Technology evolution and innovation is having a transformative impact across all facets and segments of wealth management. Indeed, the advisor technology industry is becoming more and more nuanced, with specialized solutions and purpose-built functionality that may not apply to all market segments. In fact, according to advisor, consultant, blogger, and today’s guest Michael Kitces, there are now more than 300 separate wealth management advisor technology applications—an astronomical growth rate for what was once just a tiny sliver in the technology universe.
The good news is that with continued investment and evolution from top wealth tech providers, the technology for a universal wealth management platform is here today.
On this episode, Trent, Michelle, and Michael discuss the expanding wealth tech universe and explore the concept of a universal wealth management platform and why most firms should be considering one for their core tech stack.
Michael Kitces is the Head of Planning Strategy for Buckingham Wealth Partners, a private wealth management and advisor TAMP platform based in St Louis, MO, that oversees approximately $50 billion of client assets. In addition, he is a co-founder of XY Planning Network, AdvicePay, New Planner Recruiting, fpPathfinder, and FA BeanCounters, the former Practitioner Editor of the Financial Advisor Success podcast, and the publisher of the popular financial planning industry blog Nerd’s Eye View through his website Kitces.com, dedicated to advancing knowledge in financial planning. In 2010, Michael was recognized with one of the FPA’s “Heart of Financial Planning” awards for his dedication and work in advancing the profession.
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