AutoPilot, an automated asset management platform from CLS Investments and Riskalyze, officially went live Thursday.
Like other tech tools for advisors, AutoPilot aims to help advisors reach next-generation clients, streamline the account opening process and make it more cost-efficient to service smaller accounts. Advisors using AutoPilot can plug the platform directly into their websites to let clients access Riskalyze’s risk tolerance programs, sync assets across accounts, open a new account and e-sign documents—all while operating under an advisor’s individual brand.
After a client opens an account, advisors get to decide how hands-on they would like to be. The AutoPilot team can be employed to handle the trading, rebalancing and client service calls for account management. Autopilot has no upfront fee and plans start at 25 basis points.
“The era of trying to out-robo the robo advisors is over, and the moment for human advisors to leverage all of the unique benefits they bring to the table has arrive,” said Aaron Klein, CEO of Riskalyze.
Initially, AutoPilot was scheduled to roll out to advisors nationwide in early April, but halfway through the process, Klein says the development team changed direction. They decided that after doing portfolio selection, "handing the user off to a partner’s system to handle the account opening process wasn’t going to deliver a great user experience," he said. So the team went back and built account opening from scratch, which delayed the launch by a few months.
"It’s beautiful and seamless, and we think it’s going to make a huge difference in client trust and conversion rates on the Autopilot platform," Klein said.
CLS Investments CEO Todd Clarke said more than 500 advisors from 45 states have already signed up to implement AutoPilot since it was announced in February.