The September 2023 issue of the latest in financial #AdvisorTech kicks off with the news that WiserAdvisor, one of the longest-running lead generation services in the industry, has acquired IndyFin, a startup advisor rating platform that had aspired to be the “Yelp for Advisors.” On the one hand, that provides WiserAdvisor with an opportunity to jump into the business of client reviews and ratings, which has garnered significant interest from multiple AdvisorTech startups hoping to promote such services in the wake of the SEC’s new marketing rule allowing client testimonials. On the other hand, it raises questions about how much demand there really is for a stand-alone advisor rating tool, since few advisors are likely to accumulate enough ratings from current or former clients to actually draw in new clients (and advisors with enough clients to get a critical mass of reviews likely have enough clients that they can just rely on client referrals … or don’t even need to add new clients anymore?).From there, the latest highlights also feature a number of other interesting advisor technology announcements, including:Former United Capital Partners founder and CEO Joe Duran is reportedly exploring the launch of a new RIA four years after selling his firm to Goldman Sachs, with a reported emphasis on providing lead generation opportunities for advisors on its platform. If successful, that could provide a new model for boosting organic growth without the high cost of outsourcing to a third-party lead generation service or relying on inorganic growth via mergers and acquisitions.Onramp Invest, the platform that aimed to solve the challenges of cryptocurrency investing for financial advisors, was acquired by Securitize, a platform specializing in blockchain-based tokenization of private market investments, suggesting that advisors’ interest in recommending digital assets for their clients — already limited during previous rallies in the price of bitcoin and other cryptocurrencies — has declined further amid the price crash and scandals that have happened in the year-plus sinceWealthtender, a lead generation and advisor rating service, has announced a partnership with custodial account provider UNest to bring its find-an-advisor technology to UNest’s customer base of parents opening investment accounts for their children. While expanding Wealthtender’s footprint in the competitive lead generation market, that raises questions about how large of a potential customer base UNest can provide (and whether Wealthtender will be able to secure any larger enterprise partnerships that can help it secure a spot as the “one and only” advisor rating service)Read the analysis about these announcements in this month’s column, and a discussion of more trends in advisor technology, including:With AI technology proliferating in the financial services industry, regulators are increasingly concerned about possible conflicts of interest if the technology can be manipulated to recommend a company’s products and solutions over others (despite being under a technological veneer of “objectivity”). That was highlighted most recently by the SEC issuing proposed regulations for RIAs for evaluating and eliminating conflicts of interest in their technology, and Massachusetts Secretary of State William Galvin sending a request for six companies from different areas of the industry to detail their use of AI in their business practicesOver the last 10 to 15 years, a number of AdvisorTech providers have gained the majority of market share in certain core categories like financial planning and CRM. But as the most recent Kitces Research on AdvisorTech has found, a new crop of tools has arisen in more recent years that have garnered higher satisfaction ratings than the incumbents, and have been steadily gaining market share — suggesting that the traditional advisor tech stack might eventually be upended and replaced by a new, next-generation tech stack that reflects the growing shift of advisors into deeper financial planning and non-AUM fee modelsBe certain to read to the end, where we have provided an update to our popular Financial AdvisorTech Solutions Map and added the changes to our AdvisorTech Directory as well!AdvisorTech companies that want to submit their tech announcements for consideration in future issues, please submit to [email protected]!Lead generation is a notoriously difficult challenge for newer and more experienced advisors alike

WiserAdvisor, a leading investor referral generation platform for financial advisors and advisory firms, has announced the acquisition of Indyfin, the Dallas-based fintech company to build on its existing product suite and create a comprehensive growth platform for financial advisors. The acquisition is set to strengthen WiserAdvisor’s marketplace position by providing financial advisors with an online software product that helps them gather reviews to earn trust from prospects and acquire clients more effectively.Indyfin’s innovative investor experience platform, launched in March 2022, has redefined how consumers discover, research, and connect with financial advisors. Through Indyfin, financial advisors can gather valuable client feedback, ratings, and reviews, building credibility and trust online. In November 2022, the SEC’s new marketing rule made it possible for financial advisors to use client testimonials to market their business. Individual data-rich advisor profiles informed by client feedback provide investors trust and confidence by offering complete transparency into the qualities that make each advisor unique.Rishi Bharathan, CEO of WiserAdvisor, emphasizes the groundbreaking potential of this acquisition, stating, “For over two decades, we have been directing investors to financial advisors online. Indyfin’s review platform is a game-changer for the wealth management industry