RIA Intel covered the upcoming launch of Gainfully IdentiFi, comparing the technology to Plaid's FinTech-connecting APIs. IdentiFi helps RIAs by providing a portable, asset-manager-friendly profile that gives them control of their identity and one login across industry providers. The network effects of a single soluction increase the availabliltiy of tools provided by asset managers, lowers friction in onboarding, and provides more control to the maintenance of data about advisor data over time.
But if advisors can effortlessly move from tool to tool outside of their own employer’s ecosystem using IdentiFi, they are more likely to use them, he argues. In addition to asset managers, other stakeholders in wealth management are eager to improve their value proposition to advisors in hopes of winning their business. “We have observed there are, whether on the custodian side or the [turnkey asset management platform] side, all of these firms smartly and very strategically working to become the hub to advisors,” Nordholm said.
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