The New Jersey-based company is adding to its flagship investing platform by creating a set of wealth management APIs aimed at helping advisers build portfolios for their clients. The APIs, which are available to U.S. investment advisers and their international customers, will have fractional shares capability and access to U.S. equities.
The APIs offer three tiers of service:
- Make recommendations to clients, who implement the strategies on their own
- Make initial recommendations supported by automatic portfolio rebalancing
- Provide clients with a fully discretionary solution
“[Investment advisers] can streamline their workflow because our Wealth Management APIs seamlessly integrate real-time fractional share technology, allowing advisers to deploy one investment strategy across multiple accounts, regardless of a client’s investable assets,” said Harry Temkin, chief information officer at DriveWealth. “Advisers can choose to manage their clients’ accounts in a discretionary, non-discretionary, or blended environment to create weighted, customized portfolios.”
Founded in 2012, DriveWealth debuted real-time fractional trading at FinovateEurope 2016 in London. Earlier this summer, the company announced partnerships with Credit Ease and CaiGin International, two wealth management firms in China. DriveWealth also disclosed it has agreements in place with “several other” RIAs and wealth managers that will launch in the fall.