Welcome to Financial Advisor IQ

How Hires From Morgan Stanley Beef Up Advizr’s IBD and Fortune 500 Offerings

April 17, 2018

The recent departures of four Morgan Stanley executives to financial planning software firm Advizr puts the tech firm in a good position to go after small broker-dealers and Fortune 500 firms — and compete with robo-advisors, its executives tell RIABiz.

Chris Salvaggio, Brian Morgan, Janice Chan-Mui and Vibin Chowallur joined Advizr last month, with all but Chowallur coming straight from Morgan Stanley. Prior to joining Advizr, Chowallur spent 16 months at Deloitte, but had worked for 15 years on financial planning support at Morgan Stanley and its rival Merrill Lynch.

Salvaggio, whose new role at Advizr is as head of customer success, tells RIABiz the company can now be seen as competing with digital advice firms Apex, Quovo and Betterment. Previously, Advizr’s competitors were financial planning software providers eMoney, MoneyGuidePro and Advicent Solutions, according to the web publication.

Advizr is also going after a new niche market: By offering turnkey planning technology akin to what’s in the works at Morgan Stanley, Advizr can go after small independent broker-dealers with no experience with financial planning technology, RIABiz writes.

“We’re going into BDs that are really pressed on margins and have advisors who [60% to 70% of the time] don’t do planning,” founder and CEO Hussain Zaidi tells the web publication.

He adds that the firm also plans to add up to 10 Fortune 500 companies to its client roster this year, according to RIABiz. Advizr has already signed up Alight Financial Solutions LLC, which is owned by Blackstone Group LP, according to the web publication.

By Alex Padalka
  • To read the RIABiz article cited in this story, click here.