Advyzon, an all-in-one technology provider to the wealth management industry, this week announced it would launch Auria, a new platform intended for use by single-family offices, multi-family offices and other advisory firms and enterprises serving UHNW clients, sometime in the first quarter of 2025.
While the new Auria platform is being specifically designed to meet the needs of higher-end clients, its core technology has “evolved” out of the broader Advyzon core offerings.
Auria will combine portfolio management—which includes trading, rebalancing and performance reporting—and CRM into one interface and will also be able to track alternative investments and provide secure document management, helping advisors serving UHNW families with a holistic picture of their wealth.
“In my numerous conversations with wealth managers and family offices, I consistently heard the need for technology that unifies key capabilities and can manage the complexities of UHNW clients—all in an easy-to-use and modern experience,” said Kartik Srinivasan, president of Advyzon Institutional, in a statement.
Srinivasan joined the firm in March, having previously served as the former managing director of digital advisor solutions at Schwab.
With certain caveats and qualifiers, industry analysts said what Advyzon is building could meet the demand for more choice and competition in technology for serving UHNW clients.
“The advent of the UHNW portfolio management platform reflects the increasing technological sophistication of the private banks, family offices and other high-end providers, as well as the need for efficiency in the face of surging wealth and cost pressures,” said Will Trout, director of securities and investments practices at Datos Insights.
He said the trend toward “platformization” represents a counterbalance to the fragmentation of services being seen in the retail wealth management market, where best-of-breed tools connected through integrations still rule the day.
“In the UHNW and family office segments, conversely, the trend is toward the consolidation of tools, Excel spreadsheets among them,” he said.
Longtime industry analyst and consultant Alois Pirker said there is room for competition in serving UHNW clients, noting many advisors and wealth management firms view the top providers in the space, Addepar among them, as expensive.
“Can they do better, generating a higher quality of data at a lower price point than competitors?” he asked, referring to Advyzon’s development of Auria.
With family office platforms, it is either high-quality data and relatively pricey or lower cost with often a lot of manual data reconciliation, said Pirker, who has run his own consultancy, Pirker Partners, for the last two years,
“If they can make that balance work, they have a shot, but the quality of data is a bear to achieve,” he said.
It has been a busy year for Advyzon. In August, Advyzon hired Samantha Schwimmer as its new chief marketing officer. This followed news of a partnership with custodial and clearing firm Innovayte to launch a new model marketplace. As part of the launch, Advyzon created a custodial back-end platform for Innovayte.
In June, Advyzon Investment Management, a turnkey asset management program under the Advyzon platform, named Scott Smith its chief revenue officer. He had most recently served as head of central division RIA custody sales at Goldman Sachs. Advyzon launched Advyzon Investment Management in March 2022.
In addition to Srinivasan, Dave Goes, a former senior vice president of product and business development at Morningstar, joined Advyzon as president of enterprise sales in March.