Kitces gives a boost to Schwab’s iRebal improvements: Tech Roundup

What would you like to know

  • Schwab’s enhanced iRebal software will not be made available to Schwab Advisor Services customers until early 2023.
  • In addition, GeoWealth obtains $ 19 million in Series B funding.
  • Vestwell plans to acquire a BNY Mellon unit that manages 529 plans and auto-IRAs.

Charles Schwab’s enhancements to TD Ameritrade’s popular iRebal rebalancing software received an initially positive reception from financial advisers and planners, including Michael Kitces, head of planning strategy at Buckingham Wealth Partners.

“Nice facelift on UI / UX for iRebal! ” he tweeted on Saturday, referring to the improved user interface and user experience of the software. But he added that it was notable that while the revamped iRebal is now available to TD Ameritrade advisers, Schwab said the updated version of the software will not be made available to Schwab advisers until. 2023.

As Schwab continues to integrate TD Ameritrade into its operations, the company intends to expand iRebal to Schwab Advisor Services in early 2023, he said.

Since announcing in 2020 that iRebal would be retained as part of the combined Schwab Advisor Services / TD Ameritrade Institutional advisor platform, Schwab has invested in the modernization and development of iRebal, has t he said when announcing the improvements last week.

As part of this process, Schwab “has actively incorporated feedback from independent advisors and reflects Schwab’s overall efforts to continue to integrate technology from both companies and deliver a cutting edge experience,” he said.

Improvements highlighted by the company last week include: a new widget-based home page dashboard view that gives advisors faster access to information and the ability to go further when needed ; a new grid interface; a new grid interface designed to give advisors greater flexibility with data; improved navigation, editing and reporting.

GeoWealth gets more funding

GeoWealth Turnkey Asset Management Program for Advisors Raised $ 19 Million in Series B Funding Round Led by Kayne Partners Fund, Kayne Anderson Capital’s growing private equity group Advisors, the companies said Thursday.

The round also included an unspecified follow-up investment from JP Morgan Asset Management, a strategic investor in GeoWealth since 2018.

Since JP Morgan-led GeoWealth Series A funding in December 2018, platform assets have grown over 300% to $ 16.7 billion, while assets under management have grown over 700% to reach $ 7.3 billion, according to GeoWealth.

Vestwell to Acquire Plan 529 from BNY Mellon, Auto-IRA Unit

Vestwell plans to acquire Sumday, a subsidiary of BNY Mellon that manages and administers 529 state-sponsored college savings programs, 529A ABLE and Secure Choice / Auto-IRA. Terms of the contract are not disclosed.

BNY Mellon will act as the preferred service agent for state programs run by Vestwell, whose fintech engine powers workplace savings programs, the companies said. Services offered include custody, fund accounting, record keeping and, where applicable, sub-advisory services through BNY Mellon’s Lockwood Advisors subsidiary.

“Vestwell will continue to play a critical role in BNY Mellon’s investment portfolio in FinTech companies to enable client growth strategies and better business results,” the companies said.

Once the agreement is concluded, Sumday will become a subsidiary of Vestwell and will be renamed Vestwell State Savings. Its technology, overall program management responsibilities and team will be transferred to Vestwell, led by Douglas Magnolia, who will assume the role of President of Vestwell State Savings.

Snappy Kraken launches new tool

Snappy Kraken announced the Marketing Opportunity Score Assessment, a new, personalized, free tool that businesses can use to determine their marketing weaknesses and opportunities. The tool also provides suggestions on how to improve in problem areas.

“Financial advisory firms can answer a short 28-question survey that will define and quantify the impact of marketing on their bottom line in less than five minutes,” according to Snappy Kraken. The survey covers key areas of marketing including social media, video usage, and lead generation.


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