CircleBlack, which describes itself as a “wealth innovation company,” has entered the next phase of its development - beta testing for financial advisors.

CircleBlack, which describes itself as a “wealth innovation company,” has entered into the next phase of its development - beta testing for financial advisors.

Lebenthal Wealth Advisors, the wealth management division of Lebenthal Holdings, has become the first firm to sign on as an early adopter of the platform.

“The feedback from this invite-only group will help inform the final product when it is released more broadly to the RIA community and the clients they serve,” CircleBlack said.

The aim of CircleBlack, which is cloud-based, is to provide financial advisors with intelligence about client portfolios, advisory relationships, total wallet share of assets and industry investment trends, it said. The platform will also offer mobile capabilities and automated updates and alerts, promoting more frequent advisor-client interactions.

“While the RIA space has been the fastest growing sector in financial services for the last decade, there is constant pressure on advisors from external forces,” said John Michel, chief executive of CircleBlack. “How advisors use technology to react to threats as varied as discount brokerage to robo-advisor is a key competitive concern for advisors.”

“This platform is the type of technology that is building a competitive edge for Lebenthal,” said Andy Grillo, president of Lebenthal Wealth Advisors. “It gives our advisors access to an interactive communications and intelligence interface to empower next-generation engagement with clients via better data and mobile apps while also allowing for cost-effective advice on 401(k) accounts.”