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BlackRock is coaxing financial advisers to upload their client holdings to a complimentary BlackRock website powered by Aladdin that tests how those portfolios perform under different economic scenarios and compare them to peers. As the WSJ reports, about 20,000 financial advisers have used the “BlackRock Advisor Center” tool since October last year.
BlackRock is under pressure to find new ways into wealth management because of changing regulations in the asset-management industry as well as a move by price-conscious investors to push down the cost of investing. A new Labor Department rule that went into effect in April 2016 required brokers who work on retirement accounts to put their customers’ interests ahead of their own. That has meant fewer funds make it into brokers’ lineup of products, a danger for firms like BlackRock that rely on financial advisers to sell their products to everyday investors.
