Fintech partner up to bolster wealth management services

Fintech partner up to bolster wealth management services

An extract of this article appeared on on December 15, 2023. Click here to read the full article.

Richardson Wealth renews agreement with Croesus

Toronto-based wealth management company Richardson Wealth renewed its contract in November to use Montreal-based Croesus’s portfolio reporting software for another five years. The company, with $34.7 billion in assets under management, has used Croesus Advisor since 2008, said Marc Riel, Vice-President of Development and Strategic Partnerships at Croesus.

Croesus Advisor includes portfolio rebalancing tools and management platforms. It also helps advisors adapt to regulatory changes by automating the risk-rating process and reviewing compliance with an investment policy. Most of the firms using Croesus Advisor use it for reporting purposes and to communicate with clients, Riel said.

Richardson Wealth is one of Croesus’s approximately 150 Canadian clients, many of which are major financial institutions, Riel said. Croesus has over 50% market share of financial institutions in Canada and its platform processes an aggregate $1.7 trillion of assets under management, said Frédéric Le Bouar, Director of Product Marketing and Business Outreach at Croesus.

Croesus partners with Mako Financial Technologies for KYC

Croesus and Montreal-based Mako Financial Technologies partnered to integrate the Croesus Advisor portfolio management system (PMS) with Mako’s know-your-client and document-processing automation to help advisors streamline client onboarding.

An onboarding process that used to take up to a month to complete can now be completed in a matter of days, Riel said.

Discussions for this partnership began two years ago in response to feedback from advisors who wanted quicker client onboarding.

Croesus is in “very advanced” discussions with other companies for similar integrations, Le Bouar said: “Digital onboarding, ESG, financial planning — all the functionalities that we don’t provide in a PMS, we want a partnership in some manner.”


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