Must-go RiskTech.AI program, new WealthTech retreat, and more. — WealthTech Fusion, 3 Nov

Welcome to our new weekly newsletter. Here, key events from the Wealthtech universe converge to meet your curiosity. Subscribe and enjoy!

What’s in:?

• Synechron’s new accelerator helps adopt generative AI for mitigating business risks.
• Rainbook brought to the market value-assessing Advisor Analyzer.
• PermianChain Technologies Inc. will help revolutionize renewable energy infrastructure in the GCC region.
• Crystal Capital Partners joins forces with Axos Advisor Services.
• Advisor Circle and Ritholtz Wealth Management reunite to redefine retreat events for wealthtechs.
• To help you choose from the variety of best-of-breed AdvisorTech solutions, Institute for Innovation Development shares a few tips.

Let’s see what the industry’s been up to this week.

?? Release, please.

Synechron has expanded its Accelerators program with a new “RiskTech.AI” Accelerator.

The program aims to help companies get up to speed with all the benefits of AI and its generative branch for risk functions. It's the eleventh Accelerator in Synechron's portfolio, providing clients with tools to enhance their risk management processes using AI-driven solutions.

The Accelerator focuses on five key areas, including supply chain risks, climate-related risks, regulatory implementation, and change management processes risks, know your customer risks, and IT vulnerability and cybersecurity risks, offering solutions designed to address these issues.

Rainbook kicked off Advisor Analyzer, a solution helping investors assess the value they receive from their financial advisors.

The tool calculates an Advisor Score based on factors such as fees, engagement, portfolio performance, credentials, statement quality, and alternative investments offered. If an investor's advisor underperforms, Rainbook can match them with two better fiduciary investment advisors from its network. The company aims to provide transparency and accountability in the financial advisor-client relationship, focusing on serving tech-savvy investors demanding higher levels of service and transparency.

?? Wealthtech Cahoots

Canadian PermianChain Technologies Inc. and Ejada Business for Energy teamed up to revolutionize renewable energy in Saudi Arabia and the wider GCC region.?

The alliance grants Ejada exclusive representation in Saudi Arabia for PermianChain's WealthTech platform-as-a-service, which offers sustainable finance opportunities and digital asset mining services. With the mission to drive a substantial transformation within the regional energy sector, the partnership aims to foster economic and social growth through streamlined sustainable finance, new avenues for natural wealth creation, and treasury optimization for both public and private sectors.

Meanwhile, Crystal Capital Partners, LLC joined forces with Axos Advisor Services , a provider of custody and securities clearing services for registered investment advisors and independent broker-dealers.

The two companies will integrate their platforms, enabling Axos clients to execute separately managed private fund portfolios seamlessly. As for Crystal, the partnership will expand its integration with major custodial platforms. Financial advisors who choose Axos for custody can access an array of tools and resources. Additionally, advisors using Axos who invest in alternative investments through Crystal's platform can manage and view their assets in a consolidated manner, including access to over 50 leading alternative investment funds.

Last week, Crystal added the former Global Head of the Client Partner Group at Sculptor Capital Management to its Advisory Board.

Advisor Circle and Ritholtz Wealth Management took the wraps off of the Future Proof Retreat, a three-day event for the wealth management industry that aims to redefine the retreat-style event model.

The event, to be held at The Broadmoor Hotel in Colorado Springs from March 24 to 27, 2024, is set to become the largest annual wealth management retreat in the industry. It will include an enhanced version of the Future Proof networking program, Breakthru , which facilitates meetings and roundtable discussions on key industry topics.?

“At the Future Proof Retreat, you're not just collecting business cards—you’ll be building meaningful relationships that will define the next stage of growth for your firm.” — Joshua Brown , CEO of Ritholtz Wealth Management

Among the launch partners for the event are Abbey Capital Limited , abrdn , and Nuveen, a TIAA company . Registration and sponsorship for the event are open.

?? Bird’s Eye View

How to choose a best-of-breed AdvisorTech solution that’s right for your business?

Best-of-breed solutions are specialized, top solutions in specific categories, addressing unique needs and challenges effectively. This approach involves integrating multiple specialized solutions that work seamlessly, creating a comprehensive and efficient technology stack.?

• When considering best-of-breed solutions, it's crucial to assess data protection, integration capabilities, and interoperability of vendors to minimize risks.
• Selecting best-of-breed technology solutions involves defining strategic objectives, assessing current needs and pain points, and researching solution providers in respective categories.?
• A well-structured vendor due diligence process, focusing on interoperability, is essential to make the right strategic technology decisions and de-risk investments.?

These three tips are a great start if you’re looking for top providers that fit your business perfectly. Remember, partnering with technology providers specializing in their respective areas of expertise can provide valuable support throughout the implementation process.

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Sources: PRWeb, Nasdaq, Yahoo Finance, ZAWYA, Consultancy.eu and PR Newswire.