Amidst the tidal wave of new AI-powered applications and services available to advisors and the rest of the world, it might have come as a surprise that Nvidia became the world’s largest company by market cap earlier this week.
As much of the country was voting in Tuesday’s elections, Nvidia exceeded Apple’s market capitalization. Nvidia was valued at $3.43 trillion at the close of the market, with Apple valued at $3.38 trillion. Nvidia has done this before, surpassing Apple for a single day in June.
AdviceTech.Live Is Next Week
Asset-Map Holdings, a visual financial planning provider, is holding its fifth annual AdviceTech.LIVE virtual conference on advisor technology next week, Nov. 12-13. Attendance is free; you just need to register.
The event will present speed demos from 20 advisor technology firms and host six keynote speakers.
In addition to showcasing a lot of advisor technology, the sponsorship proceeds raised during the two-day event will be contributed to Philly Phinancial Literacy Week Inc., an organization dedicated to expanding access to economic resources and education. Asset-Map has raised over $140,000 from the event over the past four years.
Pontera Integrates With Envestnet BillFin
Pontera this week announced the availability of its integration with Envestnet’s BillFin (the cloud-based advisory billing software for RIAs that resulted from its acquisition of Redi2 Technologies in 2022).
Through the integration, advisors who use Pontera to manage their clients’ 401(k) accounts can streamline their billing.
BillFin provides RIA firms with a comprehensive billing solution, from calculating advisory fees (flat, tiered or banded AUM). It can match most ways a firm already bills its clients—in advance or in arrears—based on several parameters such as the end of the period, with flows or average daily balance. There is also self-service onboarding, the ability to fully customize your invoices and set up asset exclusions by household, account, asset class or individual security, among other features.
DriveWealth Expanding into Europe
U.S.-headquartered brokerage-as-a-service provider DriveWealth announced this week it had been granted a brokerage license from the Bank of Lithuania (the European nation’s central bank).
This marks the company’s expansion into Europe; it already has regulatory status in the United States and Singapore.
The vision is that this will support DriveWealth’s ability to expand its platform to offer European securities as well as provide a “follow-the-sun” 24/7 service model continuously across time zones, according to its announcement.
DriveWealth offers brokerage services, including 24-hour trading and fractional share ownership, to an ecosystem of B2B partners that includes, among others, the direct-to-consumer personal finance application Revolut and, for several months in 2019, custodian and clearing firm Altruist.
uMINT, a Tokenized Money Market Investment Fund, Announced by UBS
UBS Asset Management recently announced the launch of its UBS USD Money Market Investment Fund Token (uMINT), built on Ethereum distributed ledger technology.
The giant international firm, with more than $5.7 trillion in managed assets, has been expanding its digital asset capabilities offering through UBS Tokenize, its in-house tokenization service.
UBS joins BlackRock KKR, Hamilton Lane and many other firms in rolling out tokenized funds this year.
