Digital wealth management giant Advisor360° has acquired the digital onboarding technology and related wealth management assets of Agreement Express, a BC-based tech solutions provider, the company announced this week.
Boston-based Advisor360° completed the acquisition from private equity firm Frontier Growth in December. The company stated it intends to integrate the technology and staff of Agreement Express, which was founded in Vancouver in 2001.
Once the technology is integrated, Advisor360° will be able to “seamlessly support investment and insurance accounts at every major custodian and clearing firm and offer a wider range of integrations with industry-leading CRM providers,” according to a statement from the firm.
“Advisor360° gives wealth managers technology solutions that transform the way they connect with clients, which is why this transaction was a perfect fit,” believes Rich Napolitano, Chief Executive Officer of Advisor360°, of his firm’s first acquisition.
Advisor360°’s platform includes digital onboarding capabilities and solves business challenges for financial advisors and operations at wealth management firms.
The company said Agreement Express is “known for its ability to execute account openings with custodians and clearing firms that support independent registered investment advisers,” including Charles Schwab, Fidelity, and TD Ameritrade.
“2022 was a year of strong organic growth for Advisor360°,” added Napolitano. “With our first acquisition completed, we’re not slowing down: the Agreement Express transaction meaningfully accelerates our ability to offer expanded choice and connectivity on our platform and we’ll continue to raise the bar in 2023 and beyond.”
Advisor360° expects its platform will be enhanced by the newly acquired assets in multiple areas such as: expanded automation and streamlining of workflows; simplified information gathering, organization, and bundling; bulk advisor onboarding for team hires or new office acquisitions.
“We’re thrilled that this business is now a part of one of the wealth management industry’s largest providers of integrated technology solutions,” said Dave O’Brien, Chief Executive Officer of Agreement Express. “Like Advisor360°, we appreciate that the best technology offers flexibility and choice, streamlining processes to help firms grow.”
In the near term, the transaction “will not impact Advisor360°’s operations, employees, or service and support of current clients,” the company noted.
“As we look ahead to 2023, it’s business as usual,” said Napolitano. “We’ll build, buy, and partner strategically, according to plan, and remain fiercely committed to executing on the service, support, and product development that our clients expect from us.”
The team that supports Agreement Express’ existing wealth management business and clients will continue in their current roles at Advisor360°, it added.
“We’re excited to welcome our new Agreement Express colleagues and clients to Advisor360°,” the CEO said.
Today, three million households with $1 trillion in assets are connected to Advisor360°.