Chalice Expands Discounted Services for Its Members

Members of Chalice Financial Network will gain access to risk analysis opportunities from Riskalyze, compliance solutions from NRS and office locations courtesy of WeWork.

Chalice Financial Network, a software-as-a-service-based member organization for financial advisors, will partner with Riskalyze, NRS and WeWork to offer members discounts on risk analysis support, compliance assistance and flexible workspaces, the company announced Tuesday.

Advisors who pay Chalice’s monthly fee will receive discounted access to services from the three partner companies, said Derek Bruton, president of Chalice Financial Network. He noted that supplying advisors with a single provider to access services helps independent firms save on costs.

“It takes time to do research and find the best solution for their business. They don’t have someone they can assign this work," he said. "It’s a cost that doesn’t always have a real number, but it takes time and energy away from other pursuits.”

With Riskalyze, members can automate trades across different client accounts, find retirement solutions for 401(k) planning and access a compliance cloud to help navigate shifting fiduciary regulations. NRS offers consulting, tech and training solutions for compliance adherence, while WeWork will offer Chalice members discounted office space, granting new firms places to meet with clients while they seek permanent locations.

Bruton said each service helps address particular "pain points" for advisors; NRS helps advisors navigate the cost and complexity of compliance without necessarily needing to hire someone to handle it, while WeWork offers a quick solution to a problem all newly independent advisors face, he said.

“When advisors are looking to break away, they don’t have in mind exactly where they want to office for the next three to four years,” he said. “WeWork provides a flexible solution they can go to immediately. It has the tools, services and community they can plug into immediately.”

Chalice works with independent advisors and registered investment advisors managing between $50 and $250 million in client assets. The network launched in January, and Chalice slashed the monthly fee from $250 to $99 in April. The company also acquired Succession Link in February to address increasing M&A activity within the industry.

Bruton said Chalice’s service platform could have a significant effect, arguing the ease of access to services helps smaller RIAs with less than $500 million in assets compete with larger firms.

“Where I see the shift in the industry is, you see news about aggregators, and firms that are swallowed and bought all the time. It’s often firms where owners realize they’re not growing and don’t have the scale to compete,” he said. “We are reducing opportunity costs for advisors. We’re finding solutions and packaging them together, so they don’t need to spend valuable time away from clients.”