Bend, OR (PRWEB) July 12, 2017
ETFengine, a Fintech company specializing in investor record keeping for the wealth management industry, announced today it has reached a major goal in the development of its new asset allocation omnibus clearing platform. ETFengine has created the framework and foundation for a digital wealth management technology infrastructure that has the capability to provide a service model with economic and user/operational efficiencies and adaptability unavailable today. The foundational phase has also provided confirmation that the ETFengine solution can operate at cost points that will allow a user to compete with the biggest current providers.
Scott Eckenrode, ETFengine CIO, stated that “A recent example of interest in this approach is Wealthfront’s announcement that they will no longer be using Apex’s brokerage system and instead have developed their own integrated platform. ETFengine believes that this is proof that the market requires a commercial grade software solution addressing the whole range of components needed for a platform including clearing/custody, portfolio accounting, asset allocation, rebalancing, and ‘Model Market Place’ support for portfolio strategists”.
Ken Arthur, ETFengine co- founder, stated “Only a small number of firms have control of their entire technology ‘stack’ cost . As the market grows and volumes increase more attention will center on the cost to deliver digital advice services. A modern platform devoted specifically to this market which has frictionless operating costs and is nimble enough to quickly address new developments in the mass affluent/millennial markets will be of paramount importance to participants in this space. Because of our prior experience in starting and operating our SaaS company (Serving $2.4 Trillion in Mutual Fund Assets) , we are confident this new platform will not only reduce operating costs significantly over 50% but also provide an more agile system that can easily address the ongoing needs of regulatory change, new product feature support, and the constant integration needed to interface with other suppliers of software services”.
ETFengine has recently decided to seek the next level of funding for the completion of its new system. In the past 18 months, ETFengine has self funded its own development and achieved its major goal of architecting its cloud based platform and creating the software foundation to quickly create a fully operational system.
For more information please contact ETFengine at sales(at)etfengine(dot)com