Oleg Tishkevich soars into the Cloud with a new venture

Invent.us hits the ground running with several contracts reflecting friends in high places but critics ask whether he can fly so close to the sun without getting scorched

Brooke’s Note: U.S. wealth management journalists can hardly leave our office for three hours before a new claim of a “game changer” arrives in our inbox. But Invent.us actually has some of those qualities –without using those cliches. We felt it during the process of writing the article.

Invent.us hits the ground running with several contracts reflecting friends in high places but critics ask whether he can fly so close to the sun without getting scorched

Brooke’s Note: U.S. wealth management journalists can hardly leave our office for three hours before a new claim of a “game changer” arrives in our inbox. But Invent.us actually has some of those qualities –without using those cliches. We felt it during the process of writing the article. But late in editorial process, Pete Giza finally drove home why Oleg Tishkevich’s plan works when other reinventions die in the crib: It doesn’t depend on getting all the legacy system providers (like custodians) into a big room and convincing them to do the right thing. This cloud-native effort can exist — on its own cloud — and dare providers to ignore its benefits. And an intangible here is Oleg’s attitude toward competing. It’s as open as the architecture he is pursuing. He knows he’s inviting other parties to join the cloud-native party, but he sees that, at this stage in his career, as a positive, he says. Chances are that means he will maintain his edge. No time for fear. And pay attention to Envestnet in all this. It expressly allowed one of its own to create this monster on company time — and then became a big customer. That’s another player eschewing rigidity as part of a future-leaning cooperation.

Oleg Tishkevich burst back onto the RIA scene, earlier this year, with customers, cash flow, the blessing of an old ally and withering praise, but the entrepreneur is beset with a decidedly Oleg Tishkevich problem.

He might be trying to do too much, too soon.

Launched this past January, his new Seattle-based firm, Invent.us, sped out of the starting gates with six broker-dealers already signed-on as clients, including $93 billion Fairfield, Iowa-based IBD Cambridge Investment Group.

It’s also just scored a contract with Envestnet — a potentially defining leap forward because the Chicago-based outsourcer, in turn, serves hundreds of broker-dealers and tens of thousands of advisors with its systems and software.

 

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