Versoft's Monthly Newsletter
Versoft Consulting
Investment technology consulting and solutions with a personal touch.
Major shifts in WealthTech wait for no one - and neither should your technology planning. From platform transitions to budget optimization, this month we're tackling the decisions that could reshape your firm's tech foundation in the year ahead.
While unexpected changes like the Blaze Portfolio sunset can feel disruptive, they often present hidden opportunities to reassess and strengthen your technology strategy.
In this month's edition, we discuss:
Breaking News in WealthTech: Going Out in a Blaze of Glory
Got Your 2025 Tech Budget? Here's How to Make It Count
+ An Updated Conferences & Events Schedule!
Breaking News in WealthTech: Going Out in a Blaze of Glory
If you're using Blaze Portfolio for your trading and rebalancing needs, you've probably heard the news – LPL Financial announced they're sunsetting the platform at the end of 2025. While that might seem like plenty of time, we know from experience how these transitions tend to sneak up on busy advisory firms.
So let's take some time to break this down. LPL has decided to discontinue Blaze Portfolio as part of their strategy to streamline operations. They're pointing firms toward Intelliflo Redblack as an alternative, but here's the thing, every advisory firm is unique, and what works for one might not work for another.
Think of it like choosing a new home. Sure, your realtor might suggest a specific neighborhood, but you need to consider your family's unique needs, commute times, and lifestyle before making that decision. The same goes for your trading platform.
The Real Impact on Your Business
In recent conversations with advisors about this change, we've heard some similar concerns…
"What happens to all our historical trading data?" Good news. You can get a complete download of your data, including your full order history and model portfolios. But coming up with a concrete plan beforehand will be crucial to migration success.
"Will this affect our current trading operations?" The platform will continue running with full support until the end of 2025. You won't see any immediate changes to your day-to-day operations, which gives you breathing room to make a thoughtful transition.
Looking Ahead
While platform changes can feel overwhelming, they often present an opportunity to reassess and improve your technology foundation. Whether you're considering LPLs suggested move to Redblack or exploring other options, the key is understanding what your firm really needs instead of just replacing like for like.
Here are some helpful links if you'd like more info:
Got Your 2025 Tech Budget? Here's How to Make It Count
Let's talk about everyone's favorite January topic…budgets! You've got your 2025 technology budget approved which is a fantastic step in the right direction, but now you're staring at that number wondering how to make the most impact.
Here's what we're seeing successful firms do differently this year:
First, they're looking for ways to simplify current systems where opportunities present themselves. Rather than chasing the newest shiny tech solution, which has a tendency to overcomplicate things, they're asking their teams one simple question: "What's the most frustrating part of your day?" Sometimes it's not about adding new technology. It's about fixing or expanding upon what you already have.
For example, you might've spent the last 3 years complaining about your reporting process, but continue putting off fixing it because you think a complete system overhaul is needed. What you might find instead, is that you only need to better integrate two systems you already have for fraction of the cost of implementing a completely new system.
Another trend we're seeing: firms are setting aside what we call an "opportunity budget." Instead of allocating every dollar upfront, they're keeping some flexibility for mid-year opportunities or unexpected needs. Think of it as your tech emergency fund. But this one's for opportunities, not just emergencies.
The most interesting shift? Firms are moving away from the "all or nothing" approach in favor of continued investment. Rather than only committing budget to massive platform changes, firms are putting money into finding and executing quick wins that can make an immediate impact on a regular basis while dedicating more time to planning the big moves.
Here for You
At Versoft, we're passionate about helping firms find success throughout these changes. Whether you're wrestling with platform transitions, budget decisions, or just trying to make sense of all the options out there, we're always happy to chat. No pressure, no sales pitch – just good old-fashioned conversation about technology and its impact on your business.
Want to bounce some ideas around? Our DMs are open.
The Advyzon Conference 2025 -- February 12th - 14th in Orlando, FL
T3 Conferences -- March 3rd - 6th in Dallas, TX *Versoft will be attending
Citywide: Home - Future Proof -- March 16th - 19th in Miami Beach, FL
Envestnet Elevate 2025 | Home -- April 9th - 10th in Las Vegas, NV *Versoft will be attending
FinovateSpring | Fintech event -- May 7th - 9th in San Diego, CA
DeVoe Elevate 2025 — DeVoe & Co. -- May 7th - 9th in Nashville, TN
Retreat - Future Proof -- May 12th - 15th in Colorado Springs, CO
Events | BNY Pershing -- June 3rd - 5th in National Harbor, MD *Versoft will be attending
Jolt! Conference -- June 9th - 11th in Nashville, TN *Versoft will be attending
Wealth Management EDGE | A wealth management conference focused on investment, technology & practice management -- June 10th - 12th in Boca Raton, FL *Versoft will be attending
Festival: Home - Future Proof -- September 7th - 10th in Huntington Beach, CA *Versoft will be attending
Home | XYPN LIVE 2025 -- September 25th - 27th in Austin, TX
RIA Edge Los Angeles | Conference for RIAs -- October 7th - 8th in Marina Del Ray, CA
M&A+ Succession Summit 2023 — DeVoe & Co. -- October 8th - 10th in Chicago, IL
Making Progress Together
As always, we want you to feel confident on your technology journey. That's why defining difficult terms, discussing industry trends, and providing resources to guide you are the pillars of this newsletter.