Internal Revenue Service. (2026, September 28). Guidance and other actions being considered regarding certain potentially abusive investment fund strategies involving financial products (Notice 2026-62). https://www.irs.gov/pub/irs-drop/n-26-62.pdf The Treasury Department and the IRS issued Notice 2026-62, identifying novel investment fund strategies that purport to produce tax results that may be inconsistent with the purpose of federal tax rules, alongside companion Revenue Ruling 2026-20 on so-called Section 351 conversion transactions. In a Section 351 conversion, investors transfer appreciated securities to a newly formed ETF, which issues creation units to an authorized participant and shortly after redeems them with the contributed securities, leaving the ETF with a materially different portfolio. Revenue Ruling 2026-20 holds that the ETF is merely a conduit in such a plan and treats the investor as making a taxable exchange under Section 1001 of the contributed securities used to redeem the authorized participant. The notice expresses no view on Section 351 transactions that seed a new ETF with assets consistent with its investment thesis that are intended and expected to be retained absent a substantial change in circumstances. Other strategies flagged include partnership exchange funds used in connection with Section 351 conversions, box spread funds, record date strategies, RIC income test avoidance, and certain tax-aware fund strategies. Treasury and the IRS said further guidance could include regulations or identifying a transaction as a transaction of interest or listed transaction, and could apply prospectively or retroactively. Written comments are requested by October 28, 2026. Knote: Sounds like the 351 exchange compliance and calculation burden just went up. Technology to the rescue?

Ortolani, A. (2026, September 29). BNY Pershing sunsetting Wove wealth platform. WealthManagement.com. https://www.wealthmanagement.com/ria-news/bny-pershing-revamping-wove-wealth-platform BNY Pershing is dismantling its multi-custodial wealth management platform, Wove, and folding its best components into the custodian's larger wealth solutions business, according to the firm and clients familiar with the platform. BNY is moving away from the branded platform and aims to offer advisors a unified wealth offering alongside custodial services from BNY or a custodian of their choosing. The effort is overseen by Adam Vos, global head of wealth solutions since January, with focus areas including modernizing the clearing and custody stack, easier API-enabled integrations, a unified managed accounts platform, and an improved investor experience. Wove launched in 2023 at BNY's annual Insite conference under Ainslie Simmonds, then head of the Pershing X start-up unit, who left the bank in June. BNY declined to disclose how many advisors use Wove, though firms on record implementing it include TIAA, Sanctuary Wealth, and Steward Partners. George Guidotti of ARQA said the move from Albridge Wealth Reporting to Wove never really took hold among advisors, but he sees an opportunity if BNY builds a seamless multi-custodial platform across front end, back end, and custody. The shift comes as competitors including Envestnet, Orion, and Altruist, which recently agreed to be acquired by Vanguard, push ahead with AI and open-architecture wealth platforms. Knote: I thought they were doing everything right, but at the end of the day it was like the witness protection program: new name, same problems.

XYPN. (2026, September 29). XYPN partners with Jump to help advisors harness the next generation of compliant AI-powered growth. GlobeNewswire. https://www.globenewswire.com/news-release/2026/09/30/3371472/0/en/xypn-partners-with-jump-to-help-advisors-harness-the-next-generation-of-compliant-ai-powered-growth.html XYPN, a business support platform for fee-only financial planners, announced a partnership with Jump, an AI platform that automates the client meeting lifecycle from meeting preparation and note-taking to follow-up communications, CRM updates, business intelligence, and account opening. Through the partnership, which launched September 29, XYPN members receive discounted access to Jump's Meet, Onboard, and Grow capabilities. AI efficiency tools ranked as XYPN's most-requested partnership category in 2025 and 2026, and Jump was the most requested tool in that category within the Network. Founded in 2023, Jump has grown to more than 45,000 users in three years and earned an 8.7 satisfaction rating from Kitces in 2025 and an 8.55 score in the 2026 T3 Software Survey. Jump began expanding beyond meeting transcription earlier this year with its Onboard and Grow products and recently announced real-time, in-meeting account opening with Schwab Advisor Services and Fidelity. Jump co-founder and CEO Parker Ence said some of the company's first 100 users were XYPN advisors who helped shape and spread the product in its earliest days. Jump was a finalist in the 2024 XYPN AdviceTech Competition and has since seen significant adoption throughout the XYPN community. Knote: Second big win announcement in a week. The Jump team is on a roll.

CD Valet. (2026, September 29). CD Valet launches Financial Advisor Marketplace, giving RIAs a new, independent path to organic growth. PR Newswire. https://www.prnewswire.com/news-releases/cd-valet-launches-financial-advisor-marketplace-giving-rias-a-new-independent-path-to-organic-growth-302891164.html CD Valet, a digital marketplace that helps investors compare and choose certificates of deposit, announced the launch of its Financial Advisor Marketplace, a platform designed to connect RIAs with investors actively evaluating how to save, invest, and plan. The company said organic growth across the RIA industry has been slowing while competition for qualified leads has intensified. According to CD Valet, custodian-run advisor referral programs have recently raised their minimum asset thresholds, narrowing the pool of eligible firms and pushing out smaller and mid-sized RIAs. The company also noted that digital advisor-matching platforms have shifted toward success-fee and AUM-based pricing, which can significantly raise the long-term cost of acquiring a client compared with flat-fee or subscription models. Investors on the marketplace can search and compare independent advisors by specialties, services, and credentials, review profiles built for objective comparison rather than pay-to-play placement, and connect directly with advisors suited to their goals and life stage. Founder and CEO John Blizzard said the marketplace is not gated by asset minimums and does not take a cut of client relationships for the life of those relationships. CD Valet positions the marketplace as an independent alternative to custodial referral programs and success-fee lead generation platforms, aimed at the disciplined, do-it-yourself savers already using its CD comparison tools. Knote: Organic Growth is the new Inorganic Growth for RIA aggregators.

OneVest Technologies Inc. (2026, September 23). OneVest launches Canada's first agentic account opening solution for wealth management. Newswire.ca. https://www.newswire.ca/news-releases/onevest-launches-canada-s-first-agentic-account-opening-solution-for-wealth-management-806791597.html OneVest launched an AI agent it describes as Canada's first agentic account opening solution for wealth management, orchestrating the onboarding lifecycle from initial client intake through account funding. The solution connects natively with National Bank Independent Network (NBIN), Aviso Wealth, and CI Investment Services (CIIS), with additional custodial integrations underway. OneVest cites industry benchmarks showing Canadian advisors and operations teams spend up to 70% of their time on manual administration, data entry, and status tracking, a burden it ties to executing Client Focused Reforms across legacy systems. The agent builds account applications from existing firm documents, advisor notes, or CRM data without manual re-keying, and supports voice-enabled data capture. It pre-checks applications for completeness and accuracy, tracks custodian account numbers automatically, and flags missing details with actionable remediation steps. Real-time status notifications are delivered in Slack and Microsoft Teams, and every agent action is logged in OneVest Pulse, a governance log providing an immutable audit trail. Agentic account opening is available now to OneVest's Canadian financial institution, wealth enterprise, and advisor clients.

Betterment. (2026, September 24). Betterment brings AI-powered client onboarding to advisors. PR Newswire. https://www.prnewswire.com/news-releases/betterment-brings-ai-powered-client-onboarding-to-advisors-302888703.html Betterment launched an AI-powered document reader within its Advisor Solutions platform to streamline client onboarding for registered investment advisors. Advisors upload brokerage statements and the AI parses them to populate transfer request information in approximately 30 seconds, replacing manual data entry. CEO Sarah Levy said the release extends Betterment's 15-year effort to democratize wealth management, describing AI as "the next expression of that work" and enabling "a smoother first experience for new clients." Customer data does not train AI models and sensitive information receives encryption protection. The release follows earlier AI implementations including an AI-enabled Account Recommender for retail customers and Custom Portfolios with AI Insights. Betterment plans additional AI applications across all business divisions before year-end 2026, including agentic workflows and Model Context Protocol releases for its advisor platform. The company serves over 1 million customers and approximately $70 billion in assets across retail investing, workplace retirement plans, and RIA custodial services.

Snappy Kraken. (2026, September 24). [NEWS] Snappy Kraken launches Snappy AI, a marketing operations coworker for financial advisors. Snappy Kraken. https://snappykraken.com/blog/news-snappy-kraken-launches-snappy-ai-a-marketing-operations-coworker-for-financial-advisors Snappy Kraken launched Snappy AI, an AI-powered marketing operations assistant that helps financial advisors and their marketing teams analyze campaign results, identify follow-up gaps, and determine next steps. The tool is built into the Snappy Kraken platform and powered by Claude, examining an advisor's campaign activity, audiences, results, and account configuration to deliver customized guidance. Snappy AI avoids retrieving personally identifiable information such as contact names and email addresses and respects existing user permission structures. The assistant operates in read-only mode, meaning it can evaluate data and offer recommendations but cannot execute campaigns, publish content, or modify account settings. CEO Robert Sofia stated that advisors face a visibility problem rather than an activity problem and that Snappy AI "connects those dots and helps advisors focus on what will actually move their marketing forward." Snappy Kraken's 2026 research covering more than 9,000 advisors found that advisors with integrated CRM systems generated three to four times more engagement while only about 25 percent had connected their systems, and that roughly 80 percent sent market updates while only about 20 percent used nurture campaigns. The company plans to introduce Office Hub in the fourth quarter to give marketing teams centralized tracking of advisor setup and integrations, with Snappy AI currently available to users and qualifying subscriptions receiving monthly credits at no additional cost.

ETFBOOK raises $13 million to extend its ETF data platform ETFBOOK, the Zurich-based ETF data and analytics provider operating as SquaredData AG, raised a $13 million growth round led by Expedition Growth Capital, with existing investor BlackFin Capital Partners participating. With more than 11,000 European and U.S. funds covered, over 70 EMEA enterprise clients and 1,341 new ETFs launched in 2026 so far, fund-level flow and holdings data is becoming the layer that makes advisor fund selection defensible. Read More → Ridgeline raises $250 million Series E at a $1.425 billion valuation Ridgeline, the cloud-native investment management platform, raised $250 million in a round led by founder and chairman Dave Duffield, with Motley Fool Ventures, affiliates of Smead Capital Management and Patrick O'Shaughnessy participating. Two of those backers are Ridgeline clients, putting customer capital behind a platform that replaces six to nine legacy systems for firms overseeing a combined $750 billion as it expands into Canada and Europe. MMnote: The round includes a group of customers which is even more validation than they could bring only as customers. Bravo! Read More → Pave Finance closes an oversubscribed $14 million seed round Pave Finance raised $14 million in seed funding, above its original $10 million target, for an AI portfolio management platform that already supports more than 60,000 accounts and $18 billion in assets under management. Automating customization across more than 10,000 securities with custodian-integrated trading answers the pressure on advisory firms to deliver individualized portfolios without adding headcount, and the capital funds Pave's commercial rollout to those firms. MMnote: I got to see the demo at futureproof and the response of the crowd was very positive. It's slick, intuitive, and captures real value by allowing customization of portfolios at scale. Read More → Portage closes Ventures Fund IV at US$600 million Portage, Sagard's fintech investment platform with US$7.0 billion in assets under management, held a final close of Portage Ventures Fund IV at approximately US$600 million, adding Broadridge and Fifth Third Bank as new strategic limited partners. The close caps a decade and more than 140 portfolio companies, and CEO Adam Felesky's view that wealth management faces the structural disruption banking saw ten years ago signals where the new fund is looking. Knote: This is good news since they are one of the more active WealthTech investors. They have between 12-15 WealthTech investments live, depending on how you count it, including Alpaca, Wealthsimple, and Conquest. Read More → Crowwd raises $260,000 pre-seed as it moves from community to distribution Crowwd, a New Delhi-based wealth-tech platform, raised $260,000 in a pre-seed round from more than 30 investors at an approximate $5.2 million valuation, with backers including Innov8 founder Dr Ritesh Malik and Three Words Capital. Now an AMFI-registered mutual fund distributor planning brokerage and private-markets access, Crowwd is following the familiar path of consumer investing apps that turn engagement into recurring, regulated revenue. Read More → Bill Harris launches Evergreen.ai, an AI financial advice app Bill Harris, former CEO of PayPal and Intuit and founder of Personal Capital, launched Evergreen.ai, an on-demand AI advice app covering planning, retirement, investments and taxes, free to beta registrants through January 1, 2028. Run as a service of an SEC-registered fiduciary RIA and pairing language models with deterministic calculation engines, Evergreen.ai targets the 73% of American adults without an advisor who are turning to general-purpose chatbots. Knote: This is the right way to deploy AI advice - AI for the communication part but deterministic models for the advice part. Read More → Arcons deploys billPort at a $150 billion-plus wealth manager Arcons Technology deployed its billPort client billing engine at a national wealth management firm with more than $150 billion in assets, live since Q2 2026 and automating billing cycles across the enterprise following a recent merger. Moving complex fee schedules, composite household billing and multi-custodian invoicing off spreadsheets cuts quarterly invoice cycles from weeks to hours, the back-office consolidation work that follows large wealth-firm mergers. Read More → Appleseed Planner launches with 11,000 users and $33 billion modeled Former Google group product manager Adam Waaramaa publicly launched Appleseed Planner, a free self-service planning platform already modeling more than $33 billion across 11,000 users, an average of $3 million per user. Spreading from Google to Meta, NVIDIA and Amazon on advisor-grade Monte Carlo simulation and automated life-event modeling, Appleseed shows how much planning depth high-earning tech employees now expect from a free tool. Read More → Invesco launches Personalised Investor Engine to turn savers into investors Invesco launched Personalised Investor Engine (PIE), a behavioural intelligence platform for banks and online investment providers, with UK digital bank Zopa and its 1.5 million mass-affluent customers as launch partner. Aimed at an estimated €10 trillion held in cash across Europe, PIE uses Oxford Risk behavioural profiling to deliver tailored nudges from onboarding through withdrawal, casting an asset manager as distribution infrastructure. Read More → Definedge raises $2.3 million pre-Series A for its trading and wealth platforms Pune-based Definedge raised Rs 22 crore (about $2.3 million) in a pre-Series A round, taking total funding to Rs 30 crore (about $3.1 million), with backers including Nitin Agarwal, D. Prasad, Anant Jain and Sachin Kasera. With more than 14 platforms, 125% user growth over 14 months and Momentify past Rs 1,000 crore in AUM toward a Rs 5,000 crore target, Definedge is riding India's self-directed trading boom toward broader wealth services. Read More → Monetary Metals raises $10.5 million for its gold yield marketplace Scottsdale-based Monetary Metals raised $10.5 million in equity from existing and new shareholders, bringing total capital raised since its 2012 founding to nearly $25 million after more than doubling gold deployed on its platform over the past year. Leasing gold to jewelers, refiners, mints and miners for inventory financing turns a diversification asset into an income-producing one, giving advisors a possible complement to fixed income allocations. Read More → Savvy Wealth launches a custodial platform for independent RIAs Savvy Wealth, an AI-native platform for independent advisors, launched Savvy Custodial Platform, offering fully digital client onboarding in about 90 seconds, white-label branding and integrated CRM, billing, trading and reporting. Opening the custodial integration beyond advisors on the Savvy RIA to the wider independent market via a waitlist puts Savvy in direct competition with the paperwork and multi-day delays of legacy custodial processes. Read More → Houston Trust Company goes live on Fi-Tek's Global Wealth Enterprise Solution Houston Trust Company, the largest private, independent, full-service trust company in Texas with more than $12 billion in fiduciary assets, went live on Fi-Tek's GWES as its core securities processing and accounting platform. Deploying the full suite, including Performance+, Report Studio and Fi-Tek's UMA solution for multi-manager sleeves, puts processing, accounting and reporting for roughly 350 relationships on a single straight-through platform. Read More → WealthReach, Domain Money and Savology team up on below-minimum prospects WealthReach, Domain Money and Savology launched a combined offering that routes qualified prospects to the advisory firm and sends the rest to Domain Money's 0% AUM CFP® service or to Savology's financial report card. Referring firms earn a percentage of Domain Money's annual planning fee, turning website visitors who miss firm minimums into revenue and permissioned, re-engageable leads instead of lost traffic. Read More → InvestCloud passes $9 trillion in platform assets InvestCloud reported more than $9 trillion in assets across its platforms, including over $4.2 trillion in APL managed accounts, up 20% year over year across 11 million accounts and an average 2.4 million trades a day. A return to revenue growth in 2025, a low double-digit growth forecast for this year and a $50 million-plus commitment to its Altic private markets network show InvestCloud betting that managed accounts will absorb private assets. Read More → Betterment adds an AI document reader to advisor onboarding Betterment added an AI-powered document reader to its Advisor Solutions platform that parses uploaded brokerage statements and populates transfer requests in about 30 seconds, replacing manual data entry for RIAs. With agentic workflows and Model Context Protocol releases planned for its advisor platform before year-end, the firm serving over 1 million customers and about $70 billion is wiring AI into custody and onboarding. Read More → OneSeven launches AdvisorGrowth IQ, an AI growth engine for advisors OneSeven launched AdvisorGrowth IQ, combining AIM Digital Advantage's brand and content strategy with FINNY's AI prospecting to deliver targeting, personalized outreach, automated follow-up and appointment generation in one platform. Chosen after evaluating more than 25 AI marketing firms, the bundle packages organic growth as a service for advisors and independent RIAs that lack the time, data and marketing infrastructure to prospect consistently. Read More → Snappy Kraken launches Snappy AI, a Claude-powered marketing coworker Snappy Kraken launched Snappy AI, a read-only assistant built on Claude that analyzes advisors' campaign activity, audiences and results to flag follow-up gaps and next steps without retrieving contact-level personal data. Its research across more than 9,000 advisors found only about 25% had connected their CRM even though integrated users saw three to four times more engagement, the visibility gap Snappy AI is built to close. Read More → Wealthcome raises €15 million Series B for its wealth data and AI platform Wealthcome, based near Bordeaux, raised €15 million (about $17.2 million) in a Series B led by Breega, with returning investor BlackFin Capital Partners, taking total funding to €22 million (about $25.2 million). Since its March 2025 Series A, client firms have grown from 300 to more than 800 and aggregated assets from €20 billion to over €80 billion, with investors backing AI anchored in consolidated data and traceable advice. MMnote: From what I can tell, Wealthcome is doing AI correctly by focusing on structuring the traceability of advice. Read More → AI ATC - A quick summary of interesting AI launches for those with AI fatigue Milemarker Launches an MCP https://www.wealthtechstrategy.com/post/milemarker-launches-an-mcp 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: https://www.wealthtechstrategy.com/

Wealthcome, a wealth management software provider based in Pessac, near Bordeaux, France, has raised €15 million (approximately $17.2 million) in a Series B round led by Breega, with returning investor BlackFin Capital Partners also participating. Announced September 24, 2026, the round follows a €7 million Series A led by BlackFin in March 2025 and brings total funding to €22 million (about $25.2 million). Founded by CEO Cyprien Delmeule with Éric Foin and Morgan Emmery, Wealthcome aggregates client wealth data, automates business workflows, and structures compliance journeys for independent wealth advisors, family offices, private banks, insurers, and other institutions. Since the Series A, the company has grown from 300 to more than 800 client firms, from 2,500 to more than 6,000 professional users, and from €20 billion to more than €80 billion (roughly $92 billion) in aggregated assets, while doubling headcount to about 60 employees. The company will use the capital to expand with large institutional clients, strengthen its compliance capabilities, deepen an AI ecosystem built directly into its tools, and continue developing its platform. Wealthcome pairs that AI push with requirements around security, data protection, sovereignty, and traceability of advice. Breega partner Benjamin Deplus said complete data aggregation opens the way to a truly controlled use of AI in wealth management. For advisors and platforms, the raise shows investors backing AI that is anchored in consolidated client data and documented, auditable advice processes. MMnote: From what I can tell, Wealthcome is doing AI correctly by focusing on structuring the traceability of advice. Link to Press Release

OneSeven. (2026, September 24). OneSeven launches AdvisorGrowth IQ, an AI-powered financial advisor growth engine. PR Newswire. https://www.prnewswire.com/news-releases/oneseven-launches-advisorgrowth-iq-an-ai-powered-financial-advisor-growth-engine-302887383.html OneSeven launched AdvisorGrowth IQ, an AI-powered growth and marketing engine built to help advisors scale prospecting and increase engagement with qualified prospective clients. The platform combines marketing strategy, brand positioning, thought leadership, audience targeting, prospect intelligence, personalized outreach, automated follow-up, and appointment generation in one organic growth platform. OneSeven developed the product in response to advisors and independent RIAs lacking the time, technology, data, and marketing infrastructure needed to attract new clients consistently. CEO Todd Resnick said the company's core focus is "growth, partnership and innovation" and that advisors asked for tools enabling organic growth without manual prospect list building or disconnected marketing management. OneSeven evaluated more than 25 AI marketing firms and technology companies before selecting the capabilities behind the platform. AdvisorGrowth IQ integrates AIM Digital Advantage, which supports brand discovery, niche development, positioning, messaging, and content strategy, with FINNY, an AI-powered prospecting platform that identifies and prioritizes prospects, enriches profiles, recognizes financial signals, and executes personalized outreach. The system operates with AI-assisted tools while allowing advisors to review, modify, and approve outreach parameters, with the stated aim of reducing marketing workflow time.

InvestCloud. (2026, September 22). InvestCloud achieves significant performance milestones resulting from strong client and market momentum. InvestCloud. https://investcloud.com/resources/investcloud-achieves-significant-performance-milestones-client-and-market-momentum/ InvestCloud reported more than $9 trillion in assets across its global wealthtech platforms, including over $4.2 trillion in APL managed accounts, marking milestone progress since it launched a new strategic direction on October 1, 2024. The APL managed account platform grew assets 20% year over year from $3.5 trillion, and now supports 11 million accounts, 4.7 million active models, and an average of 2.4 million trades per day. The company's PM+™ solution enables private market assets to be modeled, managed, rebalanced, and reported alongside public assets within a single automated managed-account structure, with approximately $8 billion of private market assets currently on the APL platform. InvestCloud has committed more than $50 million to build Altic™, an AI-native, rules-based private markets network intended to support private-market investments in managed accounts across a more than $16 trillion industry, with core services expected to be operational by year end. The SMARTAI framework organizes specialized agents around advisor workflows, introducing initial agents for tasks such as daily briefings, client intake, meeting preparation, and risk monitoring. InvestCloud announced a 10-year partnership with FIS in May 2026 to deliver advisor and client engagement solutions integrated with FIS core wealth platforms without replacing existing infrastructure. The company returned to positive revenue growth ahead of schedule in 2025, forecasts low double-digit revenue growth this year, and expects Rule of 40+ adjusted EBITDA performance and record sales for 2026.

WealthReach. (2026, September 23). WealthReach, Domain Money and Savology partner to launch a combined offering for advisory firms. Business Wire. https://www.businesswire.com/news/home/20260923785987/en/WealthReach-Domain-Money-and-Savology-Partner-to-Launch-a-Combined-Offering-for-Advisory-Firms WealthReach, Domain Money and Savology have formed a partnership that lets advisory firms convert more website visitors and existing database contacts rather than losing prospects who do not currently meet firm minimums. Prospects who meet a firm's criteria are routed directly to the advisor, while others are directed to Domain Money or Savology. Individuals sent to Domain Money are served by CFP® professionals offering 0% AUM wealth management, personal tax filing and estate planning support, with the referring firm earning a percentage of the annual planning fee. Individuals directed to Savology receive a personalized financial report card generated in minutes without personally identifiable information, followed by a curated learning experience that produces specific action items. Because the experience operates on the advisor's own website, it applies to the firm's entire pipeline, and consumers exchange an email or phone number for their report card to enable permissioned re-engagement of dormant leads. The offering combines WealthReach's organic visibility across Google and AI platforms such as ChatGPT, Claude and Perplexity with Savology's paid acquisition of committed marketing-qualified and digital-qualified leads, available as a single subscription package. The three companies will host a joint webinar titled "From Rejected to Referred: A New Model for Prospects Who Don't Fit Yet" on October 8 at 12 p.m. ET.