Take one look at Michael Kitces’ latest map of the financial advisor technology space, and you’ll notice how crowded it’s getting. What advisors once did with pencil and paper and then Excel spreadsheets is now being handled by multiple CRMs run with artificial intelligence through multiple APIs.
Still, as much as the landscape is growing, there’s been a trend toward consolidation of all of those disparate platforms into bigger organizations.
For example, UBS announced this year that it was acquiring robo advisor Wealthfront, a monumental deal that would have given one of the largest advisor forces in the world access to one of the most successful robo advisors (and their clients). But in September, the deal fell apart.
Orion’s deal to purchase the CRM provider Redtail further solidified that fintech company as one that increasingly is taking over advisors’ desktops.
Click through the slideshow to see more examples of the consolidation that took place in wealthtech in 2022.