Dynasty Financial Partners taps BridgeFT to handle data aggregation
Dynasty Financial Partners has found a new partner with some fresh tech to power its integrated wealth technology offerings across the Dynasty Network.
BridgeFT is a cloud-native, API-first wealth infrastructure software company operating out of Chicago that crafts tools for financial institutions, fintech firms and RIAs.
On Wednesday, the two entities announced that Dynasty has chosen BridgeFT’s WealthTech API as its primary custodial data partner. In conjunction with this partnership, Dynasty and select Dynasty affiliates will make a strategic minority investment in BridgeFT.
WealthTech API, launched by BridgeFT in late January, was created to remove the need for individual data feeds from a range of custodians and back-office providers, allowing wealth management firms and fintech companies to create differentiated, next generation wealth management applications.
The company also bills the solution as the first platform to deliver trade-ready, accurate data from multiple custodians through a single API.
At the time of its launch, BridgeFT CEO Joe Stensland said WealthTech API allows for a new approach to innovation by allowing firms to control their own digital experiences without having to build cumbersome functionality and infrastructure.
He added that because the industry is in an era of unprecedented technological growth, innovators need tools that can keep up with the speed of their ideas.
“We are honored that the team at Dynasty has committed so deeply to our technology and our company,” Stensland said in a statement. “Dynasty has a reputation for transforming the way advisors use technology that matches our own. We are excited to support and grow with the leading wealth technology and integrated services platform in the industry.”
As part of Dynasty’s investment, Dynasty Chief Technology Officer Frank Coates will join BridgeFT’s Board of Directors. Prior to joining Dynasty, Coates served as co-president of data and analytics for Envestnet. He also co-founded and was CEO of Wheelhouse Analytics, which was acquired by Envestnet in 2016.
“The Dynasty Network of independent RIAs is connected by our integrated wealthtech platform, and our partnership with BridgeFT will allow us to enhance the world-class tools at our advisors’ disposal to best advise their clients’ complete financial lives,” Dynasty Chief Operating Officer Ed Swenson said in a statement. “BridgeFT brings Dynasty speed of execution, reduced cost, and a turnkey architecture that will allow us to scale more efficiently. We are excited to partner with and invest in a company that moves at the speed of Dynasty’s pace of innovation.”