The account aggregation and trading platform FeeX integrates with wealthtech provider Advyzon to make it easier for advisors to manage withheld retirement, health and college savings accounts, according to an announcement. The improved management of retained assets is the latest instance of the extended functionality at Advyzon, which has been integrated into Onramp Invest to provide consultants with the visibility of crypto holdings, as well as to start a prospect portal and to develop its own rebalancing software start last 12 months.
FeeX’s “Order Management System” enables end customers to link their accounts with the platform, which then “acts as a secure information bridge between the advisor and the customer account with its own audit trail”, according to a company spokesman. The end customer registers once with FeeX, then the platform forwards this information to the advisor for direct administration. When an advisor takes an action through FeeX, these instructions are transmitted from their platform to the customer’s financial institution.
Between 30 and 40 companies have participated in Advyzon’s FeeX pilot, said John Mackowiak, Advyzon’s chief business development officer. “We quickly saw that their service wasn’t just another aggregation tool,” he said, calling the integration a “game changer”. Unlike a simple account aggregator, FeeX gives advisors the ability to manage external accounts, he added.
“Withholdings and retirement assets are often undersupplied,” said Hailin Li, founder and CEO of Advyzon, in a statement. “This partnership offers consultants a significant opportunity to strengthen relationships with their customers and create added value.”
“This helps individual clients grow their portfolio while also helping consultants grow their business – both with existing clients and with new clients,” he added.
Advyzon isn’t the only company to recently partnered with FeeX. In tests carried out at Orion Advisor Solutions prior to the official launch of its own FeeX integration in May, Orion was able to increase the number of companies in the pilot project from five to dozen and recorded an asset growth rate of almost 1,500%.
With consultants placing more emphasis on financial planning and financial well-being than a generation ago, insights into retained assets can lead to a more prosperous retirement for end customers, say Advyzon and FeeX executives. “Our mission is to help individuals retire richer,” said Dave Goldman, vice president of business development at FeeX, in a statement. “This relationship enables more people to benefit from professional financial advice across their entire portfolio.”
Now that Advyzon users have the management of retained assets on the table, the development of their own rebalancing software called Quantum, which has been in development for the last three months, is even more important. “Our beta testers have been incredibly helpful and engaged in sharing how they work and how we can develop technology to make their jobs easier,” said Mackowiak. The company recently made tweaks to the software’s user interface and consultant workflow, he added. The company expects Quantum to be fully deployed in the coming months.