The Texas State Securities Board (TSSB) has issued formal guidance for investment advisors who use data aggregation services and third-party technology platforms in their practices. Released on July 23, the advisory responds to the growing adoption of these tools by financial professionals seeking to deliver more holistic financial advice, including oversight of held-away assets such as 401(k) and 403(b) accounts. 

The TSSB emphasized that while such platforms can enhance service offerings, advisors must remain compliant with their regulatory and fiduciary obligations. The guidance stresses due diligence in evaluating third-party agreements, cybersecurity protocols, data access rights, and custody implications. It also underscores the importance of clear client disclosures and proper recordkeeping practices. 

The notice applies to all advisors with clients in Texas and reiterates key fiduciary responsibilities: recommendations must be in the client’s best interest, fees must be reasonable for the level of service provided, and comparisons between advisor-managed and employer-sponsored accounts should be part of the decision-making process. 

The move drew praise from Pontera, a leading platform that enables advisors to securely manage held-away assets. “This guidance affirms the value of responsible innovation in financial services,” said Ben White, Pontera’s senior director of public policy. “It prioritizes investor choice and protections while enabling advisors to deliver comprehensive planning.”