Two providers of bank wealth management fintech are coming together.
First Rate is acquiring performance reporting and portfolio management assets from InvestEdge, while also partnering with the firm to use its compliance technology for bank trusts, broker-dealers and registered investment advisors. Together, First Rate and InvestEdge will serve more than 300 banks across the United States with a combined $3 trillion in assets under management.
InvestEdge will offer its regulatory compliance software suite, ComplianceEdge, to First Rate customers. ComplianceEdge is used by wealth management firms to protect their operational integrity and reduce the risk and cost associated with providing investment management advice, said InvestEdge president Jeff Cowley.
InvestEdge is selling its other wealth management platform assets to focus exclusively on compliance, the company said. InvestEdge will continue to offers its compliance technology to the broader market in addition to First Rate's customers.
Combining the two into a single entity will help banks differentiate themselves in the wealth management market, said First Rate president Craig Wietz.
“We have admired the InvestEdge business for more than a decade because of their complementary specialization in trading and rebalancing in addition to their compliance solutions,” Wietz said in a statement. “Bringing these mutual strengths together will create a more comprehensive, powerful, and integrated solution for our customers, expand our team of co-workers, and allow us to make a more significant social impact in the communities where we do business.”
First Rate has been around since the early 1990s and provides data aggregation, performance calculation, client reporting and data analytics to wealth management firms. The company is developing a new platform, CORE 2.0, which will integrate its portfolio management capabilities with ComplianceEdge.
The alternatives giant's new unit, led by a 17-year veteran, will tap into four areas worth an estimated $60 trillion.
"It's like a soap opera," says one senior industry executive.
The latest annual survey from EBRI and Greenwald Research sheds light on anxieties around living costs, volatility, and the future of federal income support in retirement.
It's a showdown for the ages as wealth managers assess its impact on client portfolios.
The Merrill Lynch defectors expand RBC's reach in Texas while LPL bolsters its New York presence.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
