AdvisorEngine announced Thursday that it has acquired practice management firm Kredible to support its advisors' client acquisition efforts.
Kredible is a technology-enabled firm based in Atlanta that uses industry-specific research on high-net-worth prospects to help financial advisors develop their online presence.
"Based on our research, more than 50% of new prospects indicate that they have eliminated a financial advisor from consideration based on what they did or didn't find about them online," Brad Shepard, Kredible founder and CEO, said in a statement. "The modern advisor must evolve to meet ever-changing expectations including the way their prospects and clients find them to determine if they are credible to manage their financial life and communicate with them on an ongoing basis."
In addition to helping advisors build a better online presence, the acquisition of Kredible will give AdvisorEngine users access to content and analytics through Kredible's research offerings.
AdvisorEngine announced in November that it was partnering with WisdomTree, which funded the tech firm with a $20 million equity investment. On Thursday, the firms announced that WisdomTree was investing an additional $5 million as part of its commitment to "building a global advisor solutions program to help meet evolving client needs," according to Thomas Skrobe, head of client solutions for WisdomTree.
