Author: Craig Clark

It’s hard to believe that 2024 is quickly coming to an end. Now, as we prepare for a new year ahead, it’s the perfect time to reflect on the pivotal moments that shaped the wealth management industry over these past months. 

From exciting mergers to the continued rise of artificial intelligence (particularly in the finance space), this year brought about important shifts that could continue impacting our industry in 2025 and beyond.

Below, we’ve gathered and summarized what we think are the 10 most significant stories of the year in the wealth management industry.

Major CEOs exited their positions

This year, we saw a wave of leadership shake-ups and changes from some of the industry’s largest institutions. Starting off in January, Bill Crager announced his plans to step down as Envestnet’s CEO after spending more than two decades at the company. As of April, he has transitioned into a Senior Advisor role and will continue working more closely with clients and partner relationships, according to the press release.

In April, Ron “Omani” Carson announced his departure from Carson Wealth Group, which had been acquired by Bain Capital in 2021. Former LPL CIO Burt White stepped in and continues serving as Carson Wealth’s new CEO.

Then in October, we were shocked to learn that former LPL CEO Dan Arnold was fired for violating the employees’ code of conduct. No additional information has been released about that situation, but the shake ups in powerful seats across the industry are still reverberating. 

The rise of AI in wealth management

It might come as no surprise that artificial intelligence took center stage this year—especially as more wealth management firms embraced AI-driven tools designed to enhance client interactions and boost operational efficiency. 

Platforms like Jump (an AI-driven note-taking app) are pushing the boundaries of what’s possible for advisors—like converting conversations into notes, tasks, and compliance-friendly records.

Read more about AI and wealth management here.

The first wave of SEC Marketing Rule violations

While the SEC’s New Marketing Rule went into effect in 2021, it looks like 2024 was the year the SEC started targeting out-of-compliance firms firmly. Across the industry, we saw our first real big wave of Marketing Rule violations—and it’s likely we’ll continue to see the SEC cracking down on violations into 2025 and beyond.

As RIAs continue testing the waters and implementing new policies and procedures to address these changes, compliance-focused tech tools like Testimonial IQ and WealthTender are gaining traction fast. 

Demographics are shifting

You’ve likely heard that the Great Wealth Transfer has already started—the period of time in which $84 trillion in wealth will trickle down from Baby Boomers to their Gen X and Millennial children or grandchildren. For financial advisors, preparing for this shift is paramount to attracting future wealth builders and investors. 

Another important demographic to continue addressing? Women, particularly those who outlive their spouses. Around 70% of women actually leave their financial advisor within a year of their spouse’s death, indicating that their previous advisor wasn’t meeting expectations.

Major industry mergers and acquisitions continued

In May, it was announced that Buckingham Strategic Wealth and Colony Group were merging. While certainly not the only acquisition announcement of 2024, this one was headline-worthy. Representing hundreds of billions in AUM and tens of thousands of clients, this merger made a big impact across the wealth management space. 

Read more about the merger here.

Clients are clear: Holistic planning is in

The next generation of investors grew up in a much different world than their parents and grandparents, and they expect their advisors to adapt their firm to meet their expectations. For example, younger clients expect a digitally driven client experience, as well as more holistic planning services (beyond portfolio management).

Plenty of surveys and studies have been conducted in recent years, including this report by Morningstar. The takeaway? As more options for DIYing investments become available and accessible to the masses, clients expect their advisors to help in other areas of their financial lives as well.

Robinhood buys TradePMR

In November, Robinhood certainly shook the finance world with news that it had negotiated a $300 million acquisition of TradePMR. This seemingly marked the consumer financial technology giant’s strategic pivot toward the wealth management and RIA markets. 

Advisors may want to watch closely as this acquisition unfolds—it could very well mark a new era of financial service offerings for investors (particularly those who prefer to begin with a DIY investment approach). 

Wealth management returns to working in-office

Several major firms, including Fidelity, Orion, and Altruist, made headlines when they instructed employees to officially return to the office in 2024. 

While some transitions were smoother than others, this shift in remote work policy follows suit with other large tech companies and corporations outside of the wealth management space.

Bain acquires Envestnet in multi-billion dollar deal

In perhaps one of the year’s largest WealthTech deals, Bain Capital acquired Envestnet in a multi-billion dollar deal this past September. As a take-private deal, this strategic move was done in an effort to further Envestnet’s mission of supporting RIAs with their growth and productivity goals.

Nitrogen’s Fearless Investing Summit revealed exciting updates

At this year’s annual Fearless Investing Summit, we unveiled our latest updates—showcasing the tech-driven tools advisors can leverage to deepen client relationships and streamline workflows. Among the highlights, we introduced enhanced functionality across the platform’s core products, including Risk Center, Planning Center, and Research Center.

Through our ongoing commitment to innovation, our goal is to help advisors simplify and streamline operations—all while delivering a more personalized experience that attracts and converts high-quality prospects into long-lasting clients.

From newsworthy changes in leadership to evolving client needs, 2024 appeared to be a year of transformation in the wealth management industry. At Nitrogen, we’re committed to empowering your firm with the tools and insights needed to thrive in a rapidly changing landscape. 

Learn more about how we can support your firm’s growth goals in 2025. Schedule a demo today to get started.

Looking to get out of a timeshare contract? This comprehensive guide walks you through the entire timeshare cancellation process, from understanding your legal rights to executing a successful exit strategy.

Table of Contents

1. Understanding Timeshare Contracts
2. Legal Rights and Cooling-Off Periods
3. Valid Reasons for Timeshare Cancellation
4. Step-by-Step Cancellation Process
5. Working with Exit Companies
6. Common Pitfalls to Avoid
7. Alternative Solutions
8. FAQs

Understanding Timeshare Contracts

Timeshare contracts are legally binding agreements that can be complex and challenging to navigate. Before pursuing cancellation, it’s essential to understand the key components of your contract:

• Ownership type (deeded vs. right-to-use)
• Maintenance fee obligations
• Contract duration
• Transfer and resale rights
• Cancellation clauses

Many timeshare owners find themselves surprised by rising maintenance fees and difficulty booking desired dates. Understanding your contract is the first step toward successful cancellation.

Legal Rights and Cooling-Off Periods

Most states provide a “cooling-off” period after signing a timeshare contract. During this time, you can cancel without penalty. Key points include:

• Cooling-off periods typically range from 3-15 days
• Some states offer extended periods for specific circumstances
• Written notice is usually required
• Delivery method requirements vary by state

State-Specific Cooling-Off Periods

• Florida: 10 days
• California: 7 days
• Nevada: 5 days
• Hawaii: 7 days

Valid Reasons for Timeshare Cancellation

Common legitimate reasons for timeshare cancellation include:

1. Misrepresentation during the sales presentation
2. Financial hardship
3. Health issues preventing usage
4. Significant fee increases
5. Breach of contract by the resort
6. Fraudulent practices
7. Death of a co-owner

Documentation supporting these reasons strengthens your cancellation case.

Step-by-Step Cancellation Process

1. Review Your Contract

• Locate your original contract
• Identify cancellation clauses
• Note any deadlines or requirements

2. Gather Documentation

• Sales presentation materials
• Communication with the resort
• Financial records
• Evidence of misrepresentation
• Medical documentation (if applicable)

3. Write a Cancellation Letter

• Include contract details
• State clear reasons for cancellation
• Request written confirmation
• Send via certified mail

4. Follow Up

• Document all communications
• Keep delivery receipts
• Monitor your credit report
• Maintain detailed records

Working with Exit Companies

When considering a timeshare exit company:

Red Flags to Watch For:

• Upfront fees without guarantees
• Pressure tactics
• Unrealistic promises
• No physical business address
• Limited or negative reviews

Legitimate Company Characteristics:

• Transparent pricing
• Written contracts
• Clear timelines
• Escrow payment options
• Strong references
• BBB accreditation

Common Pitfalls to Avoid

1. Stopping maintenance payments without legal cancellation
2. Falling for scam relief companies
3. Signing over power of attorney without proper vetting
4. Accepting verbal promises without written documentation
5. Missing response deadlines
6. Failing to document communications

Alternative Solutions

If cancellation isn’t possible, consider these alternatives:

1. Resale Options
   • List on specialized timeshare resale sites
   • Work with licensed real estate agents
   • Consider timeshare resale companies
2. Deed-Back Programs
   • Research resort-sponsored programs
   • Understand qualification requirements
   • Review all associated costs
3. Rental Strategies
   • Cover maintenance fees through rentals
   • Use rental management companies
   • List on vacation rental platforms
4. Donation Options
   • Evaluate legitimate charities
   • Understand tax implications
   • Verify organization credentials

Frequently Asked Questions

Q: Can I cancel my timeshare after the cooling-off period? A: Yes, but it may require proving misrepresentation, fraud, or other valid reasons for cancellation.

Q: Will cancellation affect my credit score? A: Proper legal cancellation shouldn’t impact your credit score. However, stopping payments without cancellation can damage your credit.

Q: How long does the cancellation process take? A: Timeline varies from 3-12 months depending on circumstances and resort cooperation.

Q: Can I sell my timeshare instead of canceling? A: Yes, but the resale market is challenging. Most timeshares sell for significantly less than the purchase price.

Q: Should I hire a lawyer for timeshare cancellation? A: Legal representation can be beneficial, especially for complex cases or when dealing with uncooperative resorts.

Conclusion

Timeshare cancellation requires careful planning, documentation, and often professional assistance. Understanding your rights and following proper procedures increases your chances of successful cancellation. Remember to:

• Act quickly once you decide to cancel
• Document everything
• Research thoroughly before hiring help
• Maintain payments until legally canceled
• Seek professional advice when needed

Disclaimer: This guide provides general information and should not be considered legal advice. Consult with a qualified attorney for specific guidance regarding your situation.

For financial advisors, any tool you bring into your practice is more than just software — it’s a long-term partner in your firm’s success. Whether you’re acquiring portfolio management tools, retirement planning tech, client engagement solutions, or risk assessment software, choosing a partner you can trust is as important as the product itself. After all, reliable software can only be built by a reliable company.

Why “Buying the Seller” Matters in WealthTech

The adage “Buy the seller” holds true — you trust the individual behind the product before trusting the product itself. You know the experience you’re going to receive when you walk into an Apple Store. You understand how the Ritz-Carlton is going to respond to a service request. You know the attention to detail and precision you can expect when you buy from Rolex. 

At this year’s Fearless Investing Summit, Rise Growth Partner’s Joe Duran shared, “A trustworthy brand delivers a promise that is consistently kept, again and again.” The same principle applies in SaaS: you’re not just buying software; you’re buying the values, stability, and track record of the company that built it. Your tech partner should not only support your current goals but also be invested in growing alongside you for years to come.

Trustworthy Software is Built to Last

How can you tell if a technology partner is built to stay? Here are three key questions to consider when evaluating long-term reliability:

• Are they in it for the long haul? Look for companies with a history of sustainable, long-term growth over quick exits or speculative expansions.
• How’s their track record? Metrics like historical uptime, transparency in operations, and reputation for reliability say a lot about stability.
• Are they customer-centric? Companies truly invested in their clients’ success offer exceptional, consistent support and robust resources. They make it easy for you to succeed.

For instance, Nitrogen’s dedication to building a trustworthy business for financial advisors is reflected in key indicators:

• Over a decade of service to tens of thousands of advisors nationwide.
• 99% historical uptime and a transparent product roadmap that advisors trust.
• An extensive learning library and dedicated customer support team designed to set you up for success.
• Leadership with deep industry expertise and tenure, ensuring financial expertise and operational excellence guide every product decision.
• Continuous innovation driven by advisor input – We prioritize feedback from advisors to shape our product roadmap and ensure our solutions evolve to meet real-world needs. Share your insights anytime at [email protected]—we’d love to hear from you!

Commitment to Innovation, Not Bolt-On Solutions

Unlike firms that rely on acquisitions to patch together technology stacks, Nitrogen is dedicated to developing its technology in-house and with trusted partners. This approach means our platform is built with integration and user experience as foundational pillars, not as afterthoughts. When companies rapidly acquire disparate technologies, they frequently struggle to offer a seamless experience, leaving advisors and their clients with disjointed workflows, compatibility issues, and frustration.

Financial advisors deserve better than the inefficiencies that come with hastily acquired software. By developing our tools in-house, we ensure that every feature works together, offering a streamlined and cohesive experience. Simply, it looks and feels the same across the platform, and that fosters advisor productivity, workflows you can count on, and client satisfaction.

Our dedication to innovative development reflects our commitment to providing a holistic, reliable, and future-ready platform that evolves with your needs — empowering you to deliver the best possible experience for your clients.

Stability is a Feature — the Most Important One

Just as you focus on building relationships with your clients, look for technology partners who prioritize relationships over quick wins. When it comes to mission-critical software, a stable, well-run company is the foundation of reliable, evolving solutions. At Nitrogen, we believe in a commitment to stability and growth, ensuring our advisors have the support they need to grow their businesses with confidence.

Choosing the right software partner means aligning with a company as dedicated to your long-term success as you are to your clients. So, when evaluating your options, remember that stability is a platform feature — and it’s one that truly matters.

When you partner with Nitrogen, you’re choosing technology that’s built to last, crafted in-house with your success in mind, and backed by a team committed to your firm’s long-term growth. Experience the difference that trusted technology can make in your practice. 

Schedule a demo with Nitrogen today and discover how a true wealthtech partner can help you elevate your client experience and drive meaningful growth.

When financial advisors seek a powerful tool for risk tolerance, client engagement, and business growth, they turn to Nitrogen. Here’s a breakdown of the most frequently asked questions to help you understand how Nitrogen can benefit your wealth management firm.

What Is Nitrogen?

Nitrogen (formerly Riskalyze) focuses on advisor growth and engagement. Nitrogen offers a broader set of award-winning solutions, including risk assessment, investment analytics, retirement planning, compliance, marketing tools, and more. While Riskalyze pioneered risk tolerance with the Risk Number®, the company grew to 30,000+ financial professionals and rebranded to Nitrogen in 2023. Nitrogen expanded the product suite through in-house development and now provides advisors with advanced capabilities to deepen relationships and fuel business growth.

How Does Nitrogen Measure and Communicate Client Risk?

At the core of Nitrogen is the Risk Number®, a precise measure of client risk tolerance. Unlike traditional providers, Nitrogen uses security-level risk assessments, allowing advisors to capture detailed risk profiles for each client and communicate these effectively through client-facing visuals. After all, just because Tesla is in the automotive sector doesn’t mean it carries the same risk as every other car company!

What Client Engagement Tools Does Nitrogen Offer?

Nitrogen’s client engagement features are purpose-built and integrated across the platform to help advisors nurture client relationships. These tools enable proactive client check-ins, deliver valuable insights, and provide timely updates. Additionally, Marketing Center offers pre-made content, making client and prospect outreach effortless and effective.

Can Nitrogen Integrate with Other Tools in My Tech Stack?

Yes! Nitrogen offers over 40 integrations and easily integrates with custodians, CRMs, financial planning tools, portfolio management platforms, and more. This interoperability streamlines workflows, allowing advisors to leverage Nitrogen alongside their favorite software tools. Explore our full list of integration partners here. 

How Does Nitrogen Scale for Larger Teams?

Nitrogen’s Team Solutions are built to support advisory firms of all sizes. Five of the top ten Barron’s firms use Nitrogen and the company supports multiple firms with over 1,000 advisors. With features like centralized reporting and customizable permissions, Nitrogen adapts to the needs of both boutique firms and large organizations. Nitrogen’s Command Center is the hub for firmwide deployment.

What Are the Benefits of Nitrogen’s Marketing Center?

Nitrogen’s Marketing Center provides ready-to-use content to support client acquisition and retention. Advisors gain access to over 85 educational resources, social media templates, and newsletters, ensuring they stay top-of-mind with prospects and clients. Additionally, Marketing Center offers Nitrogen AI for easy content and image generation. 

How Does Nitrogen Help Advisors Show Value to Clients?

Nitrogen offers tools like Reports Builder, Retirement Maps, Check-Ins, and many other features to demonstrate advisor value. Advisors around the country love the client-facing visuals to showcase the impact of their work.

What Support Resources Are Available for New Advisors?

Nitrogen offers robust onboarding and support. Advisors have access to one-on-one coaching, live chat, a customer resource center, and our Customer Success team, which provides ongoing assistance and best practice training. 

What Are Nitrogen’s Pricing Options?

Nitrogen is available at different price points to fit both individual advisors and large firms. From entry-level plans to comprehensive team solutions, Nitrogen’s flexible pricing accommodates practices of all sizes.

How Does Nitrogen Ensure Data Security and Compliance?

Nitrogen prioritizes data security through encryption and compliance with industry and federal standards. Advisors can engage clients with confidence, knowing their data is secure. To learn more, visit our Security and Trust Center. 

How does Nitrogen help advisors improve client retention?

Nitrogen is designed to foster proactive communication with clients. Advisors can set up automated check-ins, offer timely portfolio insights, and stay connected with clients, all of which help reinforce relationships and support retention.

What kind of ROI can advisors expect from using Nitrogen?

Advisors see ROI through improved client satisfaction, growth in AUM, and time savings. By reducing time spent on manual risk assessments and client engagement, Nitrogen helps advisors focus more on high-impact activities, directly supporting business growth. We’re so confident, we’ve set up multiple ROI calculators here based on real results with the advisors we serve. 

Is Nitrogen customizable for different advisor needs and preferences?

Nitrogen offers customizable features to suit different advisor approaches. From setting up risk profiles that match a firm’s philosophy to choosing engagement tools that align with communication styles, advisors can tailor Nitrogen to their specific practice needs.

What types of client reporting are available through Nitrogen?

Nitrogen provides clear, client-friendly reports that demonstrate portfolio alignment with client risk tolerance. Advisors can customize these reports via Reports Builder to highlight key metrics and insights, making it easy for clients to understand their portfolio’s performance and alignment with their goals.

How can Nitrogen support compliance with industry regulations?

Nitrogen includes features designed to support regulatory compliance, such as documentation for risk assessments and client interactions. Advisors have peace of mind knowing that Nitrogen’s reporting and tracking tools meet industry standards.

How can Nitrogen different from Morningstar?

Nitrogen sets itself apart from Morningstar in several key ways. While Morningstar is well-known for its financial data and research, Nitrogen focuses on providing purpose-built tools that support advisors in real-time client engagement and growth. Nitrogen pulls data from a diverse range of data providers, enabling advisors to work with highly accurate, actionable insights. Unlike Morningstar Risk, we measure risk at the security level, giving a more precise picture of each portfolio’s risk profile. And because all of Nitrogen’s technology is developed in-house—rather than acquired—our platform offers a seamless, fully integrated experience designed specifically for financial advisors and their clients.

How can Nitrogen different from Stratifi?

Nitrogen is the award-winning, industry leader in risk assessment and client engagement, trusted by thousands of advisors across the country. Unlike Stratifi, which has low market share and limited advisor adoption, Nitrogen has established a strong reputation for system reliability and innovation. Nitrogen’s platform provides security-level risk measurement for precise portfolio analysis, coupled with robust client engagement tools to deepen advisor-client relationships. Stratifi’s platform, on the other hand, offers limited integrations, which can disrupt workflow efficiency and flexibility. Additionally, with fewer advisors relying on Stratifi, questions around its long-term viability persist, making Nitrogen the more dependable choice. Nitrogen’s in-house development approach ensures seamless, user-focused functionality, making it the trusted solution for advisors looking for both stability and growth.

How can Nitrogen different from Orion Risk/HiddenLevers?

Nitrogen stands out from Orion Risk/Hidden Levers by delivering a purpose-built, advisor-centric approach to client engagement and growth. While Orion Risk/Hidden Levers provide basic risk analytics, Nitrogen goes a step further by integrating risk tolerance with client engagement tools designed to support proactive advisor-client relationships. Our platform uses security-level risk assessment, giving advisors a detailed, precise view of risk that captures the nuances of each client’s portfolio. Additionally, all of Nitrogen’s features are developed in-house, ensuring a cohesive, seamless experience that’s free from the patchwork feel of acquired technology. This streamlined approach helps advisors engage clients, build trust, and create strategies with more clarity and confidence.

Learn More About Nitrogen

Ready to explore how Nitrogen can elevate your practice? Reach out for a demo or contact our team to see how Nitrogen can drive growth, improve client engagement, and streamline your firm. You can schedule time here.