Advisor Tech Talk (Week of 10/12/26)

Things aren't always what they seem in the wealthtech world, and don't believe everything you read.

Sometimes the flow of news is like a really great movie and there's a lot more going on than what immediately meets the eyes. 

And so we bring you another Advisor Tech Talk that seems bereft of big headlines, but actually has a lot to tell us about what's going on in wealth management technology. First, however, we'd like to offer a personal note. 

When we started writing about wealth management, we really didn't have a very good idea of what we were doing. We aced our interview, in part, because we knew what a 401k was, which somehow elevated us above the level of other journalists applying for the same position. The 401k, at the time, was nearly the outer limit of our financial knowledge with the exception of Burton Malkiel's "A Random Walk Down Wall Street," when Evan Simonoff took us under his wing at Financial Advisor Magazine and helped stimulate our curiosity for everything wealth, financial, wealthtech and fintech related. 

I wouldn't call our relationship warm, but we were friends, and he was a blast to work for. We definitely had more good times than bad. Evan, the entire reason we're here writing this to you today, announced his retirement last week. 

Congratulations to Evan. We wish him the very best. 

This week Morningstar released its Investor Perspectives Advisor Study, which found that 80% of U.S. financial advisors now use artificial intelligence, compared with 67% in 2025. However, that impressive adoption rate has not necessarily translated into more time with clients. Advisors reported spending just 53% of their working hours on client-facing activities, compared with the 63% they would prefer. The difference represents approximately four hours per week that could otherwise be devoted to building relationships, developing financial plans and attracting new business. 

Since we already mentioned the Morningstar study, we have to bring up a story from another website last week with the headline "AI Adoption Among Financial Advisors Slips, Even As Time-Saving Benefits Grow" announcing that the share of advisors who had used AI in the Morningstar report had slipped from 33% in 2025 to 20% in 2026. They somehow flipped Morningstar's actual results around—AI adoption is growing, not shrinking. Some poor staff writer, their eyes perhaps sore from reading meaningless survey statistics all morning, probably just had a bad day. Let's all remind ourselves that writers, including ourselves, are still (mostly) human, and not to believe everything we read. 

It doesn't make sense that AI adoption would be shrinking. If we run a quick thought experiment, what would possibly make AI adoption shrink among wealth managers right now, in late 2026, as the technology is evolving and rapidly being deployed? Probably only a great catastrophe, a major breach or failure. Has that happened? No. There are plenty of negative AI headlines around and serious trust and security concerns remain, but nothing has burst the AI bubble. Yet.

Also notable (and appearing below) is M1's M1 Advisor, an AI-powered financial advisor operating through its SEC-registered investment advisory subsidiary. The service uses information from clients' investment, cash and borrowing accounts, along with outside accounts connected through Plaid, to provide personalized financial recommendations. M1 Advisor operates on a nondiscretionary basis, meaning clients retain responsibility for implementing its recommendations. The service is available without additional charges to eligible M1 customers through December 2027. 

M1's announcement raises significant questions about the future economics of financial advice. If AI-powered platforms can deliver increasingly sophisticated financial guidance at little or no incremental cost, traditional advisors may face greater pressure to demonstrate the value of their fees. The development also follows the introduction of Anthropic's Claude for Financial Advisors and new AI-powered planning capabilities from Hazel and Conquest, which are challenging established financial planning software providers, including eMoney, RightCapital and MoneyGuidePro. As Michael Kitces' October AdvisorTech analysis observed, these developments could reshape the competitive landscape, although financial advisors' historical reluctance to replace established planning systems may slow the transition. 

This is more than a pipe dream from an enthusiastic technology writer. According to reporting from the Financial Times and Reuters, HSBC is considering eliminating approximately half of the management and specialist positions and as many as 70% of financial advisor roles within its British wealth management business. The proposed restructuring is associated with the bank's broader effort to increase operational efficiency through digital technology and AI. Although the reported reductions remain subject to consultation, their scale provides a striking illustration of how financial institutions may reorganize their workforces as automation capabilities expand. 

Let's get to your headlines...

Are you and your firm AI-Ready?  Join AICFP today and receive education certification for financial professionals and more – click here for more info!

Ai For Alpha 

Ai For Alpha, a fintech company specializing in AI-powered investment strategies, today announced the launch of its Multi Decoding Portfolio, a systematic cross-asset strategy designed to combine four complementary alternative investment return engines within a single portfolio-level risk framework. 

Multi Decoding is designed to pursue an absolute-return objective by combining differentiated alternative return drivers. 

Rather than allocating independently to separate strategy sleeves, Multi Decoding looks through to their underlying market exposures, bringing them together within a common investment universe spanning 28 liquid markets across equities, government bonds, currencies, commodities and credit. 

Alto 

Alto, the technology-led platform connecting retirement capital with private markets, today announced it has agreed to acquire Forge Trust Co. and its parent company, Forge Services Inc. (together, "Forge Trust"), a self-directed IRA custodian with more than 40 years of operating history, from Forge Global, Inc, a Charles Schwab company ("Schwab"). The combination will create one of the largest independent self-directed retirement investment platforms in the U.S. Upon closing, the combined business will have more than $20 billion in assets under custody and administration, more than 60,000 self-directed IRA accounts holding private market assets, and over 3 million Custody-as-a-Service accounts. 

The acquisition adds Forge Trust's alternative asset classes and account types as well as established client and partner relationships to Alto's leading technology, custody, and investment infrastructure. The result is a platform spanning custody, compliance, an SEC-registered broker-dealer and FINRA member, private market investment marketplace, and API-enabled enterprise capabilities––creating the operating system for how retirement capital connects to private markets. 

More than $19.9 trillion sits in IRAs today, yet the vast majority of that capital remains locked out of private markets. Demand is accelerating: global alternative assets under management are approaching $32 trillion by 2030, and 74% of registered investment advisors ("RIAs") say they want to increase client allocations to private markets, according to KKR. But access remains the bottleneck. Historically, investors have faced complicated and lengthy processes; advisors have lacked visibility into client SDIRA activity; and legacy custodial infrastructure has lacked the connectivity modern fintech platforms require. 

Altruist 

Altruist, an AI-forward wealth technology and custody platform for advisors, today added donor-advised funds to the platform. Advisors can now open, fund, invest, and manage a donor-advised fund for clients in minutes, and clients can recommend grants themselves, all without a separate system. 

Opening an advisor-managed donor-advised fund has typically meant long setup times, a separate portal and login, and minimums that put the option out of reach for many clients. On Altruist, a donor-advised fund opens the same way as any other account: advisors can transfer an existing fund in two steps, contribute cash or appreciated securities in a few clicks, and see it appear alongside every other holding in the household view. Once a contribution is made, the assets belong to the sponsoring charity, which enables a donor to take the tax benefit while deciding over time where the giving goes. 

Unlike most DAF platforms, which restrict investment choice to a fixed menu, assets in an Altruist donor-advised fund can be invested in any model in the marketplace, including custom portfolios and personalized-indexing strategies. There are no account-opening, balance, or grant minimums, and fees start at 50 basis points a year, well below the 60 to 65 basis points typical among other donor-advised fund sponsors.1 

Ascentix Partners 

Ascentix Partners ("Ascentix"), a leading strategy consultancy focused on driving wealth management enterprise growth, and PureFacts Financial Solutions (PureFacts), a leading provider of revenue management software, today announced a strategic partnership where the two firms will combine their expertise and vision to redefine revenue optimization for wealth management firms. 

Together, Ascentix and PureFacts will deliver a powerful combination of technology, advisory support and private equity expertise. PureFacts' tools and Ascentix's insights will enable enterprises across the wealth management space to maximize transparency, efficiency and growth across fees, billing, compensation and practice management. 

PureFacts helps wealth and asset management firms accelerate profitable organic growth by managing the revenue lifecycle as one connected process. Through the PureRevenue Platform and its Revenue Book of Record, firms can improve pricing discipline, ensure revenue reflects the value they deliver, reduce the revenue typically lost to fee billing inefficiencies and gain the intelligence to manage revenue performance with greater confidence. 

Behavox 

Behavox, the AI-native controls platform for global banks, asset managers, hedge funds, and commodity firms, today announced that it has acquired Apiax, a Zurich-based provider of embedded compliance software that converts financial regulation into machine-readable rules used inside firms' own systems. The acquisition extends Behavox's platform into cross-border and content compliance and complements Pathfinder, its regulatory change management product. 

Firms have typically bought regulatory intelligence from one provider such as CUBE, rules interpretation from another such as aosphere, and surveillance and archiving from a third, with no shared record connecting them. Behavox now covers that chain on one platform: Pathfinder identifies regulatory change, Apiax converts regulation into rules applied at the point of business, and Behavox's surveillance and archive products monitor and evidence the resulting decisions, with one evidence trail. For firms, that reduces manual effort and the cost of running multiple point solutions. Firms interested in Behavox's cross-border and content compliance capabilities can learn more at www.behavox.com. 

The acquisition continues Behavox's expansion in Europe. Behavox opened an office in Milan in August 2026, reported 213% growth in European annual recurring revenue over the past two years, and in June 2026 received a $175 million preferred equity investment from HPS Investment Partners, part of BlackRock. Apiax, headquartered in Zurich, adds engineering and regulatory expertise in Switzerland, Germany, Portugal, and the UK. 

Bento Engine 

Bento Engine today announced the launch of its Model Context Protocol (MCP) layer, giving AI agents secure, real-time access to Bento’s compliant, multi-format content. Built for enterprise buyers, large RIAs, and other fintechs, Bento’s MCP allows wealth management firms to put Bento’s trusted content into agentic workflows without compromising regulatory, content, or brand standards. 

Bento’s agent-ready content covers the “Moments That Matter” in an investor’s life -- popular life events and age-based milestones -- and can now connect directly to the AI agents firms already use. Agents discover and deliver up-to-date content the moment it’s needed, across a broad set of use cases. 

Every interaction runs through the compliance, governance, and approval workflows firms rely on today, giving enterprise users control over which agents access which content and in what context, thereby preserving oversight and auditability while unlocking new levels of automation. 

Envestnet 

Morningstar (Nasdaq: MORN) today announced that its Morningstar Wealth division will make the Morningstar Public/Private Select Series available through Envestnet, giving financial advisors a streamlined way to implement professionally constructed portfolios spanning public and private markets. 

Announced earlier this year, the Morningstar Public/Private Select Series was developed by Morningstar Wealth in collaboration with Apollo, Franklin Templeton and J.P. Morgan Asset Management to bring complementary public and private market capabilities together within a single portfolio framework. Morningstar Wealth applies a research-driven investment process to selecting and overseeing the underlying strategies, evaluating factors including manager experience, investment process, performance, fees, valuation methodology and liquidity, as well as how each investment complements the broader portfolio. 

Advisors on Envestnet’s enterprise platform will be able to access and implement the Morningstar Public/Private Select Series through the Fund Strategist Portfolios (FSP) program. Morningstar Wealth will remain responsible for asset allocation, investment selection, portfolio construction and ongoing oversight, while Envestnet will provide the technology and implementation infrastructure to help advisors put the models to work within client accounts. 

FLX Networks 

FLX Networks, the network transforming how asset managers, insurance carriers, and wealth management firms connect and scale, today announced the appointment of Alvi Abuaf and Eric Lordi to its Advisory Board. The appointments bring two highly experienced industry leaders to FLX as the company expands its membership network, technology platform and marketplace of solutions. 

Abuaf, an Industry Partner at Motive Partners, and Lordi, a senior executive with experience across wealth management, bring extensive experience spanning private equity, wealth and asset management technology, platform strategy and financial services. Their addition further strengthens the depth and connectivity of FLX's leadership network. 

Abuaf and Lordi join an Advisory Board featuring several other senior industry leaders, including Nate Dalton, Co-Founder of Affiliated Managers Group and Former President of MSIM Distributors, Darlene DeRemer, Co-Founder of Grail and Dan O'Lear, Former President of Franklin Distributors. 

J.P. Morgan Asset Management 

J.P. Morgan Asset Management today announced enhancements to Retirement Link℠, its workplace retirement offering for employers with 401(k), 403(b) and nonqualified plans to help advisors, plan sponsors and participants prepare for retirement. The updates broaden access to in-plan retirement income solutions, strengthen implementation and ongoing operational services to simplify plan administration, and expand participant communications to increase engagement. The enhancements are delivered through a deepened recordkeeping partnership with Empower, building on a relationship that dates back to 2012. 

In J.P. Morgan Asset Management's 2026 Defined Contribution Plan Participant Survey, 91% of participants expressed interest in in-plan guaranteed retirement income solutions, and 75% said they would likely keep assets in-plan if their plan offered an income solution. Plan sponsors will have the option to access J.P. Morgan Asset Management's SmartRetirement Lifetime Income, its retirement income solution offered in a target date format, across all of Empower's recordkeeping platforms.  

J.P. Morgan Asset Management's retirement recordkeeping platform includes Retirement Link℠ and Everyday 401(k), supporting workplace retirement plans for employers ranging from first-time plan sponsors to established small- to mid-market plans. The platform combines investment solutions with implementation support, ongoing sponsor operations and participant communications delivered through the recordkeeping experience. 

M1 

M1, an AI wealth management company, today announced M1 Advisor, a fiduciary AI financial advisor built into M1 alongside the investing, cash, and borrowing accounts clients hold at M1. Advice is provided by M1 Advisory Services, LLC, an SEC-registered investment adviser. M1 Advisor is free for M1 clients through December 31, 2027,* and enrollment is opt-in. 

Personalized financial advice has long been priced for people who already have wealth. Human financial advisors typically charge around 1% of assets a year. Ongoing flat-fee or retainer advice averages $6,815 a year, according to Envestnet’s 2026 State of Financial Planning Fees study. 

M1 Advisor reads the balances, positions, and rates of all the accounts a client holds at M1. It can see cash, investments and borrowing. Clients can also connect outside accounts, such as a 401(k), an IRA, a mortgage, or a loan, through Plaid. Connected accounts give M1 Advisor a fuller picture when it advises on a client’s M1 accounts. M1 Advisor is non-discretionary, meaning it has no authority to act on its own. It answers questions and gives advice, and the client decides whether to act. 

Meanwhile 

Meanwhile, the first life insurer licensed to operate entirely in Bitcoin, today announced $37.5 million in new funding from its existing investors. Bain Capital Crypto led the round, alongside Haun Ventures, Framework Ventures, Pantera Capital, Apollo, Northwestern Mutual Future Ventures, and Morgan Creek Digital. Meanwhile, whose backers also include Sam Altman, has now raised more than $180 million. 

The round follows a surge in international demand for Meanwhile’s Bitcoin life insurance policies, particularly in Asia, Europe and the Middle East amid broader macro instability. In early 2026, Meanwhile launched BTC Life 1-Pay, a single-premium whole life policy built for high-net-worth clients outside the United States. It is the company's second product line after BTC 10-Pay, which is purposely designed for US taxpayers. As the company eyes further international growth, Meanwhile has signed 15 brokers serving wealthy families since launch, including in the insurance hubs of Singapore, Hong Kong, the UAE, and Switzerland. 

Those broker partners include Lioner, an insurance, trust and family office group with offices in Hong Kong, Singapore and Zurich, and Apeiron Group, a marketplace for high-net-worth life insurance. 

Prosperum Fintech Holdings 

Prosperum Fintech Holdings ("PFH"), a leading fintech holding company focused on innovative technologies that empower investors, today announced the acquisition of Yellow Tunnel, an AI-powered investing platform that helps retail investors identify opportunities, analyze markets, and make more informed trading decisions. Terms of the deal were not disclosed. 

Option Hotline and Yellow Tunnel will be the core brands under the firm’s new Investor Terminal. 

The acquisition marks a significant milestone in PFH's strategy to build a portfolio of complementary fintech businesses that leverage artificial intelligence to help individual investors navigate increasingly complex financial markets. 

Securitize 

Securitize, Inc. (NYSE: SECZ), the leading platform for tokenized assets, today announced the launch of Securitize Stocks, bringing some of the world's most widely held U.S. equities onchain for eligible investors in the United States, European Union (EU) and other permitted jurisdictions worldwide. 

The initial offering on Securitize will include security entitlements to shares of AAPL, MSFT, NVDA, GOOG, TSLA, META, AMZN, NFLX, CRCL, SPCX, MSTR and PLTR. Securitize Stocks will initially launch on Solana and trade on Securitize's registered broker-dealer platform. 

Securitize Stocks are also expected to trade on the new 24/7 digital trading venue being developed by the New York Stock Exchange (NYSE), subject to the venue's launch and applicable regulatory and operational requirements. The planned connectivity would create another pathway for tokenized U.S. equities to trade through infrastructure being developed by one of the world's leading exchange operators. 

SUBSCRIBE 

SUBSCRIBE, the global fintech company providing the leading enterprise operating system for alternative investments, today announced a strategic partnership with FactSet (NYSE: FDS| NASDAQ: FDS), a leading global data and AI solutions provider to the financial markets. The partnership integrates SUBSCRIBE's private markets workflow and data solution into FactSet's leading platform for trusted data, research, & analytics, and advisor and client intelligence, delivering an end-to-end private markets experience for institutional investors and wealth managers. 

The integration provides FactSet's clients with seamless investor onboarding to private funds, digitalized fund subscriptions, and centralized post-trade investment reporting, enabling investors to manage, analyze, and monitor private and public investments side by side within a single platform. 

SUBSCRIBE currently serves both institutional investment and wealth management firms, supporting over $6 trillion in private market assets for leading institutional investors and alternative asset managers, and more than 55,000 financial advisors across 1200 wealth management firms. The partnership extends SUBSCRIBE's reach to FactSet's more than 8,600 global clients and 219,000 individual users, equipping them with alternative investment workflow tools embedded directly into their existing research, analytics, and investment processes. 

Vanilla 

Vanilla, a leading estate planning platform for wealth management firms, today announced that its calculation engine has been independently validated by Brentmark, a trusted specialist in estate and tax planning serving advisors and attorneys for more than 40 years. Vanilla is the first estate planning platform to undergo this level of third-party scrutiny, with a review spanning federal estate and GST tax, all 13 U.S. jurisdictions with a state estate tax, all five inheritance tax states, and planning calculators and strategy scenarios including GRATs, SLATs, IDGTs, CLATs, and CRUTs. 

Estate tax law doesn't stand still, and 2026 has brought changes advisors must now navigate carefully with clients whose plans were built around different assumptions. In this environment, the firms and advisors managing the most complex, highest-stakes estates are asking a sharper question: not just what a platform can do, but what stands behind the calculations underneath it. That scrutiny only intensifies at the ultra-high-net-worth level, where a miscalculation can carry significant financial consequences for a family. Every estate planning platform says its technology is accurate. Vanilla is the first to put its calculations through independent validation. 

Brentmark put Vanilla's calculation engine through the same rigor it has applied across its work for attorneys, CPAs, and financial advisors. The review went well beyond basic transfer tax math, testing portability between spouses, interrelated marital and charitable deduction calculations, multi-year projections with exemption growth, and the state-specific rules that most often complicate planning, including Connecticut's tax cap, the interaction between Maryland's estate and inheritance taxes, and how each state treats state-only QTIP elections. Every calculation in the review was validated against results Brentmark derived independently on its own calculation software. 

YCharts 

YCharts, a leading investment research and client engagement platform trusted by thousands of financial professionals across North America, today announced the availability of Risk & Proposal Manager, a feature that puts risk assessment, proposals, and ongoing client management under one platform. 

For most advisors, assessing a client’s risk tolerance, building a proposal, and monitoring the portfolio over time means moving between multiple tools. Risk & Proposal Manager connects those steps within YCharts, from the first conversation with a prospect through ongoing client reviews. With client and portfolio context alongside risk assessments and proposals, advisors can turn what they learn about a prospect into a recommendation, monitor whether the portfolio stays aligned, and easily prepare for the next conversation.