Srinivasan, Dave Goes, a former senior vice president of product and business development at Morningstar, joined Advyzon as president of enterprise sales in March.