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Inside the Latest Custody and Wealth Platform Reports – Fact-Checked Integrated Summary

Insights with John O’Connell of The Oasis Group

This webinar featured John O’Connell of The Oasis Group discussing his most recent research on custody platforms, wealth platforms, and emerging AI tools for advisors. The session emphasized how advisors can use data-driven evaluations—not surveys—to guide platform selection, operational decisions, and growth strategy.
 

1. Research Methodology and Why Oasis Avoids Traditional Surveys

John O’Connell opened by explaining the limitations of survey-based research, which often suffers from:

• Small or skewed sample sizes (e.g., overrepresentation of wirehouse advisors).
• Inconsistent usage patterns, making ratings misleading (e.g., a firm rating trading poorly even if the firm does not actively use trading features).
  
   

Instead, Oasis uses a direct-provider and empirical methodology, modeled after practices used by Gartner and Forrester:

How Oasis Builds Its Research Studies

1. Creation of a detailed rubric, including 14 functional “themes” (wealth platform study), such as:
   • Digital account opening
   • Trading & rebalancing
   • Performance reporting
   • Client portals
   • Operational workflows
2. Focus areas under each theme generate 200+ detailed questions for wealth platforms.
3. Five-level capability scale used to score each question (e.g., account-level → household-level rebalancing).
4. Weighting of themes (example: trading & rebalancing weighted 20% of overall score).
5. Direct demonstrations with vendors to validate their answers.
6. Independent verification via user interviews (not provider-selected references).
   
    

This produces a two-axis scoring model called the Peaks Perspective:

• X-axis: Empirical score from the rubric
• Y-axis: Roadmap strength, onboarding experience, executive interviews, verified user reviews

This framework is applied across all Oasis research categories (custodian platforms, wealth platforms, AI note takers, AI prospecting tools).

2. Wealth Platform Study – Key Findings and Structure

The 2024 Wealth Platform Study (completed Q4) uses the methodology above to evaluate major platforms including:

• Orion
• Advisor360
• AdviceOne
• Black Diamond
• AdvisorEngine
• Apprise, Tamarac, and others
  
   

What Questions Measured

Examples from Trading & Rebalancing include:

• Ease of model creation
• Household vs. account-level rebalancing
• Wash-sale violation prevention
• Tax-loss harvesting support
• Tax-efficient rebalancing

Advisors can use the report to determine which platform is suitable for:

• Multi-custodian environments
• Robust trading needs
• Firms preferring an all-in-one suite (CRM + wealth platform)
  
   

3. Custodian Platform Study – Surprising Findings

The custodian platform analysis included:
Altruist, Schwab, Fidelity, Pershing, Axos, Apex, TradePMR, RBC, Goldman Sachs, and others.

 

Most surprising results

• Schwab: Despite expectations of legacy limitations, Schwab scored very strongly across capabilities.
• Goldman Sachs: Demonstrated rapid development and a strong roadmap despite earlier challenges entering the RIA market.
  
   

Key areas evaluated

• Client portal functionality
• Performance reporting
• Digital account opening (PDF vs. true digital workflows)
• E-signature options (Schwab’s built-in e-sign capabilities reduce DocuSign cost)
• Trading & rebalancing capabilities
  
   

The report helps firms understand if they can operate using only a custodian platform—especially firms <$250M or <$1B AUM—without immediately adopting a full wealth platform.

4. How Firms Use the Studies

O’Connell explained how various firm types use the findings:

Breakaway advisors

• Evaluate whether a single-custodian + CRM + planning software stack is sufficient.

Large or multi-custodian RIAs

• Determine which wealth platforms support robust trading across custodians.

TAMP-outsourced firms

• Identify lower-cost platform combinations that avoid duplicative tools.
  
   

5. Additional Oasis Research – AI Note Takers & AI Prospecting Tools

Oasis uses the same structured methodology for emerging AI categories.

AI Note Takers Evaluated

Examples include:

• GReminders
• Millie
• Jump
• Zox
• Zeppelin
  
   

Inside the Latest Custody and W…

Key advisor takeaways

• Humans cannot truly multitask, so note takers allow advisors to remain present.
• Advisors must review and correct summaries because AI will transcribe sarcastic remarks literally (example in transcript).
• Best practice:
  • Review → Correct → Move into CRM → Delete transcripts/recordings per compliance guidelines.

AI Prospecting Tools Evaluated

Examples include:

• AIdentified
• Catchlight
• Finny AI
  
   

Capabilities highlighted:

• Aggregates third-party consumer data to identify targeted prospects
• Enables segmentation by wealth, geography, interests (such as golf or wine)
• One advisor successfully invited ~250 prospects to a charity golf outing using AI-driven segmentation
  
   

6. Succession Planning & Offboarding – Clarifications and Fact Check

A participant (Jonas) raised concerns about Altruist’s offboarding timeline during advisor incapacity or death.
Altruist allows 180 days for clients to transfer assets; if unresponsive, accounts may be liquidated and checks issued directly to clients.

 

O’Connell’s clarifications

• The 180-day rule is standard across custodians.
• This scenario becomes a succession planning issue, not a custodian issue.
• Solo advisors should have legal documents outlining:
  • Who to contact
  • How the business should be sold or transitioned
  • Instructions for surviving spouses
• He personally maintained an “If I Die File,” recommending all solo practitioners do the same.

This emphasizes the need for business continuity and emergency advisory transfer planning, an area widely supported by regulatory guidelines (see fact check links below).

7. Advisor Adoption of Customer Advisory Boards

O’Connell noted that nearly all major custodians now maintain customer advisory boards (CABs) where advisors can provide roadmap feedback.
These boards typically rotate members every 1–2 years and give firms substantial influence over platform development.

 

He encouraged advisors to contact their relationship managers proactively to participate rather than “suffering in silence.”

8. AI, Meeting Prep, Predictive Markets & Upcoming Research

Upcoming Oasis work includes:

• Q1 release of a new research study (topic pending)
• Updated AI meeting preparation & note taker report (including new note-taking features added by major wealth platforms)
• Articles on prediction markets (e.g., Kalshi, Polymarket) and how advisors should communicate with clients who engage in them
  
   

9. Pricing, Access, and Next Steps

O’Connell confirmed:

• Custodian Platform Report: $5,000
• Wealth Platform Report: $5,000

These are less expensive than custom consulting evaluations and help firms quickly narrow shortlists.

 

He agreed to provide abstracts and landing-page materials to Tom for distribution to attendees.

10. Action Items (Confirmed & Expanded)

✔ Send abstracts and landing-page materials for paid reports (custody & wealth) to Tom.
✔ Provide webinar replay and materials to attendees once received.
✔ Share opt-in poll contacts with John and team.
✔ Publish updated AI note taker study & Q1 research study; update Oasis website; notify subscribers.
✔ Follow up individually with attendees seeking demos or additional information.

 

External Fact-Checking & Supporting Resources (Written-out URLs)

Succession Planning & Custodian Offboarding

• SEC guidance on Business Continuity Plans for Advisors:
  https://www.sec.gov/files/ia_business_continuity_guidance.pdf
• FINRA guidance on supervisory control & continuity planning:
  https://www.finra.org/rules-guidance/key-topics/business-continuity-planning
• Altruist policies publicly documented via advisory agreements and FAQs:
  https://altruist.com/legal

AI Note Taker Accuracy & Compliance Considerations

• FTC guidelines on AI transparency and accuracy risks:
  https://www.ftc.gov/business-guidance/blog/2023/02/keep-your-ai-claims-check
• SEC alert on recordkeeping obligations for electronic communications:
  https://www.sec.gov/files/risk-alert-electronic-messages.pdf

AI Prospecting Tools & Data Aggregation

• Overview of consumer data brokerage practices (FTC):
  https://www.ftc.gov/system/files/documents/reports/data-brokers-lessons-big-data-call-transparency-accountability-report-federal-trade-commission-may-2014/140527databrokerreport.pdf

Predictive Markets Background

• CFTC statements on regulated prediction markets (e.g., Kalshi):
  https://www.cftc.gov/LawRegulation/DoddFrankAct/Rulemakings/DF_33_CMR/index.htm
• Polymarket information (blockchain-based prediction market):
  https://polymarket.com

General Industry Context

• Schwab advisor platform: https://advisorservices.schwab.com
• Fidelity Institutional: https://institutional.fidelity.com
• Goldman Sachs Advisor Solutions: https://www.gs.com/advisor-solutions
• Altruist RIA Custody Platform: https://altruist.com