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Asset-Map announces integration with Black Diamond. LPL makes MoneyGuide available in ClientWorks. Goldman Sachs creates consumer & wealth management arm. UBS cuts up to 500 jobs in wealth management shake-up. BBVA Wealth Solutions, Inc. names Jorge Unda its Chief Investment Officer.

The move to zero commissions would not influence RIAs’ decision to use ETFs versus mutual funds.

Goldman Sachs

US banking giant Goldman Sachs has restructured its global business. Up until now, it was divided into four business segments: investment banking, institutional client services, investing & lending and investment management.

Find details here.

UBS

UBS Group AG UBS 0.23% will cut up to 500 jobs, according to a person familiar with the matter, stripping out layers of bureaucracy in its wealth-management arm as it attempts to keep its edge as bank to the world’s rich and cut costs.

In an internal memo reviewed Tuesday by The Wall Street Journal, wealth management co-heads Iqbal Khan and Tom Naratil said that up to three layers of management would be removed in some areas, to try to give managers greater powers in attracting and servicing clients. Financing and trading operations for wealth clients will move to UBS’s investment bank.

Find details here.

Asset-Map

Asset-Map, a Philadelphia-based financial technology company, announced a new integration with SS&C Advent’s Black Diamond® Wealth Platform to streamline productivity for advisors using each platform and simplify the transfer of data to Asset-Map.

Asset-Map will integrate with the unique Relationship Timeline feature in Black Diamond’s Client Experience (CX) portal. Advisors using both systems can share Asset-Maps with clients on the Relationship Timeline web feed, which documents fundamental advisor-client interactions.

Find details here.

BBVA

BBVA USA has appointed Jorge Unda as Chief Investment Officer of its asset management units. In his new role, Unda will be responsible for overseeing the asset management functions of both the bank’s Asset Management & Trust division and those of BBVA Wealth Solutions, Inc., a registered investment adviser affiliate of the bank.

Find details here.

LPL Financial

LPL Financial is going even further on its bet about the importance of financial planning. The firm is announcing Thursday that Envestnet MoneyGuide is the latest to integrate with the independent broker/dealer’s ClientWorks Connected platform. MoneyGuide will be the third financial planning tool available on ClientWorks, alongside its own free application called Client Goals and an offering from eMoney.

LPL advisors could use MoneyGuide previously; in fact, the technology has been part of LPL’s Vendor Affinity Program since 2015. But this will provide a deeper integration for the 1,450 advisors who currently use the software.

Find details here.

Survey

The rise of zero commission ETF trades is not having a notable impact on advisors’ allocations. Sixty-four percent of registered investment advisors said the change would not influence their decision to use ETFs versus mutual funds, according to a recent national survey of 301 RIAs by TD Ameritrade Institutional.

In October, Schwab announced it was eliminating commissions for ETFs, stocks, and options; other online brokerages, including TD Ameritrade, E*Trade and Fidelity, followed suit. TD’s survey found that almost a third of RIAs do plan to allocate more assets to ETFs as a result, but just 14% plan to move money out of mutual funds into ETFs.

Find details here.

WealthTech Weekly March 30, 2020

WealthTech Weekly March 30, 2020

Demand Wealth received an investment from Niche Investment Partners. iCapital Network closed a $146 million financing round. Registrar Corp acquired Vinca. Envestnet partners with Compliance Solutions Strategies. Allianz Global Investors joined…

WealthTech Weekly March 23, 2020

WealthTech Weekly March 23, 2020

DriveWealth partners with Wealthface. United Planners has new general partners. Wealthface moves to the MENA region. Modern Capital is to acquire Western Equity Group. Addepar got an investment of $40 million. HiddenLevers…

WealthTech Weekly March 16, 2020

WealthTech Weekly March 16, 2020

CAPTRUST Financial Advisors has acquired Welch Hornsby. AdvisorTouch integrated into Wealthbox CRM. Sanctuary Wealth partners with Conversant Wealth Management. All Seasons Wealth acquired personal finance practices. TradePMR rolls out refined trading tools on…

WealthTech Weekly March 9, 2020

WealthTech Weekly March 9, 2020

AssetMark bought OBS Financial. Broadridge acquired FundsLibrary. Mariner Wealth Advisors will acquire the assets of Wealth Health. InvestCloud launches an InvestCloud White platform.

WealthTech Weekly March 2, 2020

WealthTech Weekly March 2, 2020

NFP Ventures invests in Wealth Technologies. Charles Schwab purchases Wasmer Schroeder. Morgan Stanley acquires E*Trade. RBC Wealth Management acquires Visionary Wealth Management. National Advisors Trust partnered with Dynasty Financial Partners. Key Private Bank selected the…

WealthTech Weekly February 24, 2020

WealthTech Weekly February 24, 2020

Motive Partners acquired a majority interest in the Investment Services business of Fiserv. Wealth Enhancement Group acquires JOYN Advisors. Savant Capital Management and Huber Financial Advisors finalized their merger. Franklin Resources agreed to buy…

WealthTech Weekly February 17, 2020

WealthTech Weekly February 17, 2020

Orion partners with Ameritas Investment Company LLC, Benjamin F. Edwards, and Great Valley Advisor Grou. Synergy Wealth Alliance joined LPL Financial’s platforms. Frontier Wealth Management acquired Highwater Wealth Management. Orion updated the Connect…

WealthTech Weekly February 10, 2020

WealthTech Weekly February 10, 2020

EP Wealth Advisors acquired International Research & Asset Management. Grab Financial Group acquired Bento. OneDigital acquires Resources Investment Advisors. Professionals at Farm Bureau Financial Services will use Riskalyze's risk metrics. WisdomTree Investments plans…