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Massachusetts Mutual Life Insurance Co. (Springfield, Mass.) has licensed Advisor360°’s distribution technology, the Advisor360° suite. Advisor360° is a subsidiary of Commonwealth Financial Network (Waltham, Mass.), the largest privately held Registered Investment Adviser–independent broker/dealer in the U.S.
The Advisor360° suite comprises Client360°, which integrates portfolio, trade, contact, document, and wealth management in what the vendor calls a single intuitive platform, giving financial advisors a truly comprehensive and interactive view of each client’s financial life; Practice360°, which delivers a single dashboard for streamlined practice–wide operations, workflow and analytics; and Investor360°, which clients can use to see their complete financial picture.
“We could not be more thrilled with this agreement, as it represents a win for all involved,” comments Wayne Bloom, CEO, Commonwealth Financial Network. “We’ve been investing in and evolving our technology, in collaboration with our advisors, for more than 15 years, and it is so gratifying to know that a firm of the caliber of MassMutual wants to use it to help its own advisors.”
Accelerating Advisor360°’s Software Development
“Most important, the agreement with MassMutual will enable us to accelerate the pace of our software development and ensure that our advisors’ tools remain on the cutting edge of what today’s—and tomorrow’s—top financial advisors need to thrive,” Bloom adds.
Both Commonwealth and MassMutual will maintain their existing service arms, and Bloom notes that the firm’s “high-touch” IT HelpDesk, as well as the 700+ employees who provide investment research, practice management consulting, compliance, operations, marketing, and a range of other support services, will remain exclusively devoted to Commonwealth’s own advisors.
“We are excited to be able to offer the 360° suite—and the operational efficiencies and client-service advantages it provides MassMutual,” adds John Vaccaro, head of MassMutual Financial Advisors. “The high-quality, deeply integrated end-to-end Advisor360° software will provide immense value to our advisors and, importantly, our clients.”