Advisors aren’t starving for choices among robos and digital tools, but the rollout frenzy continues.
Just on the heels of Schwab’s institutional robo offering, two more went live: Autopilot, a robo hybrid from CLS Investments and Riskalyze and Market Movement Strategies, a hybrid for advisors from Cincinnati, Ohio-based FTJ FundChoice that the firm says will offer a lower cash allocation requirement than Schwab’s.
Beyond that, New York startup Everplans launched a digital estate planning tool for advisors and two former industry executives launched RightCapital, a financial planning software platform targeting retail and institutional clients.
ADVICE ON AUTOPILOT?
Autopilot, from CLS Investments and risk profiling startup Riskalyze, has been in beta for the past three months. The firms claim hundreds of investment advisors across the country have signed up for the tool in that time.
Riskalyze CEO Aaron Klein explains that the program was designed partly as an all-encompassing digital tool for advisors and asset managers, however with its human advisor customer service, provided through their partnership with CLS, clients also have access to 24/7 advisor assistance to help make complex deposits, transfers and withdrawals.
“It is those really complicated time slots, which before made advisors establish high minimums,” Klein explains. “Now they can wave those minimums goodbye, put the hassles of their business on autopilot and focus on their client relationships.”