SMArtX's free TAMP solution teams with Russell Investments as first model portfolio partner

SMArtX Advisory Solutions has tapped Russell Investments as the inaugural asset manager to offer investment strategies via a free platform the wealthtech firm is rolling out next week.

Called SMArtY, the no cost, manager-sponsored offering is set to go live Sept. 28. It includes intraday trading, billing services and access to some of the world's largest asset managers' models.

Many features in the SMArtX TAMP platform are also present, including an AI portfolio construction tool, cash management tools, tax impact and tax harvesting technology. 

As a result of the partnership announced Thursday, SMArtY will feature Russell's tax-managed model strategies as the platform's foundational model portfolio offerings.

"Advisors will find multi-manager solutions on the newly launched platform that feature 50 years of manager research expertise with a sophisticated tax-managed investing approach at their core," Brad Jung, managing director and head of North America advisor and intermediary solutions at Russell Investments, said in a statement.

SMArtX President and Chief Operating Officer Jonathan Pincus said his team is excited to welcome Russell Investments as the "pioneer asset manager on our groundbreaking SMArtY platform." 

"By uniting SMArtX's state-of-the-art managed accounts technology with Russell Investments' world-class asset management prowess, we are presenting traditional RIAs, wrap fee advisors, and financial planners with an unparalleled cost-free solution to address their investment management needs," Pincus said in a statement. 

SMArtX founder and CEO Evan Rapoport previously told Financial Planning that the motivation to go free was an understanding that giving advisors and their clients access to quality investment solutions and managed accounts technology is a win for everyone.

As a former advisor himself, Rapoport wanted to deliver a free solution that wouldn't blindside users with unexpected paywalls once they made it part of their workflow.

"I'm actually still a registered advisor today even though I don't practice," Rapoport said in a July interview with FP. "I don't like being nickeled and dimed. I don't like being hit with a 'gotcha,' or backdoored with fees that I wasn't aware of. So it's super exciting for us to be able to offer this entirely free and really provide value that just isn't available in the market."