Wealth management gets boost from fintech firms joining forces

  • Toronto-based wealth management compliance advisory firm North Star Consultants and digital wealth management platform developer FusionIQ Canada have become referral partners. Under the agreement, North Star will be referring clients in need of a digital wealth management platform to FusionIQ, and FusionIQ will refer those in need of compliance services back to North Star.
  • A partnership between FusionIQ and North Star aims to streamline services for clients by integrating all aspects of portfolio management, trading, and client onboarding into the FusionIQ platform and ensuring quick and efficient compliance review.
  • Similarly, Montreal-based companies, Croesus and Mako Financial Technologies, have entered into a partnership that pairs Croesus’s portfolio management system (PMS) with Mako’s know-your-client and document-processing automation to expedite the client onboarding process.
  • Toronto-based wealth management company Richardson Wealth has renewed its contract with Croesus for another five years, maintaining its use of Croesus’s portfolio reporting software.

North Star Consultants and FusionIQ Canada entered into a referral partnership in November, with the objective of leveraging each other’s strengths and services for their clients. FusionIQ, initially a U.S-based company, expanded into the Canadian market in September. This partnership allows FusionIQ to refer clients in need of compliance services to North Star, while North Star can do the same for clients requiring a digital wealth management platform.

FusionIQ’s platform, FusionIQ One, stands apart by offering an integrated operating system where advisors can monitor all client documentation and accounts in one place. The platform records every trade and position, making it easier for compliance personnel to review transactions. The platform is set to be integrated with two Canadian custodians and has already signed memoranda of understanding with a major Canadian institution.

On another note, Croesus, a portfolio reporting software provider, has renewed its contract with long-standing client Richardson Wealth, a Toronto-based wealth management company. Richardson Wealth, with $34.7 billion in assets under management, has been using Croesus Advisor since 2008 for portfolio rebalancing and management platforms.

Croesus has also announced a partnership with Mako Financial Technologies to merge Croesus Advisor with Mako’s know-your-client and document-processing automation. This is expected to significantly reduce the time taken for the client onboarding process from a month to just a few days.

These partnerships mark a trend toward strategic alliances in the fintech industry to deliver more integrated and streamlined services for clients.