Refinitiv acquires Advisor Software Inc for bolstering its Wealth Management offerings

By Pavithra R

Refinitiv, a leading provider of financial markets data and infrastructure, has announced the acquisition of strategic assets from Advisor Software Inc. (ASI), a leading provider of wealth management cloud platforms for financial advisors and institutions.

Through the acquisition, Refinitiv is adding key digital functionalities to Refinitiv’s Wealth Management offering, including enhanced digital advice capabilities and digital portfolio analysis. ASI’s technology is interoperable and cloud-enabled and is planned to be integrated into the recently launched Refinitiv Digital Investor.

The acquisition stands on Refinitiv’s continued commitment to building out its digital wealth management solutions. The wealth management industry is undergoing a drastic transformation, the most contributing factor being an increased demand of customers seeking compelling and curated digital experiences. This shift has resulted in the creation of digital advice models where clients communicate via digitalized and automated channels.

ASI’s assets provide Refinitiv with a complete digital advice platform that enables tax-aware portfolio rebalancing, Monte Carlo-based progress-to-goal tracking, cash flow, and portfolio analysis, investment modeling, and proposal generation. ASI also offers a series of APIs that are customizable and fully-brandable to enable a wealth management firm to construct its own digital advice experience. These tools allow financial institutions, wealth managers and advisors to give advice in a more flexible, efficient, and scalable way.

“In what continues to be an eventful year for Refinitiv’s Wealth Management group, I am pleased to share the news of our acquisition of ASI. The digital capabilities that ASI brings to our existing Refinitiv Digital Investor platform perfectly complement our growing suite of widgets and APIs. We remain focused on delivering enhanced digital offerings to the Wealth Management industry, and our clients as the digitalization and personalization of Wealth Management continues,” said Joe Mrak, Global Head of Wealth Management at Refinitiv.

Recently, Prove (Payfone) acquired mobile authentication lines of business from Early Warning Services.

Founded in 2018, Refinitiv provides information, insights, and technology that drive innovation and performance in global financial markets. According to company data, the FinTech serves more than 40,000 institutions in approximately 190 countries.