Technology service and financial education provider DriveWealth has announced that it is deploying a new functionality to its offering that is aiming to enable investment advisors worldwide to offer their services across multiple brokerages via the company’s Wealth Management API.
IA’s will be able to design custom portfolios for different clients depending on there risk profile and account size and deliver diversified solutions worldwide vie an API. The solution is using real-time fractional shares, which can lower the client’s minimum account balance to zero. This enable the investment advisor to offer his/her services to a very wide base of clients.
DriveWealth is cleared to onboard international customers, which is widening the scope for IA’s even further.
Wealth Management API allows advisors to deploy one investment strategy across multiple accounts
Commenting on the product, the Chief Information officer at DriveWealth, Harry Temkin, said, “IA’s can streamline their workflow because our Wealth Management API seamlessly integrates real-time fractional share technology, allowing advisors to deploy one investment strategy across multiple accounts, regardless of a client’s investable assets.”
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“Advisors can choose to manage their clients’ accounts in a discretionary, non-discretionary, or blended environment to create weighted, customized portfolios,” he explained.
Three Tiers of Retail Advisory Services
DriveWealth allows IA’s to deliver up to three tiers of retail advisory services. The first module allows for customized recommendations made by the advisors who on their part can execute the recommendations on their own in a non-discretionary environment.
The second level of the services is a blended one, allowing advisors to make initial recommendations to their customers who can then execute in a non-discretionary environment supported by automatic portfolio rebalancing by the the IA. The third option is for advisors who are delivering a fully discretionary solution to their clients.
The Wealth Management API delivered by DriveWealth is easily deployable for brokerages and can be used by robo-advisors as well as traditional RIA’s. every single calculation, share purchase, rebalancing and allocation is performed automatically via the API.
Earlier this summer, DriveWealth announced a couple of partnerships with two Chinese wealth management companies – Credit Ease and CaiGin International, LLC. DriveWealth has also set some agreements with other RIA’s and wealth managers whose platforms are going to become available in the fall. The company also partnered with oneZero to deliver exchange-listed US equities and futures trading via the popular MetaTrader 4 trading platform to Direct FX.