On May 24, something special happened. A big event took place quietly in the sleepy little town of Weston, outside of Boston, MA. A company has been born, fully formed and ready to mature and thrive. MassMutual went live on the Advisor360° platform. This makes Advisor360° one of the biggest and well-funded FinTech software companies on the planet.
Working side-by-side with our MassMutual partners, we’ve successfully implemented our SaaS platform across their entire enterprise infrastructure.
An amazing accomplishment
Some said leveraging our SaaS technology in the insurance industry couldn’t be done. We heard the skeptics: “Their product only works for wealth management”; “Their system isn’t proven at scale”; “They don’t know what it means to be a software company.” We have proven the naysayers wrong—and have become one of the biggest companies in our industry. With 22,000 platform users, over 3 million households, and $.5 trillion in assets tracked, we’ve shown that we can succeed for our clients, their advisors, and investors. And we’re just getting started.
With the launch, MassMutual and their advisors/agents will now realize the benefits of their digital transformation: increasing revenue/advisor productivity to stimulate growth, cost savings, and easing compliance burdens with everchanging regulatory standards.
Through partnership, anything is possible
MassMutual’s unwavering commitment to our partnership has been vital. We worked together and pushed through technical challenges and a global pandemic over an 18-month journey. I’m in awe of their dedication to transforming raw ideas into a remarkable platform.
It is only because of our resolve that the platform has been a success, amassing incredible numbers in just the first two weeks, there have been 147,000 total logins; 400,000 households viewed; and 2,000 client portal logins created; just to name a few key data points.
The numbers are breathtaking but don’t tell the whole story. The team never lost sight of the real power of our platform: enabling MassMutual and its advisors to efficiently run their businesses while helping their clients make the critical decisions that have a lasting, positive impact on their goals and families.
I’m elated that platform users continue to sing our praises:
“It's been great! I signed in early yesterday afternoon and haven't signed out. I used it for two client calls and worked through numerous tests on my PC and iPad last night and this morning. Will continue through Sunday. Better than advertised!” —Advisor to MassMutual Executive Management
“I love the dashboard that shows me the total value by asset across the firm. I used to have to go to five different places for this information. This is AWESOME!” —Home Office employee to Head of Operations
“In my 21 years at different broker-dealers, I have been through four different software conversions. The transition to Advisor360° has been by far the smoothest. From the engagement of the field in training to the significant functionality improvements for advisors to transition day, we saw a well-organized and well-executed plan.” —Advisor to MML Executive Management
MassMutual’s advisors are super-engaged and already starting to see the benefits from a unified digital WealthTech platform, which is meeting and exceeding their expectations.
With the adoption of technology in financial services, banking and insurance still in its infancy, our platform launch is only the beginning. The opportunity for broker-dealers to transform their businesses through technology, what we at Advisor360° call their digital transformation, is a huge opportunity that will extend well into the future.
Most banking, insurance, and independent broker-dealers still have a tremendous number of manual- and people-intensive processes. Digital transformation is the most significant opportunity for enterprise-level broker-dealers and their advisors to save time and money, increase productivity, and reduce compliance risk. I also see hypergrowth in the independent advisor market on the broker-dealer side of wealth management and believe tech advances will empower broker-dealers to address burgeoning RIA needs.
With many markets ready to embark on their digital transition, I can’t wait to see what tomorrow brings…