One of the companies leading the wealth management revolution is MyVest. Anton Honikman, MyVest’s CEO, left a strategic venture group that he built at what is now BlackRock to run a boutique management firm, and from there joined MyVest as chief executive. The company was founded in 2001, and according to Honikman, was ahead of several developments for which the industry had not yet prepared.Earlier this year, the company was acquired by TIAA, and will continue to run as an autonomous entity, according to Honikman. The company has doubled its staff and tripled its assets under management in the past three years, according to Honikman.
The centuries-old business of wealth management, like the rest of finance, is undergoing massive changes. Many experts view the current capital markets as frothy, and investors are wary of asset prices that can change rapidly with the mood of the market. Seemingly in tandem with a year of market volatility, new Department of Labor regulations on wealth management announced in April demand that portfolio managers focus more explicitly on their customers. These factors, combined with the fintech assault on traditional finance bulwarks, has led to the rise of companies looking to help wealth managers better serve their customers through technology. Revamped Look MyVest recently launched a new brand and website, reflecting the growth the company has experienced in the past year.