Franklin Templeton has snapped up wealth technology provider AdvisorEngine for an undisclosed sum.

AdvisorEngine will now become an independent subsidiary of Franklin Templeton.

The leadership team of the acquired entity has been retained.

The two parties look to work together to jointly develop new proprietary solutions such as goals-based financial planning solutions, research-enabled practice management services, as well as digital portfolio construction analytics.

In particular, AdvisorEngine looks to deepen its smart automation capabilities including building out its next generation CRM offering Junxure.

AdvisorEngine snapped up Junxure in 2018.

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Besides, AdvisorEngine plans to enter into new relationships with custodians, financial technology providers and asset managers to build upon its open-architecture platform strategy.

The firm also eyes further development of its financial experience platform that consolidates adviser experience (AX), business operations experience (BX) and client experience (CX).

AdvisorEngine founder and CEO Rich Cancro calls Franklin Templeton the “right fit”.

“We’re now better positioned than ever to help advisers transform how they do business, connect more deeply with clients, grow assets and scale their operations,” Cancro noted.

AdvisorEngine, which also offers consulting services, serves over 1,200 financial advisory firms in the US overseeing more than $600bn in assets.

Franklin Templeton head of Digital Strategy and Wealth Management Harshendu Bindal said: “AdvisorEngine will enable financial advisers in the U.S. to access and implement our best thinking across portfolio construction and practice management.

“This acquisition is an important part of our broader global initiative to enhance support for financial advisors via digital servicing capabilities.”

Earlier this year, Franklin Templeton signed a definitive agreement to acquire rival Legg Mason for $4.5bn.