28nRo9J

Digital Wealth Management
Anton Honikman, MyVest (cont.)
2. Personalization: The combination of Multi-asset class coverage plus our personalization engine allows for scaled delivery of
more custom portfolios than most B2B digital wealth management providers. Our system can support pooled products (ETFs
and mutual funds) as well as single securities (equities and fixed income) allowing for flexibility in portfolio construction and tax
management. We are able to take into account client-specific tax circumstances, legacy holdings substitutions, etc. allowing for
differentiated portfolios to be managed by the system at scale.
3. Sophistication Allows for Multiple Operating Models: Our system can support the sophisticated needs of a HNW offering, while
at the same time supporting the simpler needs of an ETF-wrap solution for a retail audience, and multiple flavors in between.
This allows a sponsor to adopt a single system with centralized governance and data management for multiple wealth programs
on their platform simultaneously. It allows investors to graduate from one program to another without data migration.
4. Proven Scale: Most B2B wealth management providers are recent startups without the tradition of serving large financial
enterprises. MyVest has always been an enterprise solution that has been subject to the rigors of enterprise scale.
How do you see robo advisor technology impacting the wealth management industry and how is MyVest going
to capitalize on this?
Robo advisor technology has promoted the virtues of low fees, an attractive, easy-to-use user experience, paperless workflow,
commoditized portfolio management and transparency; however, they generally lack personalization, enterprise scale, and
sophistication.
While I believe that pure B2C robos will continue to be a viable but niche segment, they have caused the traditional wealth
management industry to take note, and most are now evaluating a digital roadmap in response.
What are the problems you see with the traditional wealth management industry? What are current vendors to
this market lacking?
Despite shifting sands, many advisors are still product-centric, focused on chasing performance instead of outcomes that reflect the
unique circumstances, goals, and values of their clients.
Inertia is also at play. Many know that change is necessary, yet a combination of legacy technology and inappropriate corporate
incentives have slowed down the pace of change in most traditional wealth management firms.
These challenges are exacerbated by the fact that most enterprise technologies are geared toward the orthodoxy: they promote, for
example, benchmark-relative performance and the sanctity of manager sleeves. To satisfy the highest fiduciary standards,
investments solutions should instead be personalized and tax managed at the household level, which very few systems are geared
to provide.
36