Commonwealth Financial Network announced that its new stand-alone technology company, Advisor360°, has entered into a licensing agreement with Massachusetts Mutual Life Insurance Co. (MassMutual), making available the Advisor360° suite of software tools to MassMutual’s advisors and field partners.
The Advisor360° suite comprises Client360° ®, which integrates portfolio, trade, contact, document, and wealth management in a single intuitive platform, giving financial advisors a truly comprehensive and interactive view of each client’s financial life; Practice360° ®, which delivers a single, powerful dashboard for streamlined practice-wide operations, workflow, and analytics; and Investor360° ®, which clients can use to holistically see their complete financial picture.
“We could not be more thrilled with this agreement, as it represents a win for all involved,” said Wayne Bloom, Commonwealth CEO. “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.”
Bloom continued, “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.”
From a service standpoint, both Commonwealth and MassMutual will maintain their existing service arms, and Bloom noted 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,” added 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.”
