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Startup Promises Amazon Prime-like Services for FAs

By Alex Padalka January 28, 2019

A new software-as-a-service-based member benefit organization says it can deliver unbundled fintech solutions for financial advisors with a service it likens to Amazon Prime.

Chalice Financial Network, launched last week, offers various third-party services, including wealth management, guaranteed issue group health insurance — which it says will save advisors up to 30% on premiums — and other technology and business enterprise solutions on a subscription basis, according to a press release from the firm.

The Chalice Advisor Exchange digital marketplace is a single sign-on shared services technology platform based on the Amazon Prime model, according to the company. With a flat monthly fee of $250, Chalice Financial Network-member advisors can get access to insurance, complementary “bespoke” website building, corporate business services including human resources, compliance, accounting and marketing, succession planning assistance, alternative investments such as venture capital and private equity, qualified retirement plans and access to capital and loans, among other services, Chalice says.

The firm says it aims to fill “the enormous current void” in services for independent advisors with $50 million to $250 million in assets under management, Keith Gregg, chairman and CEO of Chalice, says in the press release.

Gregg adds that Chalice is able to deliver these services “from top-tier providers” on an unbundled basis not requiring RIA or broker-dealer affiliation.

The Chalice Advisor Board, which plans to meet for the first time in March, includes several industry veterans, according to the press release. Gregg was responsible for the launch of what’s now known as the Wells Fargo Advisors Financial Network, according to WealthManagement.com.

The board also includes Eric Clarke, CEO of Orion Advisor Services; Aaron Klein, founder and CEO of Riskalyze; and Stephanie Brown, former general counsel at LPL and now of counsel at Markun, Zusman, Freniere and Compton, among others, according to the press release.

"Our vision has been to solve for the pain points of independent advisors and provide them with a path to prosperity,” Gregg says in the press release. “Independence is wonderful, however most advisors suffer from independent isolation and what we call ’intellectual loneliness.’ Many advisors are terrific wealth managers, but struggle with the day to day management of a business and navigating several disparate systems to do so. We can help amplify and simplify their business.”