- ‘Amazon Prime for Independent Financial Advisors’ Offers Discounted Access to Third-Party Wealth Management, Technology and Business Enterprise Solutions, Free of Traditional RIA or Broker-Dealer Affiliation Agreements
- Rolls Out Guaranteed Issue Group Health Insurance for Independent Financial Advisors, Staff and Dependent Family Members, with Average Cost Savings of 25% to 30%
- Forms Advisory Board Comprised of Nine Industry Leaders, While Kicking Off Five-City Roadshow with Anticipated Attendance Encompassing Hundreds
SAN DIEGO, CA — January 24, 2019 — Chalice Financial Network™ (“Chalice,” “CFN” or “the firm”), a first of its kind Software-as-a-Service (SaaS)-based member benefit organization for independent financial advisors, announced its launch today. The organization is delivering to its members a digital marketplace and shared services via the Chalice Advisor Exchange™ (CAEx), together with a guaranteed issue group health insurance that saves advisors on average 25% to 30% on premium costs. In a related move, Chalice also announced the formation of the Chalice Advisory Board, comprised of nine retail wealth management industry leaders who have played crucial roles in building and leading top firms.
Keith Gregg, Chairman and CEO of Chalice, said, “We’re thrilled to launch Chalice Financial Network, with its Chalice Advisor Exchange platform, as the culmination of the intensive planning and implementation we have engaged in over the past year. We are combining three key things to support independent business owners in the wealth management industry: Community with a common purpose of peer-to-peer support and economies of scale; single point access to a digital marketplace with everything independent advisors need to run a business; and access to capital – the fuel all advisors need to grow their business.”
CFN provides third-party wealth management and fin-tech solutions for independent financial advisors on a flat monthly or annual subscription fee basis, and on a fully “unbundled” basis, with no RIA or broker-dealer affiliation requirements. Its CAEx digital marketplace is a single sign-on shared services technology platform based on the Amazon Prime model. Independent financial advisors who are CFN members can sign onto Chalice Advisor Exchange™ to access a comprehensive spectrum of wealth management, technology and business enterprise solutions, at a deeply discounted cost.
Mr. Gregg added, “We have created the equivalent of the SBA for RIAs, Amazon Prime for Independent Advisors, and a Credit Union that offers non-SBA loans to its members. We’ve intentionally emulated these business models in order to offer these benefits on a fully unbundled basis, free of the ‘all or nothing’ traditional affiliation agreements among independent broker-dealers and corporate RIA platforms.”
Chalice Advisor Exchange
The Chalice Advisor Exchange platform gives advisors easy-to-navigate and unbundled access to the following outsourced solutions of their choice for a flat monthly fee of $250:
- Guaranteed issuance group health insurance
- Complimentary lead generating & marketing website
- Investment and merchant banking for small and mid-sized companies
- Succession planning assistance for advisors looking to buy and sell books of business
- Institutional quality alternative investments such as private equity, venture capital, hedge funds, credit, real estate, distressed assets, infrastructure and special situations
- Qualified retirement plans with strategies suitable for small, midsize or large businesses
- Enterprise services such as HR, IT, payroll, finance, accounting, marketing and legal
- Member equity
Mr. Gregg continued, “CFN directly address three major industry shortcomings: First, the enormous current void in meeting the needs of independent financial advisors in the $50 million to $250 million AUM range. Second, the inability for independent advisors to access a comprehensive suite of services and solutions from top-tier providers on a discounted basis absent an ‘all or nothing’ IBD or RIA aggregator affiliation relationship. Third, the lack of a balanced offering that encompasses what independent financial advisors need both as professionals, and as business owners. We’re not only directly solving these industry issues, we’re doing so in a way that leverages best practices from top global technology companies and emphasizes digital community-building among our members.”
Guaranteed Issue Group Health Insurance
Chalice is the first independent member benefit organization to offer independent financial advisors access to guaranteed issue group health insurance. By partnering with the professional employer organization Oasis Outsourcing, Chalice is saving participating advisors and their staff on average between 25% to 30% on their health care premium costs. These best-in-class medical benefits are offered through well-known and widely trusted national carriers.
Members access these health insurance benefits under Chalice Enterprise Solutions, which facilitates other shared corporate services such as HR, payroll, 401(k) plans and liability protection; CFO and internal accounting; marketing solutions for online and printed materials; office space, equipment and supplies; as well as CCO and legal support — all available at greatly discounted rates.
Chalice Advisory Board
Chalice also announced the formation of the Chalice Advisory Board (CAB), whose first meeting will be held in March at Chalice headquarters in San Diego. The Board has been established to help ensure that independent financial advisors who become members in CFN receive the best solutions and services available in the industry, and to help guide the delivery of thought leadership through Chalice’s member events and conferences, publications and social media efforts.
The CAB consists of industry luminaries starting with its Chairman, Daniel Krueter, who is Founder and CEO of Gladstone Group; Don Plotsky, Managing Partner, Uinta Investment Partners and Western Asset Management; Eric Clarke, CEO of Orion Advisor Services; Aaron Klein, founder and CEO of Riskalyze; Rich Cancro, founder and CEO of AdvisorEngine; Steve Dunlap, founder of Stratym Consulting and former President at FolioDynamix; Spenser Segal, CEO of ActiFi; Stephanie Brown, former General Counsel at LPL and now Of Counsel at Markun, Zusman, Freniere and Compton; and Morris Nutt, CEO, Trinity Capital Management.
Five-City Roadshow
The launch of CFN and the Chalice Advisor Exchange is happening in tandem with a five-city roadshow that Chalice is hosting February 21 in Los Angeles, February 28 in Phoenix, March 14 in Dallas, March 21 in Atlanta and March 28 in New York. The roadshow will introduce advisors to a new industry model for developing community, services and support, and leveraging technology for scale, operational efficiency and enhanced enterprise value. These events are scheduled to draw hundreds of attendees including independent financial advisors of all business models and affiliation structures, drawn from dozens of independent broker-dealers, RIA firms, Super-OSJ groups and RIA aggregators throughout the country.
Mr. Gregg concluded, “Our vision has been to solve for the pain points of independent advisors and provide them with a path to prosperity. Independence is wonderful, however most suffer from independent isolation and loneliness. Most advisors are terrific wealth managers, but struggle with the day to day management of a business and navigating several disparate systems to do so. We can help amplify and simplify their business. We have not only aggregated and integrated all things a business owner in wealth management needs, but we deliver among all the other things – a rich pool of intellectual, human, and financial capital – rarely accessible to small and midsize wealth advisors.”
About Chalice Financial Network
Chalice Financial Network (“Chalice”) is a San Diego-based, leading provider of third-party technology, asset management, wealth management and business enterprise solutions for independent financial advisors across the country, delivered through an exclusive membership structure. Chalice is the Holy Grail for Wealth Advisors™ due to its ability to aggregate and integrate all the tools and technology, products and services a wealth advisor needs to run a successful independent business, by accessing the single sign-on shared services digital marketplace and fintech platform. For more information, please visit http://www.chalicefn.com.
MEDIA CONTACTS
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Haven Tower Group
424 652 6520 ext 105 or ext 101
clatham@haventower.com or jkuo@haventower.com
