In response, Melissa Cullen, who heads up product strategy for the wealth and retirement business at FIS, acknowledged digital advice is becoming a core part of the customer experience. But big banks and wealth management firms do not want to buy such technology piecemeal, Cullen said, noting that the firm has its own solution that was built in partnership with a SigFig competitor, Trizic.
SODA’s purpose is to consolidate Yodlee et al.’s position and ward off the threat of large banks stepping in and regulating the market themselves, since it is more often than not banks’ data that’s used, says Drew Sievers, CEO of banking robo-developer Trizic Inc.
Trizic understands the great demand not only for wealth-management capabilities and functionality, but for integrations. Steve Lewczyk, Chief Revenue Officer at Trizic, said, “The most important thing with any integration, be it a file-based integration or API integration, is understanding who you’re building for, who are the target markets, who are the key clients that will benefit from whatever you’re going to build.”
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.