Archive for 2018

Trizic, which develops enterprise platforms for wealth management firms that offer digital advice, secured $10 million in funding — their largest haul to date. Backed primarily by venture capital firm Sorenson Ventures, the latest infusion will help expand the firm’s sales and deployment operations.

Wealth management accounts are usually funded by retail accounts but many banks are having trouble retaining deposits from their smaller clients. Most of the assets that could have gone to bank wealth offerings are being sucked out by asset management behemoths such as Vanguard, Fidelity, and BlackRock, according to Drew Sievers, CEO of digital advice provider Trizic.

Trizic, a provider of digital workflow and automation technology for the wealth industry, announced a $10 million Series A investment led by venture capital firm Sorenson Ventures with participation from FIS, a financial services technology firm, and Betsy Cohen, the founder and former CEO at The Bancorp Bank. Existing investors Freestyle Capital, Broadhaven Capital Partners, PEAK6 and Commerce Ventures also participated in the round.

Apex last year partnered with three firms that offer the technology that enables traditional financial institutions to offer digital wealth management: InvestCloud, RobustWealth and Trizic.

“This is an exciting time in the B2B space because you’re seeing a lot of legacy institutions with complex architecture struggling with digitizing their capabilities,” Trout says. “So you’re seeing the emergence of dedicated B2B platforms like Trizic, RobustWealth and InvestCloud that aren’t necessarily wealth advisors but are providing the digital tech for financial institutions to offer digital advice.”

Apex Clearing is expanding its digital custody and clearing brand into the human adviser market though a new partnership with Trizic, a technology vendor that develops digital advice products for advisers. Trizic, which counts FIS and John Hancock among its customers, says the partnership will make it faster for RIAs, broker-dealers and other enterprise firms to bring a customized robo-advice solution to market.