Happy Tuesday, Fellow Fintechers!
What a week we’ve all just been through. I could expound on how the world has changed because of this contagion, but we all know that already. So instead, let’s make this weekly update be the face of optimism, because we will emerge through this all at some point, and fintech –or technology at large— will play a role.
But first, we start with our weekly wealthtech news from our resident expert Vasyl Soloshchuk. Interestingly, there’s still plenty of news to report, so make sure you check out the latest, including news of a free trial for advisors from risk wealthtech Hidden Levers.
We also have a great new Q&A with Will Bressman of the wealthtech firm RIA in a Box, which offers “software and services to support ongoing compliance and operations functions, such as cybersecurity, of RIA firms.” Compliance and cybersecurity are two incredibly important concepts to embrace right now, given the current state of working remotely.
Speaking of that we have another piece today exploring how cybersecurity has become an absolute nightmare for employers with their employees working from home on vulnerable networks. And in another piece, FA Mag editor Ray Fazzi takes a deep dive into a recent Cerulli Associates report on retirement industry cybersecurity.
We find it quite interesting that in certain weeks, clear topical trends emerge, and this week, it’s all about cybersecurity. This should be a warning call to all advisors to make sure that your tech stack is secured, while your team is working remotely from their homes for the foreseeable future.
Today, Financial Advisor magazine staff writer Joyce Blay has also written a piece on a free emergency continuity solution that Massachussets-based software-as-a-service firm Truelytics has launched for the advisor marketplace in response to the COVID-19 crisis. It’s absolutely awesome to see how so many firms in our industry are stepping up to the plate with solutions that can help advisors keep their data safe during this crisis.
Blay has also covered news this week that alternatives platform powerhouse iCapital has just raised another whopping $146M capital round, with blue chip investors including Goldman Sachs, BlackRock, BNY Mellon, UBS and others.
Finally, we finish with what we started with: word that fintechs will help be part of the solution to ending this crisis. Industy group Financial Innovation Now has sent a letter to Congress urging the government to “ provide capital to online lenders including PayPal and Square Inc., and to permit the firms to disperse Small Businesses Administration loans.” And how will these programs be administered? Digitally, through fintech.
So as we go full circle today, a reminder to stay safe, make sure your tech stack is secure, compliant and up to date as we all continue to work remotely, and if your firm needs financial assistance during this unprecedented time, you will likely be able to get that assistance through some of our nation’s leading consumer fintech firms.
Yours in Fintech,
Cindy Taylor, Publisher