After more than a year of pilot testing, Advyzon is deploying a new rebalancing device called the Quantum, according to an announcement from the firm. Originally slated for general availability last year, the rebalancing technology is now available to more than 1,100 firms using Advyzon.
According to its developers, Advyzon’s tool is highly customizable. In addition to standard trading and rebalancing capabilities, the tool supports tax-loss harvesting and cash management. With cash management, for example, advisors have the option of defining cash targets in the model or setting global defaults, customizing client-specific cash requirements, and managing lump-sum or ongoing cash distributions.
Data from the tool is entered into Advyzon’s workflows, alerts, compliance inspections, and other workflows. This tool can be used to rebalance an entire portfolio, individual holdings and model sleeves, and can be used at home.
The tool has financial information eXchange (FIX) trading connections with TD Ameritrade, Schwab and Fidelity and trade files from the same group of three, plus Pershing, Raymond James and Interactive Brokers.
Advisors using the tool will save the time and effort involved in managing third-party tools, as reported by Alyssa Phillips, COO of Los Angeles-based firm HCR Wealth Advisors, managing $1.5 billion in assets.
“Being able to manage our models at scale and leverage automated monitoring tools within a single system not only provides a more streamlined approach to portfolio management, but it also allows us to manage third-party applications.” Saves effort and heartache. Systems integration issues,” she said in a statement. Customers will receive a higher level of service afterward, she said.
According to Advyzon executives, the tool was initially scheduled to launch in 2021, but beta testing pushed back to general availability. The equipment took longer than expected to change based on advisory feedback, said the firm’s chief business officer, John McCowiek.
“You never get a second chance to make a first impression,” he said. “We reviewed the upcoming roadmap and decided we would be better served by adding a number of product enhancements.”
Those changes included beefed up cash management settings, as well as general usability enhancements, business reconciliation improvements, and a more streamlined business workflow. Direct sequencing capabilities are also being considered for future product development.
“We have a very advisory-focused focus as we build out our technology,” Chief Product Officer Dirk Pearson said in a statement. “We have spent a lot of time working things out, but we have maintained our focus on making our products really fun to use. This fully integrated data comes with a very deliberate design to maximize the experience. Comes with advice.
In March Advyzon announced the launch of its turnkey asset management program called AIM, an acronym for Advyzon Investment Management. TAMP’s offering will initially focus on offering risk-based models including active/passive mutual funds and ETFs, a tax-sensitive ETF only solution, an ESG active/passive model, an alternative model, and direct indexing, as well as instruments and . Ways Around Tax Optimization and Tax Loss Harvesting. Advyzon announced a partnership in February with Custodian Shareholder Services Group, which provides advisors using SSG access to its clients’ holdings, balances, documents and more within Advyzon’s cloud-based platform.
Senior Technology Editor Davis Janowski contributed to this story.