Digital Assets: Franklin Templeton Snaps up Digital Wealth Leader AdvisorEngine

May 7, 2020 | Digital Assets, FinTech, News
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Fund manager Franklin Templeton will now provide technology services to financial advisors across the country.

Franklin Resources, Inc. [NYSE: BEN], a global investment management organization operating as Franklin Templeton, has acquired AdvisorEngine Inc. (Financial Advisor)

AdvisorEngine is a digital wealth platform and provider of technology and consulting services to more than 1,200 financial advisory firms. These firms manage over $600 billion in assets.

Franklin Templeton beefs up advisor focused technology

The acquisition of AdvisorEngine reflects Franklin’s increasing strategic focus on fintech and digital technology, particularly in wealth management advisory solutions.

“We’re in the midst of the fourth industrial revolution, and technological advances are reshaping how financial solutions are delivered. As a result, we continue to invest in technology and teams to enhance our offerings and enable us to innovate at the nexus of asset management, wealth management, and technology,” said Jenny Johnson, president, and CEO of Franklin Templeton, in a statement.

Harshendu Bindal, Head of Digital Strategy and Wealth Management at Franklin Templeton said the acquisition would add a digital dimension to Franklin’s wealth management business. Additionally, it would enhance support for financial advisors via digital servicing capabilities.

According to Craig Ramsey, AdvisorEngine Chief Operating Officer, the company is embarking on a paradigm change in wealth management platforms. “We are bringing down the walls between CRM, portfolio management, and productivity software. As this happens, advisors will deliver on the promise of ‘personalization-at-scale’ in a way that has not been possible previously.”

Is Junxure CRM the crown jewel?

Future products from AdvisorEngine could encompass “smart automation” for financial planning and portfolio construction. A key product could be the next generation of advisor CRM Junxure.

According to Nexus Strategy President Tim Welsh, who was speaking to Financial Planning, Franklin Templeton may be eyeing Junxure, a technology not available to any other asset manager. The software is popular with many advisors and functions as their core technology and workflow hub.

According to Welsh, Junxure may be the hidden gem that Franklin is going after.

Related Story:   Liquid Alternatives: Franklin Templeton Buys Legg Mason in $6.5B Deal                                               

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