By Stephanie Bartup | PAM Magazine
The CEO of next-generation wealth management platform Vanare has told PAM that his firm has created “what every wealth management firm will need to do in the future” to keep up with the fast-paced need of affluent clients.
Founder and chief executive Richard Cancro says that the firm is the first to successfully integrate online wealth management, CRM and portfolio management offerings, having completed its acquisition of ‘robo advisory’ firm NestEgg Wealth in 2014.
“With so much innovation in the industry, traditional wealth management firms will without question begin to integrate disruptive online wealth management elements,” he says. “The advisory industry is just too competitive not to adapt.”
“There will undoubtedly be more consolidation in the industry; as the next generation of wealthy individuals needs advisory services, firms will need to expand beyond traditional methods and services for new clients, and we have built a platform that supports both today’s and tomorrow’s financial advisor.”
Cancro practices what he preaches in terms of evolving to fit the modern marketplace, and says that he and NestEgg founder and current partner and COO of Vanare, Alexey Sokolin, have organically formed a ‘reverse mentor’ relationship, through which he, a veteran of the advisory business, learns from his younger colleague.
Having served as a managing director at both Bank of America/Merrill Lynch where he was the head of their RIA custody business, and at J.P. Morgan, where he was head of their Investment Advisor Services RIA custody business, Cancro has a wealth of experience in the industry.
“I can definitely learn from the skills, experience and perspectives of Alexey and the younger members of the team,” he says. “It’s invigorating to have that new perspective.”
Approximately 20,000 accounts are on the Vanare platform, representing over $1.5billion in assets. Vanare works with advisors that manage between $100m to $5bn in AUM.
Cancro’s colleague and reverse mentor Sokolin says they are working on several projects to expand the business, details of which they say cannot be revealed yet.
“There are new developments that we will be announcing later this year – what I can say is that they encompass the key idea of building a more customized, personal approach for all of the clients that use the system,” he says. “That’s our vision for the industry; we want to make sure every RIA and their clients have a bespoke, unique experience.”