Uncategorized May 24, 2023

Adviser Product Partnership

HilltopSecurities works with Broadridge Financial; DFD Partners partners with AdvisorHub; Advyzon, TradePMR launch expanded integration; and more.

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HilltopSecurities Selects Broadridge for Regulatory, Customer Communications Processing

Hilltop Securities Inc. has selected Broadridge Financial Solutions Inc. to provide new regulatory communications tools and expanded market coverage.

“We are excited to have HilltopSecurities back with Broadridge, working with them to provide the best in market communication tools and a better and stronger adviser and investor communications experience,” said Doug DeSchutter, president of customer communications at Broadridge, in a statement.

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The collaboration aims to transform the communications experience for advisers, correspondents and investors while driving engagement and greater digital adoption.   

“Broadridge is a leader in transforming regulatory and customer communications and helping firms drive digital adoption by providing an improved experience for advisers and wealth management firms,” said David Holleran, HilltopSecurities’ COO, in a statement.

DFD Partners Partners With AdvisorHub to Expand Advisor Access, Marketing Opportunities

DFD Partners, a software as a service platform and marketplace, announced a strategic partnership with AdvisorHub, a news site for brokers and investment advisers.

“AdvisorHub and DFD Partners’ new partnership works to marry the essential building blocks advisers can use to grow their practice,” said Tony Sirianni, AdvisorHub’s CEO and publisher, in a statement.

The partnership will provide members of both organizations enhanced exposure and discounted access to a full suite of tools and information to further scale their business.

“By providing discounted and complimentary avenues to both platforms, we can help encourage industry democratization and pursue a more connected and educated adviser community,” said Devon Drew, DFD Partners’ CEO and CIO, in a statement.

Advyzon, TradePMR Launch Expanded Integration

TradePMR Group Inc., a technology and custodial services provider for registered investment advisers, announced an expanded technology integration with Advyzon Investment Management LLC, a cloud-based financial adviser technology platform.

The integration intends to streamline workflows for RIAs. It provides RIAs working with TradePMR with single sign-on capabilities, data feed connectivity and a FIX trading connection with the Advyzon platform.

“We’re excited to launch this new integration with TradePMR—we feel that this streamlined connectivity can bring some immediate operational efficiencies to RIAs,” said John Mackowiak, chief revenue officer at Advyzon, in a statement. “As TradePMR’s Fusion platform continues to evolve, we believe that our offerings can work together to help promote RIA growth.”

Prime Capital Expands With Goldman Sachs Advisor Solutions

Prime Capital Investment Advisors LLC has partnered with Goldman Sachs Advisor Solutions as an additional custody provider.

“Prime Capital Investment Advisors is committed to helping its clients, associates, advisers, and partners achieve their life ambitions,” said Glenn Spencer, PCIA’s CEO, in a statement. “GSAS offers the services, technology, and support to serve an important and growing segment of our client base with even more care and attention.”

The partnership follows PCIA’s double-digit annualized organic growth and the addition of 43 advisers over the last 18 months. As of April, PCIA has more than $20 billion of assets under advisement.

Data & Research May 24, 2023

Custom Programs Can Reduce Black, Hispanic Employees’ Financial Stress

Targeted coaching for Black and Hispanic employee resource groups led to reduced financial stress for workers, according to Financial Finesse.

 

 

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Custom financial wellness programs for employees of color have been particularly effective at alleviating participants’ financial concerns, according to the new “Workplace Financial Wellness in America” report from Financial Finesse. In a study conducted between April 1, 2021, and December 31, 2022, and based on responses from 34,168 employees, targeted programming for Black and Hispanic employee resource groups led to a 25% decrease in participants reporting high levels of financial stress.

“Employee resource groups are an excellent avenue for helping increase the engagement among people of different demographics,” said Greg Ward, director of Financial Finesse’s Financial Wellness Think Tank and author of the report, in a webinar held on Tuesday. “Every situation is unique. One thing that we have strived to do is work exclusively with each of our client partners to develop a custom approach to addressing the needs of their workforce.”

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Black and Hispanic individuals faced the highest levels of financial stress, the Financial Finesse research found. In 2022, the Black and Hispanic populations surveyed were 38% and 28% less likely, respectively, to have a positive cash flow than their white counterparts. Gender also affected the financial preparedness among people of color.

“[People] having a median household income between $60,000 and $75,000 tend to be those on the younger side, but what is troubling is that there is a disproportionate representation of female Black and Hispanic employees within this population,” Ward said during the webinar. “Sixty percent of users of the financial wellness coaching benefit are female, 13% Black, 10% Hispanic. But when you look at the population that’s in crisis level, you can see it’s disproportionately female, disproportionately people of color.”

Black and Latino communities face greater barriers when saving than their white and Asian American counterparts, which can negatively impact retirement outcomes, Voya Financial found in a study released in April. Voya’s researchers found that Black and Latino employees have lower levels of financial confidence: 59% of white and 56% of Asian American employees expressed financial confidence, compared to 43% of Latino and 37% of Black employees.

Ward said Financial Finesse hopes employee resource groups will help close gaps in racial financial wellness. The report found that Black and Hispanic employee resource groups saw a 23% increase in financial resilience among participants. They were able to live within their means, have less high-interest debt and maintain an emergency fund, according to the research. Employees’ retirement confidence doubled, and 34% of participants engaged with an employee resource group for the first time.

“People tend to want to work with people who look like them,” said Ward. “That’s why when we look at the marketing information, when we look at the coaches that are delivering the content, we want to make sure that there is diversity and representation of a diverse workforce in all of the communications, as well as the delivery of the initiatives and coaching. I think that speaks to why that engagement number was so high.”

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