Wealthtech News from Advyzon, F2, IncomeLab, RedBlack
Retirement income planning platform Income Lab announced a suite of AI tools this week.
These include AI Plan Builder, AI Interviewer and AI Assistant, all meant to help advisors reduce the amount of tedious, manual processes involved in building retirement income plans.
“Our suite of AI tools was designed to work alongside advisors, not replace them. The new tools eliminate hours of work building and updating plans, giving advisors more time to focus on strategy, deepening client relationships, and the human side of advice,” said Justin Fitzpatrick, Ph.D., CFA, co-founder and president at Income Lab.
The AI Interviewer will ask a prospect or client a series of questions that “captures the key parts of their financial life,” according to a statement. Following this, the AI can then build a plan reviewed by the advisor. Similarly, the AI Plan Builder is meant to eliminate data entry by ingesting unstructured data from an advisor’s notes, client meeting transcripts, documents, reports and forms to build a plan.
The AI Assistant, on the other hand, is meant to answer advisors’ questions, whether explaining calculations or providing instructions on how to best use the software. It is also meant to help train advisors to understand and discuss Income Lab plans.
Income Lab did not reveal how much of the AI was built internally, what LLMs were used, etc., or pricing. However, the suite of AI tools “is available as a free tech preview to all Income Lab users through the end of the year,” and the company will be hosting a webinar on Oct. 28.
Advyzon Announces Financial Planning, Adds Two Industry Veterans
The all-in-one advisor platform Advzyon signaled this week that it is getting serious in the area of financial planning, announcing it would create its own new tools and that Kevin Hughes, who spent almost 17 years at MoneyGuidePro (now part of Envestnet), has joined as president of financial planning. MoneyGuide’s co-founder, Tony Leal, has also joined the firm to serve in a strategic advisory role as executive in residence.
According to a statement, the new planning tools will combine goal-based investing and cash flow planning, among other features and be fully integrated into the Advyzon platform. As for availability, Advyzon founder and CEO Hailin Li hinted in a statement that “we look forward to launching in 2026.”
In August, Advzyon launched Sphere, a platform featuring curated managed portfolios, as part of its Advyzon Investment Management platform.
F2 Acquires Specialist Hedge Fund Consultancy
Wealth management technology consultancy F2 continues to expand, announcing this week it has acquired the HBMJ Consulting for an undisclosed sum. Its 18-member team will join F2. HBMJ specializes in operational scalability, data intelligence and technology transformation for hedge funds, hybrid funds, private credit and other alternative investment firms seeking institutionalization of the back office, according to a statement.
“Just as F2 is a trusted partner to wealth management firms, HBMJ fills that same role for hedge funds,” said Doug Fritz, co-founder and executive chairman of F2 Strategy.
This is the fifth acquisition for F2 since Renovus Capital Partners took a majority stake in the firm in 2023; it most recently acquired Aliter Investment Services in July.
RedBlack Launches Cash Management
RedBlack, which originally launched in the U.S. back in 2010 as a low-cost, modular, multi-custodial trading and rebalancing platform, this week announced it has added a suite cash management capabilities.
Among the new features are customized default money market funds that act as sweep vehicles. Advisors can also make use of bulk edits across accounts, enabling them to review and manage cash actions across the entire portfolio. There is also household-level management and tax-efficient cash raising features, which minimize taxable gains while freeing up needed cash for clients.
“Managing cash effectively has become crucial for any financial advisor, which is why we have purpose-built enhancements to address their most common pain points,” said Jennifer Valdez, chief revenue officer of RedBlack.
By way of history, the investment management company Invesco sold Intelliflo (which included RedBlack) and both its U.K. and U.S. operations to global investor Carlyle Group in August (Invesco acquired Intelliflo in 2018). RedBlack now has its name back after being rebranded in 2021.