Refinitiv acquires advice tech provider

By Lachlan Maddock ·
August 03 2020

Refinitiv acquires advice tech provider

Refinitiv has announced the acquisition of strategic assets from Advisor Software Inc (AS), adding key digital functionality to its wealth management offering.

The acquisition will see Refinitiv Wealth Management offer enhanced digital advice capabilities and digital portfolio analysis. ASI’s technology is interoperable and cloud enabled, and will be integrated into Refinitiv Digital Investor.

“In what continues to be an eventful year for Refinitiv’s wealth management group, I am pleased to share the news of our acquisition of ASI,” said Joe Mrak global head of wealth management at Refinitiv. “The digital capabilities that ASI brings to our existing Refinitiv Digital Investor platform perfectly complement our growing suite of widgets and APIs.”

ASI’s assets provide Refinitiv with a complete digital advice platform that enables tax-aware portfolio rebalancing, cash flow and portfolio analysis, and investment modelling, allowing wealth managers and advisers to deliver advice “in a more flexible, efficient and scalable way”.

“A superior client experience is a true differentiator for wealth management firms and platforms in today’s highly commoditized and digital world,” said Ashley Longabaugh, wealth management Senior analyst at Celent. “Today, the client experience is about creating a proactive and engaging relationship between the client and advisor. Refinitiv’s acquisition of ASI demonstrates Refinitiv’s focus on strengthening the client-advisor experience by addressing the needs of the digitally-inclined client and advisor.”

According to a Refinitiv global survey, 24 per cent of consumers say they will increase their long-term use of digital finance channels and 61 per cent expect to use both digital and offline channels as COVID-19 disrupts the usual interaction between consumers and advisers.

“The ongoing transformation within the wealth management industry is the result of customers seeking compelling and curated digital experiences,” Refinitiv said. “This shift has impacted the way in which customers communicate with advisors and in turn created a market for digital advice models where clients communicate via digitalized and automated channels.”

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Lachlan Maddock

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Refinitiv acquires advice tech provider