At a glance
- Field gathers information from custody, financial planning, CRM and portfolio analytics systems and reconciles it so a firm can use it across the business, according to the report.
- Crager said existing providers remain core infrastructure and the missing piece is the connection between them.
- For an advisory firm running several vendors, the terms to test before signing are who pays for the connection and how easily it can be unwound.
Bill Crager, CEO of Field and co-founder and former CEO of Envestnet, said advisors have been handed the job of stitching together their own technology, AdvisorHub reported from its Advisors to Watch Summit.
Field gathers information from custody, financial planning, CRM and portfolio analytics systems and reconciles it so a firm can use it across the business, according to the report. Crager said existing providers remain core infrastructure and the missing piece is the connection between them. Data stays in the advisor's environment with permissioned access. APIs and AI handle the gathering, and people check accuracy. A firm can use the output for queries and reporting, run inside an existing data environment, or build a wider experience for advisors and clients.
For an advisory firm running several vendors, the terms to test before signing are who pays for the connection and how easily it can be unwound. Crager wants providers and partners to help fund that data infrastructure rather than leave the cost with the RIA, though he did not outline a pricing schedule. He also said firms should be able to change providers without restrictive contracts.
Reported by the Practice management desk from AdvisorHub. Published . Corrections