Other RIAs wanted to include a robo-advisory platform as part of their firm to expand their client base and serve a new generation of investors.
Still others, like Chris F. Parker, client advisor at Parker Financial Planning LLC in Greenville, S.C., recognized that their clients wanted to interact with advisors via multiple channels.
“I added the Folio AcX as a link on my firm’s website because it provides flexibility to a potential client in how they can choose to engage in services,” Parker said via e-mail. “Clients expect choice today. The Folio RIA trading and custody platform is highly user-friendly for me as an RIA and my clients. Folio has created the AcX platform the same way. It is a nice benefit for me as a practice owner to have this option available through my chosen custodian.”
AcX is backed by Folio’s own clearing and custody programs.
Folio has moved to expand its robo-advisory offerings, creating an API service that allows financial advisors more direct control over the way their website looks and functions. This service is used by Sallie Krawcheck’s Ellevest robo-advisory platform, by Pacific Life’s Swell Investing robo-advisor and Invest Forward
Moving forward, Folio is working to create a new online investing platform designed to help advisors reach novice investors. The firm is also working to implement features like direct indexing and machine learning to make robo-advisory services more customizable and efficient, all with the advisor in mind.
“We favor having something that is open architecture and adaptable to whatever trends are out there in the industry, and wherever someone’s head is in terms of what they’re building and delivering,” says Vigrass.