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Nitrogen Unveils Platform Updates at Fearless

By Jeff Berman

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Nitrogen unveiled platform enhancements at the Fearless Investing Summit in Miami on Tuesday, with highlights including Lead Management software, expected to ship in 2024, that the company said will use artificial intelligence-driven predictive analytics to help advisors turn leads into meetings.

The leads will be provided to advisors from key integration partners that include FMG, Snappy Kraken and White Glove, with two-way sync of customer relationship management solutions from companies including Redtail (acquired by Orion Advisor Solutions last year), Salesforce and Wealthbox.

Nitrogen, which changed its brand name from Riskalyze in May, made clear that it’s targeting the platform updates at solo advisors, ensemble firms, scaling mid-market firms and large wealth management enterprises.

Among the other platform updates announced at Fearless, Firmwide Controls will allow firms to tailor their Nitrogen experience across all their advisors when it comes to setting risk objectives, market assumptions, drift parameters, and to control users and data sharing.

The company’s new Portfolios experience, meanwhile, features the addition of heat maps illustrating risk and reward, tax drag and a new full-screen mode that it said will help advisors more effectively tell their stories.

“All the Portfolios upgrades are available today,” Nitrogen CEO Aaron Klein told reporters at a  briefing during the event Tuesday.  He added that a “refreshed” version of Reports will be “arriving alongside the brand new” Report Builder that allows advisors to mix and match report elements in the order they choose and build one-click templates for easy report generation. 

They will ship through this last quarter of 2023 because it “takes time for printed reports to go through” Financial Industry Regulatory Authority and enterprise firm review and get released, he said.

Generative AI

Nitrogen AI, its virtual marketing content assistant tool that Klein noted went live earlier this year, is embedded into the firm’s Advisor Marketing Kit, and the tool has been available to Elite, Ignite and Ultimate plan users since its rollout in May. As of Aug. 16, it had been implemented by over 500 customers for emails, social posts and blog content, “significantly augmenting advisors’ marketing efforts,” according to the company.

“I would say that generative AI is going to be used for parts of the lead tool, particularly relating to how we can take some of that unstructured data that might come from a client and turn it into structured data about their accounts and holdings,” Klein told ThinkAdvisor.

But, he said, “it’s probably more of a machine-learning application” than generative AI to “take data signals about lead movement and kind of elevate next-best action with certain leads.”

Fearless Facts

This year’s Fearless conference was attended by more than 900 industry professionals from wealth management firms ranging from solo advisors to ensemble practices to scaling mid-market firms to strategic enterprises with over 1,000 advisors, Nitrogen said.

In comparison, the company said that more than 1,000 firm executives, advisors and industry influencers attended Fearless in 2022.

Nitrogen announced that Fearless 2024 will be held Oct. 23-25 in Nashville, Tennessee.

Jeff Berman

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