Altruist Raises $112M to Take on Schwab, Fidelity: Tech Roundup

SPS Partners With Envestnet

SPS Family on Tuesday announced a partnership with Envestnet to modernize its technology solutions, upgrading from a multi-platform system to a single platform solution. SPS Family is the parent company of broker-dealers Sigma Financial and Parkland Securities, as well as RIA Sigma Planning Corp.

The partnership with Envestnet will improve efficiency by streamlining workflows and enhancing the overall experience for SPS’ network of 884 advisors, it said.

SPS Family plans to convert its legacy portfolio performance program to Envestnet’s billing and reporting tools and launch full platform capabilities to provide one access point for advisors across multi-custodial platforms on one centralized system, it said.

Riskalyze Names New Chief Revenue Officer

Riskalyze says it has hired Stephen Brandes to serve as its new chief revenue officer, effective later this month. He is replacing Drew DiMarino, who was with Riskalyze for the past four years and is stepping down to work for an early-stage company.

Brandes joins Riskalyze from Wunderkind, a digital growth solution provider for retail e-commerce companies. During his seven-year tenure at that company, he played a key role in “accelerating its annual recurring revenue from $30 million to $150 million,” according to Riskalyze.

He is based in New York and will lead Riskalyze’s Advisor Direct, Mid-Market, Strategic Accounts, Renewals and Relationship Management teams, and “will leverage his go-to-market experience to drive industry adoption of the company’s category-defining growth platform,” the firm said.

Separately, Riskalyze announced that its next Fearless Investing Summit will take place Oct. 2-4 at the JW Marriott Turnberry in Miami.

ACA Vantage for Cyber Launches

Governance, risk and compliance advisor ACA Group expanded its product line with the launch of ACA Vantage for Cyber to help private markets firms discover, prevent and remediate critical cyber vulnerabilities across their portfolios, it said Tuesday.

The new offering is powered by the firm’s cybersecurity unit, ACA Aponix, and combines an executive advisory service with ACA’s technology, ComplianceAlpha, to help operating partners and sponsors at private-market firms “build and operate a formal program of cybersecurity portfolio oversight and conduct an ongoing, effective assessment of their portfolio companies’ cyber posture over the entire investment lifecycle,” it said.

 (Pictured: Jason Wenk, CEO of Altruist)