Fieldpoint Private and MaxMyInterest launch RIA banking platform

Fieldpoint Private® and MaxMyInterest® (Max) today announced the launch of Benchmark, by Fieldpoint Private™, a dedicated private banking platform built for independent registered investment advisors (RIAs) and their clients.

Fieldpoint Private, a private commercial bank, has served RIAs since 2021, when it exited its own proprietary wealth advisory business to transition toward serving the fast-growing independent advisory community at large. Since then, it has engaged in partnerships with RIA firms encompassing hundreds of advisor teams and more than $150 billion in assets under management. Max, a leader in intelligent cash management technology for individual investors and their financial advisors, has been a pioneer in creating cash management solutions for affluent households since 2013, enabling non-biased access to market-leading rates, expanded FDIC insurance coverage and same-day liquidity.

“The significance of Benchmark is that, for the first time, access to private banking can be genuinely embedded in the independent advisor’s daily workflow, rather than just another referral,” said Rodney Whitwell, president and CEO of Fieldpoint Private. “Advisors can assist with Benchmark enrollment, invite clients into the process, and then view balance data within the financial planning and performance reporting tools advisors use every day.”

“Benchmark fills a massive gap in the market, enabling RIAs to better compete with legacy wirehouses,” said Gary Zimmerman, founder & CEO of Max. “We’re proud to expand our collaboration with Fieldpoint Private to power an innovative private banking solution designed to meet the needs of advisors’ most discerning clients.”

The Benchmark infrastructure, offered through Fieldpoint Private to its RIA partner firms, allows advisors to deliver a full complement of private banking services to high-net-worth clients, eliminating the need to refer client cases out to banks that fall short of the team’s client service standards and often compete for the client’s wealth management assets. The solution includes:

High-performance checking plus high-yield savings that work together via advanced auto-rebalance technology, with FDIC insurance into the tens of millions;

Client enrollment that expands advisors’ visibility into held-away bank cash, creating new opportunities to identify undiscovered assets and grow AUM;

Out-of-the-box workflow connectivity with leading client relationship management platforms (Redtail, Wealthbox) and planning and reporting platforms (eMoney, MoneyGuide, RightCapital, Orion, Addepar, Morningstar), as well as APIs to enable custom integrations;

Bespoke private client lending, including mortgages, securities-secured, art and collectibles, and aircraft, in conjunction with the carefully curated members of the bank’s Balance Sheet Partners programme;

• Comprehensive commercial banking and lending through Fieldpoint Private;
• Co-branding options at the firm and team level, encompassing enrollment, credit cards and marketing; and,
• White-glove client support, and a revenue model that enables compensation for partner firms and advisors for their efforts in supporting client needs on the expanded range of services delivered by the platform.

 Re-disseminated by Wealth and Society