The exchange, going live later in 2020, is the sort of offering that plays to a range of demands that advisors now have, such as a requirement for capital growth, transition plans and exits, help with technology, and other forms of support.

US-based wealth management systems firm Envestnet has set up an exchange alongiside Dynasty Financial Partners that gives advisors tools to grow their firms - highlighting how the sector is changing.

The offering, called the Advisor Services Exchange, is due to be launched later in 2020, Dynasty and Envestnet said in a statement yesterday. 

"We're doubling down on our commitment to -- and investment in -- financial advisors, and we're proud to partner with Dynasty to fulfill it. Through the Advisor Services Exchange, we believe Envestnet's clients will be able to save time on day-to-day business management activity, and bolster their services to deliver comprehensive, unified advice,” Aaron Bauer, head of wealth strategy at Envestnet, said.

The exchange gives Envestnet clients the ability to use services available to Dynasty network firms, such as access to growth capital, business management tools, marketing services and outsourced CFO services.

As part of the partnership, Envestnet will make a minority investment in Florida-based Dynasty, a business now overseeing a total of more than $40 billion of client assets.

Dynasty and Envestnet are firms that have ridden the wave of trends such as launches of new registered investment advisors, RIA mergers and acquisitions, and owners’ need for business transition options and capital. In the background is a transformation of the North American wealth management market amid an expected $30 trillion transfer of wealth in coming years as the Baby Boom generation passes on.