Siebert Financial deepens FusionIQ bet, signs 10-year WealthTech partnership Siebert Financial Corp. (NASDAQ: SIEB) is making an additional investment in FusionIQ and signing a proposed 10-year strategic partnership spanning wealth and advisory, broker-dealer and institutional distribution, and digital-asset infrastructure, subject to definitive agreements. The deal builds on work already underway since June 2025, when Siebert began integrating FusionIQ's platform to support hybrid advice, self-directed investing, and multi-custodian workflows for advisors, banks, and credit unions. Knote: These co-development partnerships can be immensely powerful, when done right. I also applaud the all-in commitment here. I don't think I have ever seen such a partnership that explicitly states a 10-year relationship. Read More → https://www.wealthtechstrategy.com/post/siebert-financial-deepens-fusioniq-bet-signs-10-year-wealthtech-partnership Robinhood CEO Vlad Tenev: Tokenization will take over the entire financial system In a CNBC interview, Robinhood CEO Vlad Tenev said tokenization “is at the beginning of a super cycle and will take over the entire financial system,” pointing to Robinhood Chain, the crypto blockchain the company launched about a month earlier outside the U.S. Robinhood's tokenized stock offering has grown from 90 to 190 tokens available in more than 120 countries, trading 24/7 with instant settlement — a model Tenev argues especially solves liquidity gaps for private companies and emerging markets. Knote: I'm not sure that tokenization of public equity is solving a major pain point right now (but perhaps a minor one), but I am 100% behind tokenization of private assets. Read More → https://www.wealthtechstrategy.com/post/robinhood-ceo-vlad-tenev-tokenization-will-take-over-the-entire-financial-system Charles Schwab getting more aggressive with internal advisor business Schwab is raising the asset floor for referrals to outside RIAs to $5 million starting January 5, 2027, up from $2 million (itself raised from $500,000 at the start of 2026) — the same week it ran a full-page WSJ ad promising to hire thousands more of its own financial consultants. Nexus Strategies' Tim Welsh said the move is about protecting “investment management revenues, basis points… so the first order of business is: stop giving it to advisors,” while Datos Insights' William Trout noted Schwab keeps more $2M–$5M accounts in-house “where Schwab controls margin, deposits, and ancillary revenue.” Knote: It's not technically a WealthTech story, but anything Charles Schwab does is worth watching in WealthtTech. Read More → https://www.wealthtechstrategy.com/post/charles-schwab-getting-more-aggressive-with-internal-advisor-business Stash and Capitalize announce new rollover partnership Stash and Capitalize partnered to let Stash customers search for and consolidate legacy 401(k) accounts into an IRA without leaving the Stash app, using Capitalize's Embedded Rollover API to initiate transfers and provide guided support. Stash CEO Brandon Krieg said “too many Americans leave retirement savings behind when they change jobs because rolling over an old 401(k) is harder than it should be,” while Capitalize CEO Gaurav Sharma pointed to “a simpler way to transfer and consolidate retirement savings while reducing friction.” Knote: As younger workers bounce from job to job, they scatter small 401(k)s around like Johnny Appleseed. This tool can help consolidate them into something coherent. Read More → https://www.wealthtechstrategy.com/post/stash-and-capitalize-announce-new-rollover-partnership Amundi Technology has been growing fast — now it faces a leadership challenge Amundi Technology grew H1 2026 revenue 23% to €63 million after 45% growth the prior year and 10 new client signings, but head Ben Lucas departed in July 2026 to run Aztec Group, leaving newly promoted COO Claire Cornil overseeing the unit on an interim basis. The division, built around the ALTO platform after Amundi's split from BlackRock's Aladdin, is targeting a doubling of technology revenue by 2028 and still accounts for only about 3% of group revenue, versus Aladdin's roughly 8% of BlackRock's $24.4 billion in 2025 revenue. Read More → https://www.wealthtechstrategy.com/post/amundi-technology-has-been-growing-fast-now-it-faces-a-leadership-challenge CFP Board responds to House Financial Services Committee Democrats' request on AI The CFP Board, which certifies more than 109,000 CERTIFIED FINANCIAL PLANNER professionals representing roughly a third of retail financial professionals, submitted its response to House Financial Services Committee Democrats on AI in financial services on August 14, 2026. The Board argued AI should “augment rather than replace human financial planners in consumer-facing advice,” calling for human oversight, disclosure of AI's role, data governance safeguards, error detection, and model risk management within a “flexible, risk-based framework.” Knote: We think AI governance will emerge as a big roadmap item during the 2027 planning cycle. If we are wrong, we think we are only wrong by a year. Read More → https://www.wealthtechstrategy.com/post/cfp-board-response-to-house-financial-services-committee-democrats-request-for-information-on-artif Stone Point and Genstar take equal stakes in Ascensus Ascensus, which supports more than 16 million savers and administers over $1.3 trillion in assets, restructured its ownership so Stone Point Capital and Genstar Capital become co-equal investors and joint governance partners, with existing investor GIC remaining in place. The deal, expected to close in the coming months pending regulatory approval, follows Ascensus's recent acquisition of AmericanTCS for trust, custody, and pooled employer plan capabilities, and lands squarely in “Peak 65,” the multi-year stretch when more Americans turn 65 than in any prior year. MMnote: We would have thought Asensus would sell to one of the large incumbents (like Empower or PCS) or one of the rapid builders (like Schwab or the wirehouses), but we agree with the notion that there is a lot of growth ahead for Asensus. Read More → https://www.wealthtechstrategy.com/post/d05884ed VastAdvisor closes $1 million SAFE round for AI growth platform aimed at advisors VastAdvisor raised a $1 million SAFE round led by three individual operator-investors — Dani Fava (Carson Group), Jason Pereira, CFP (Woodgate Financial), and Sally George (Convergency Partners) — to build out its “Organic Growth OS” for RIAs, broker-dealers, and wealth platforms. The platform combines audience intelligence, campaign automation, compliance monitoring, and continuous optimization; CEO Ian Karnell said the round was validating because it came “from operators inside the industry and not only from financial backers.” MMnote: From what I can tell, what’s different about this firm than previous organic growth platforms is the robust intelligence layer that runs on top of campaigns. Read More → https://www.wealthtechstrategy.com/post/vastadvisor-closes-1-million-safe-round-for-ai-growth-platform-aimed-at-advisors Feel free to reach out if you want to discuss any of the above or if you just want to chat about WealthTech. We love talking WealthTech! Subscribe and receive these insights directly: wealthtechstrategy.com

bne IntelliNews. (2026, September 2). Norwegian investor targets majority stake in Hungarian fintech Dorsum. https://www.intellinews.com/norwegian-investor-targets-majority-stake-in-hungarian-fintech-dorsum-465172/ This has not been independently confirmed. It appears to be a report from just one indirect source being picked up more broadly in the media. A Norwegian private equity investor has agreed to acquire a majority stake in Hungarian fintech Dorsum in a deal that could value the Budapest-based company at HUF15-18bn (€38mn-45mn), according to Portfolio.hu. Portfolio.hu, citing industry sources, identified Hawk Infinity as the likely buyer, although this has not been independently confirmed. The transaction was reportedly agreed last year but was derailed after the Orban government expanded its veto powers over foreign acquisitions in strategic sectors, and the parties are understood to have revived it following the April 2026 election with the required ministry approval potentially already granted. Founded in 1996 and headquartered in Budapest, Dorsum builds modular front- to back-office software for investment operations and wealth management in highly regulated EU markets and is described as a market leader in securities and wealth-management software in Hungary and the wider region. The company serves banks, asset managers, brokers, insurers, pension funds and national treasuries across more than 10 countries, having shifted from largely customized software development toward scalable fintech and wealthtech products. Shareholders include businessman Karoly Gerendai, founder and co-owner of Sziget, alongside other private investors, management and key employees, with existing management expected to remain in place and some current shareholders potentially retaining minority stakes. Dorsum generated HUF9.2bn in revenue in 2025 with EBITDA of around HUF1.9bn and an average of 254 employees, implying an EBITDA multiple of roughly 8-9 times at the reported valuation range. Knote: This has not been confirmed so we are just passing it along. If true, it would be a nice Services-to-Software success story.

Envestnet. (2026, September 3). Envestnet deepens $1 billion wealthtech commitment, more than doubling technology investment in Tamarac [Press release]. https://envestnet.mediaroom.com/2026-09-03-ENVESTNET-DEEPENS-1-BILLION-WEALTHTECH-COMMITMENT,-MORE-THAN-DOUBLING-TECHNOLOGY-INVESTMENT-IN-TAMARAC Envestnet is increasing its technology investment in Tamarac, its platform built for RIAs, by 2.5x, described as a $35 million surge investment. The move accelerates the five-year, $1 billion research and development commitment Envestnet announced a year ago spanning trading, reporting, financial planning, portfolio management, and client engagement. Envestnet introduced Report Studio, a rebuilt reporting foundation giving advisors drag-and-drop control over tables, charts, and KPI modules, available to all advisors now. An AI-enabled Report Studio that lets advisors build client-ready reports and briefs by describing what they need is open for beta signup, with general availability planned for later this fall. Envestnet estimates that saving 55 minutes per report across a median book of 235 households equates to roughly 1,077 hours a year, about 52% of an advisor's working year. Custom Model Solutions have been deepened to include semi-liquid strategies, interval funds, and alternative ETFs delivered at scale through the UMA platform. A full MoneyGuide integration now brings planning data such as goals, risk profile, net worth, and held-away accounts into proposal workflows, IPS documentation, and client records. Knote: Looks like Tamarac is going on the offensive after years of fighting something of a rear-guard action. It's the sort of thing I love to see.

WealthAi launches WealthAi for Advisors as advice firms enter next phase of AI adoption. (2026, September 4). Finextra. https://www.finextra.com/pressarticle/110812/wealthai-launches-wealthai-for-advisors-as-advice-firms-enter-next-phase-of-ai-adoption WealthAi has launched WealthAi for Advisors, extending its AI operating system for wealth management to independent financial advisers and smaller advice firms. The platform consolidates meeting notetaking, client management, document generation, administration, market information and compliance into a single integrated platform. Advice firms using the product during its summer beta testing phase reported an initial 60% reduction in time spent on routine client administration. Deployment takes days and does not require firms to replace existing practice management systems or undertake a large-scale IT implementation. Core components include WealthAi's AI-native Client File, a single AI Assistant spanning client records, documents, email, calendar and market information, an AI-powered CRM, a document vault, automated form filling and document generation, integrated financial news and data, and compliance monitoring. WealthAi's AI agents can be integrated to operate across compliance, risk management, research, investments and operations, accessing the Client File to identify actions, update records and keep workflows aligned with firm policies and regulatory requirements. Jason Nabi, CEO and founder of WealthAi, said most traditional wealth technology was designed for people to operate software and that the next generation will be designed for AI agents to operate across the business.

FE fundinfo. (2026, September 2). FE fundinfo extends Nexus for Financial Advisers into face-to-face client meetings with new mobile app. https://www.fefundinfo.com/insights/fe-fundinfo-extends-nexus-for-financial-advisers-into-face-to-face-client-meetings-with-new-mobile-app FE fundinfo launched a mobile app for Nexus for Financial Advisers, extending its AI-powered meeting support to face-to-face client meetings for the first time and making it available to all Nexus Assistant users on Android and iOS. Information recorded during in-person meetings on a phone or tablet becomes part of the same client record used across the wider advice process rather than remaining isolated in a separate tool. Meetings recorded on the app follow the same workflow as video meetings, including transcription, structured note generation, client data extraction, adviser review and approval, and transfer into Nexus for Financial Advisers or connected CRM systems. AI-generated outputs are attributed to their source and adviser actions remain auditable. FE fundinfo's Financial Adviser Survey 2026 found that 95% of advisers say they use too many software applications, with data reconciliation between systems consuming an average of 192 hours annually. The app forms part of an expanded investment in Nexus for Financial Advisers, with more than 25 new capabilities planned by the end of 2026. Autumn developments include AI-generated suitability reporting, automated client vulnerability assessment, expanded back-office integrations, a consolidated client profile, and AI-powered fund research and cashflow modelling.

Aquiline Capital Partners has entered into a definitive agreement to acquire a controlling interest in Flourish, the RIA-focused cash and lending platform currently owned by MassMutual. The transaction was announced on September 2, 2026 and is expected to close in the fourth quarter, subject to customary closing conditions and regulatory approvals. Terms were not disclosed. MassMutual will retain a significant stake and remain a strategic partner and client of the business. Wells Fargo acted as exclusive placement agent and financial advisor to Flourish and MassMutual. Founded in 2017 and based in New York, Flourish gives independent advisors private-bank-like tools for the parts of a client balance sheet that sit outside the managed portfolio. The firm works with more than 1,300 RIA firms representing over $2.6 trillion in assets under management, and its advisor-led cash solution grew from $1 billion to $8 billion in assets under custody over five years while driving more than $1 billion in net new flows to custodians. It recently launched a home lending product built for the independent channel. David Canter, who previously led Fidelity's RIA and Family Office segments, joins as executive chairman. Chief Executive Max Lane said the new structure preserves the MassMutual relationship while providing agility to accelerate the roadmap, with expanded checking capabilities and AI-driven lending optimization planned. The deal maps to the Family Office as-a-Service theme, in which technology carries high-touch services such as cash management, liability optimization, and family lending down-market. For RIAs competing with banks and wirehouses, owning the banking layer of the client relationship is becoming asset defense as much as a growth channel. MWnote: MassMutual selling control while staying a shareholder, partner, and client is about as close to the ideal corporate venture outcome as one can get. More insurers sitting on WealthTech assets should be studying the structure. https://www.prnewswire.com/news-releases/aquiline-to-invest-in-flourish-a-leading-wealthtech-platform-for-independent-advisors-302867632.html

Orion. (2026, September 1). Orion adds BlackRock, Fidelity Investments, and Vanguard to Tailored Allocation Portfolios [Press release]. Business Wire. https://www.businesswire.com/news/home/20260901726412/en/Orion-Adds-BlackRock-Fidelity-Investments-and-Vanguard-to-Tailored-Allocation-Portfolios Orion added model portfolios from BlackRock, Fidelity Investments and Vanguard to its Tailored Allocation Portfolios offering. The offering combines third-party model portfolios with Orion's Custom Indexing technology to deliver tax management and personalized investing at scale. The three managers join Brinker-Main Management, First Trust Advisors, Frontier Asset Management, Janus Henderson and Russell Investments, bringing the program to eight strategists since its October 2025 launch. Advisors can select an asset manager whose investment approach aligns with their own and build custom models on that foundation. Paired with Custom Indexing, the offering allows gradual migration of assets for clients with concentrated positions, legacy holdings or unique tax sensitivities. Tailored Allocation Portfolios are available across Orion Wealth Management, Orion Investment Portal, Wealth Advisory and Orion OCIO. Orion Custom Indexing surpassed $17.1 billion in assets under management as of July 31, 2026. Knote: UK friends, please take notice. It should not take 30 days to rebalance your customized model portfolios.

Velati, A. (2026, August 31). Morningstar's retirement advisory biz drops ByAllAccounts for Plaid. Financial Advisor IQ. https://www.financialadvisoriq.com/c/5240934/752664 Morningstar Investment Management will move account aggregation services for its retirement advisory clients from its own ByAllAccounts unit to Plaid next month, according to an Aug. 18 regulatory filing. Managed accounts and advisor-managed accounts are part of the transition, and Morningstar Retirement's managed accounts held $19.4 billion in assets under management and administration as of June 30. A Morningstar spokesperson said the retirement group planned the change in part based on connectivity practices of recordkeeper networks in that specific segment. The spokesperson said the change is limited to those retirement advisory services and unrelated to discussions regarding ByAllAccounts ownership, and that ByAllAccounts continues to serve Morningstar Investor and Direct Advisory Suite. Morningstar announced in April that it intended to sell ByAllAccounts to fintech investor Pello Companies, and those plans halted when the deal fell through in July. ByAllAccounts, formed in 1999 and sold to Morningstar by State Street in 2014 for $28 million, services over 6,000 advisory firms and over 70 wealth platforms including Addepar, Advyzon and Halo. Craig Kilgallen of Fuse Research said Plaid's aggregation capabilities appear strong for retirement accounts and could provide a proof point before Morningstar transitions other parts of its business. Knote: I wish the US would adopt an open banking standard like the UK has except extend it to cover investment accounts. It would make holistic advice a lot easier (and more accurate).

Fuse Research Network (2026, August 25). Next-gen advisors embrace models. Fuse Research Network. https://fuse-research.com/next-gen-advisors-embrace-models/ Fuse Research Network reported that 47% of surveyed advisor accounts are now managed through model portfolios, based on its "Portfolio Construction: The Advisor View" study. Model portfolios are increasingly central to advisor portfolio construction, and younger advisors are significantly more likely to use them. Advisors under 45 manage 56% of accounts through models. Advisors aged 45 to 60 manage 47% of accounts through models. Advisors age 60 and older manage just 40% of accounts using models. Fuse said that as younger advisors gain a larger share of industry assets, model portfolios are likely to become an increasingly important route to market. Fuse said asset managers should prioritize model solutions and placement to build relevance with the next generation of advisors and position for future asset growth. Knote: The UK is behind the US in this, but heading in the same direction.

Zocks. (2026, September 1). Archive Intel partners with Zocks to streamline AI compliance reviews. https://www.zocks.io/press/archive-intel-partners-with-zocks-to-streamline-ai-compliance-reviews Archive Intel, an AI-powered communications compliance platform for financial institutions, announced an integration with Zocks, a privacy-first AI platform for financial services. SEC and FINRA requirements mandate that records generated by AI notetakers be treated as electronic client communications subject to review and to five-year retention. Through the integration, Zocks data flows automatically into Archive Intel's platform, where AI contextually reviews transcripts and notes, identifies potentially non-compliant language, and archives records for audit-ready access. Larry Shumbres, founder and CEO of Archive Intel, said the integration helps firms capture, review and retain data from their AI assistant while strengthening compliance oversight, organizing critical records and reducing the risk of costly violations. Mark Gilbert, co-founder and CEO of Zocks, said the integration addresses the challenge of managing compliance across a growing number of client communication channels and provides a more efficient way to review and retain AI-generated records within existing compliance workflows. Archive Intel clients can activate the Zocks integration for $12 per user per month. Captured, reviewed, and archived data synchronizes automatically between the two platforms. Knote: One step closer to the dream of fully automated direct surveillance that can be outsourced to 3rd party compliance consultants.

Ajaib, a Jakarta based online stock trading platform, said Friday it has raised $270 million from Tokyo listed SBI Holdings in what could be Indonesia's biggest fundraising round since 2022. The Series C brings the company's total funding to more than $500 million since its founding. Ajaib did not disclose a current valuation but said the round represents a significant step up from the unicorn valuation it reached in 2021 on a $153 million Series B. SBI said separately that it will hold a 20% stake, which would value Ajaib at roughly $1.35 billion. Ajaib, which means magical in Indonesian, launched in 2019 as a Robinhood style trading app with no minimum deposit, built for millennial and Gen Z investors. Cofounders Anderson Sumarli and Yada Piyajomkwan, Stanford M.B.A. classmates, joined Forbes Asia's 30 Under 30 list the following year. The platform now serves more than seven million users. Sumarli said customers who once bought a single share at a time as college students now hold global stocks, crypto and stablecoins on the platform. Yoshitaka Kitao, founder, chairman and president of SBI Holdings, said global infrastructure for digital assets matters more than ever in an era of tokenization, and described Ajaib as a fit for SBI's vision because it handles traditional financial products alongside digital assets. For platform operators and integrators, the round signals that mobile first brokerages with large, young installed bases remain attractive to strategic partners.

Janowski, D. (2026, August 31). Altruist soft-launches AI financial planning agent. WealthManagement.com. https://www.wealthmanagement.com/advisor-support-platforms/altruist-launches-ai-financial-planning-agent Custodian and technology provider Altruist has soft-launched a financial planning agent within its Hazel AI platform that generates comprehensive financial plans within minutes. The agent covers retirement planning, investment optimization, cash flow analysis, estate planning, tax strategy, and insurance and risk assessment. The tool provides real-time scenario modeling and is available to firms regardless of their custody arrangements with Altruist. Founder and CEO Jason Wenk stated that the agent allows a single advisor to do much of the work that a shop full of specialists would do, in a fraction of the time. The platform gathers data from financial documents, client meetings, and connected sources under zero data retention agreements with AI model providers, using AI for data collection while relying on dedicated calculation programs for financial computations. Pricing was not immediately available, though the company indicated it would mirror its tax planning capability, where Hazel Admin AI costs $50 per seat monthly annually or $125 monthly with tax planning included. The announcement follows Vanguard's agreement to acquire Altruist for $4.6 billion in an all-cash transaction expected to close later in 2026. Knote: I like that they are only using AI for data collection and input, not the actual planning decisions.