Why the Commonwealth-MassMutual Tie-Up Is a ‘Big Deal’
February 19, 2019 by Janet Levaux
Broker-dealer and RIA Commonwealth Financial Network has a new client — but it’s not a financial advisor or team.
The firm’s tech entity, Advisor360°, just inked a licensing deal with Massachusetts Mutual Life Insurance Co., giving the insurance firm’s advisors and field partners access to Commonwealth’s platform of portfolio, workflow, customer relationship management and other tools.
Commonwealth executives say its tech venture and tie-up are a win-win, and fintech insiders agree. In fact, it’s likely that broker-dealer/RIA and fintech arrangements like this one will become more common.
“I can absolutely see more financial institutions marketing their proprietary front- and middle- office technology platforms to other institutions,” said Gavin Spitzner, president of Wealth Consulting Partners, in an interview. “By offering a field-tested, proven solution, firms can bypass the painful work to develop and implement integrated solutions on their own.”
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