Cincinnati-based structured products and annuities platform Luma Financial Technologies has expanded its relationship with Yieldstreet , a leading private market investment platform , to offer alternative investment products to Luma ’ s advisors .

Advisors can go on the platform and select from New York-based Yieldstreet ’ s lineup of 12 alternative products for client portfolios .

They can also select a theme , and the system will guide them to products that fit it . And they can access model portfolios available on Yieldstreet ’ s platform .

For Luma ’ s advisors it means greater access to alternatives , along with easier access to those products , education about them and ongoing management .

Tema Launches Third Medical-Themed ETF

New York-based Tema ETFs has introduced its third actively managed ETF with a medical bent , the Tema Neuroscience and Mental Health ETF ( MNTL ). The new fund invests in companies working on treatments for people with neurological diseases and psychiatric disorders .

The ETF invests in 35 to 48 firms , the core of which are small- to mid-cap biotech firms . It also takes defensive positions in larger-cap biopharma names and in medical device companies and service providers , according to the firm .

The ETF has an expense ratio of 75 basis points , and is available on most major platforms , Tema said . The fund is managed by David Song , who is not only a medical doctor , but an investment partner at the firm .

CogniCor , Microsoft Launch Digital Assistants For Advisors

Tech firm CogniCor and Microsoft have joined forces to create a series of digital assistants for the wealth management and insurance industries . The new AI-powered tools help advisors tackle a variety of administrative tasks , the Palo Alto , Calif . -based CogniCor said .

The digital assistants aid advisors with client meetings , scheduling , agenda creation , recording , note-taking , and the creation of action items that stem from the meetings .

Advisors can access the tools on CogniCor ’ s website . The firm offers three modules that serve home offices , advisors and investors .

The service ’ s cost depends on the firm ’ s size and ranges between $ 100 and $ 150 per month per user . The more advisors at a firm , the lower the price in that range .

AssetMark Introduces Tax Management Tool To Help Advisors

AssetMark , a wealth management platform , has introduced Tax Management Services , an enhanced tool that provides advisors with several services , including tax transition , tax-efficient rebalancing , tax-loss harvesting and client-directed activity . The tool can help blunt the impact of capital gains taxes on clients ’ performance and investing outcomes .

The platform lets advisors personalize plans to each client ’ s unique needs , including tax sensitivities , risk tolerance , realized capital gains budget and investment preferences .

The firm designed the system to be customized for each individual investor according to their investment goals and income level . The system produces quarterly reports the advisor can use to demonstrate the tax advantages they are providing for their clients .

LPL Gives Advisors Tools To Be Financial Literacy Instructors

LPL Financial , the largest independent broker-dealer by gross revenue , according to Financial Advisor magazine ’ s annual ranking , has unveiled a new education program that its advisors can use to improve the financial literacy of their clients and members of their community . The World of Business Reading Group ( WBRG ) is a six-week program . It was inspired by the letters Warren Buffett writes to shareholders .

The curriculum was developed in courses with high school students over the last four years by the World of Business Reading Group , which LPL says is a project of Collaborative Gain , a community of digital business leaders .

Under LPL ’ s license , advisors will have the opportunity to directly offer the program to their communities . The course covers ethics , finance and operating earnings , business leadership and decision-making , what makes a good company , how markets operate and the power of compounding .

LPL will provide advisors , free of charge , access to the materials to conduct the course . It will include a syllabus , reading materials , a list of questions along with answers , and instructional videos on how to conduct each lesson .

Morningstar Partners With ICapital For Alternatives

Chicago-based fund data provider Morningstar has partnered with alternative investments platform iCapital to give advisors on its Morningstar Advisor Workstation access to iCapital ’ s alternative assets and analytics platform .

Advisors will have access to research on private equity and debt , venture capital , real estate and hedge funds . iCapital ’ s platform gives advisors direct access to educational materials and research , as well as due diligence , so advisors can include alts in model portfolios and proposals .

Morningstar ’ s platform is known for allowing advisors to research and analyze investments and build investment proposals for clients . Before , advisors who wanted alts had to go outside Morningstar ’ s platform to some other offering .

Having the investments side-by-side on the platform lets clients see alternatives on equal footing with traditional investments and as part of the core portfolio .

14 | FINANCIAL ADVISOR MAGAZINE | MARCH 2024 WWW . FA-MAG . COM