The technology platform used by many wealth managers is creating new workflows for eMoney Advisor, Envestnet MoneyGuide and Libretto. Specifically, the integration will allow advisors to use Addepar’s data aggregation, analytics and reporting platform with their preferred planning software, the firm announced yesterday.

“Financial planning is a core offering for many advisors, helping them win over prospective clients and grow their business,” said Addepar’s senior director of product, William Armenta. He said that extending the platform to connect easily and securely with the leading financial planning solutions was a natural next step for the firm.

Wealthtech provisioning in the US market is heating up as more advisors differentiate and provide better client experiences through technology at the same time as the independent advisory sector continues to court consolidation. Research from the FA Insight Study of Advisory Firms released last month shows that the top-performing RIAs are investing in M&A, people and tech as part of a long-term strategic plan. The study found that 93 per cent of top-tier standout firms have adopted financial planning software, compared with 71 per cent of other firms.

The partners mentioned in this week’s announcement agreed that streamlining workflows for accounting, planning and portfolio construction would only add value for the customers they already share.

Goals-based reporting has become a “top priority for wealth management firms, and Addepar's new financial planning integrations allow advisors to deliver on providing a tailored, personal narrative to their clients," said Doug Fritz, founder of West Coast consultancy F2 Strategy which works with the wealth management industry to make technology transitions.

Launched 10 years ago, Addepar provides wealthtech services to financial advisors, family offices, and large financial institutions that manage around $1.3 trillion of assets through its platform. The Mountain View-based firm closed a fifth round of financing back in March and has raised $206 million to date, according to Crunchbase. CEO Eric Poirier says he wants to continue pitching solutions and innovating at the higher end of the client wealth market, which he says is woefully underserved.