Advisor360 redesigns its software to facilitate integration

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Software developer Advisor360 ° is reviewing the way it sells its technology. The Commonwealth Financial Network spin-off creates software bundles because it seeks to accelerate the integration of interested client companies, WealthManagement.com has learned. The revamped offer will be available Wednesday afternoon.

The reorganization of its offering into software packages is designed to facilitate the transition to Advisor360 °, said Darren Tedesco, president and co-founder of the company. Interested companies will be able to choose from an “Essentials Bundle”, an “Extended Bundle” and a “Corporate Bundle”.

The ‘Essentials’ package provides access to the company’s portfolio management platform and workflow and analytics management system, providing advisors with a portal that includes assurance, consolidated reports and analytics at level of practice. The “Extended” package builds on these offers, adding a customer portal and negotiating, modeling, rebalancing and generating proposals. The “Enterprise” package includes the entire “Extended” package, with the addition of home office tools, compliance software, digital integration and case management features.

Not only does bundling lend itself to different pricing levels, which are still being determined, but it also makes it easier for advisers to use the tools provided by Advisor360 °. “It’s a smaller drive lift,” Tedesco said. “It helps the conversion to a platform. “

“It is important to help people access our platform earlier,” he added. “One of the main issues we hear from the brokers we talk to is that they have this rambling experience and time is not on their side. They’re terribly late in one way, one form or another,… Their advisers are frustrated.

The new software packages come as the company adds dozens of employees to its research and development division, according to Tedesco, even though Commonwealth Financial Network and Massachusetts Mutual Life Insurance Company remain the only two companies using the company.

Many of these new hires are helping run a “refresh” of the software, which is expected to improve the advisor and client experience and is expected to be completed by the end of June 2022, Tedesco said.

The redesign will mean a “completely new counseling experience” for users, he said. “There is no such thing as complete software. “

Patience has been required in the past. MassMutual advisors had to wait more than two years after announcing that they would have access to Advisor360 ° before they could use it. (The firm’s advisers only had access to Advisor360 ° this summer.)

Since the software was originally designed for Commonwealth, technologists had to spend months making unique coding changes after Commonwealth created Advisor360 ° in April 2019. The changes were needed before other companies can use the software.

The developer has also fallen behind on the goal-based financial planning and cash flow it planned to roll out by early fall. Although currently in its pilot phase, the planning software should be finalized by the end of the month.

For most advisors, the new planning software will meet their needs, Tedesco said. But advisors who need to engage in complex estate planning will need to use Advisor360 ° integrations with Envestnet | MoneyGuide and RightCapital. The company plans to add eMoney Advisor integration next year.

With a new approach to the company’s software and improvements planned for implementation, one thing remains the same for Tedesco. “I’m focused on the business,” he said. “This is who we serve. We want to empower them, rather than compete with them.


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