This month's edition kicks off with the news that a new startup RIA custodian called Altruist is entering the fray to compete against the existing incumbents, leading with next-generation digital tools for portfolio reporting and management overlaid onto a modern RIA custodian so much less expensive to operate that it will provide all trades commission-free… only to witness a total collapse of trading commissions at multiple RIA custodians, as Schwab decides to set the price of trading at zero for the broader market of online discount brokers, forcing most competitors to follow almost immediately (and almost immediately undermining the cost differentiator that Altruist was launching with?).įrom there, the latest highlights also take a look at a number of other interesting advisor technology announcements, including:
Welcome to the October 2019 issue of the Latest in Financial Advisor #FinTech – where we look at the big news, announcements, and underlying trends and developments that are emerging in the world of technology solutions for financial advisors and wealth management!
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