This edition of the Wealthtech Roundup features WealthLine launching an AI prospecting tool, Altruist adding real-time account data to its AI platform, GReminders adding document access to its Do Anything Assistant, Invent hiring Jim Zimmerman as Chief AI Officer, Addepar appointing Peter O’Brien as Chief Revenue Officer and Janeen France as its first Chief Client Officer, BetaNXT investing in AI product development, Practifi adding an AI layer to its CRM, Capco and PureFacts partnering on revenue optimization technology, CogniCor debuting AI-driven advisor tools on SalesForce’s AppExchange, FSI releasing AI adoption guidance, FP Alpha integrating with eMoney Advisor and Nevis raising $35 million in a Series A round.
Larry's Take
In October, we covered The Oasis Group’s review of lead generation providers including Aidentified, Catchlight, FINNY, TIFIN and WealthFeed. In November, I brought you expert views on how AI will change the lead generation game.
This month’s roundup includes a new entrant into this competitive arena – WealthLine – launching its WealthReach platform. When new entrants join a crowded field, it signals that they believe significant market footholds are still up for grabs.
However, for many advisors, the technology is unfamiliar and potentially intimidating. They may feel that referrals and traditional outreach have been enough: “Why fix what’s not broken?” But watching competitors move ahead by leveraging this technology will convince many traditionalists to take action.
If you would like to discuss this Larry’s Take further, including how these trends might impact your business, please contact me at larry.roth@ascentix.com.
WealthLine Launches AI Prospecting Platform
New York City-based WealthLine introduces an AI-driven prospecting platform for financial advisors. The new offering, WealthReach, is designed to help advisors identify promising leads through analysis of website visits in combination with intent data. It also tracks wealth management information searches on the internet and calculates a numerical score to assist advisors in prioritizing their leads.
The prospecting tool is able to identify up to half of advisor website visitors that would otherwise be anonymous, the firm says. WealthReach is WealthLine’s latest AI tool for financial advisors. It also offers a website chatbot, an AI assistant and an email assistant. WealthLine was co-founded by CEO Michael Barrasso and David DeCelle, who is CEO of Model FA.
“Organic growth isn’t just something that happens. We’re giving advisors the data, tools, and solutions to help them capitalize on growth opportunities they didn’t think were possible,” said Barrasso. “We built WealthReach based on the systems that helped my own firm scale organically—so other advisory firms can now do the same. With the launch of WealthReach, advisors can see exactly who’s showing interest in their services and engage them instantly with personalized, compliant outreach.”
Altruist Integrates AI Platform Hazel With Real-Time Account Data
Los Angeles-based Altruist announces it has connected its AI platform, Hazel, to real-time account data. With direct access to data — such as beneficiaries, households, holdings and balances — Hazel is able to quickly provide personalized answers and client responses, the firm said.
For example, the firm said Hazel can tap custodial records in seconds to reveal sector exposure, household level concentration or beneficiary summaries, for example. Hazel was launched in September, and is used by more than 1,000 wealth managers, according to Altruist.
“AI is at its best when it’s connected to the data you need every day,” said Jason Wenk, Founder & CEO of Altruist. “For RIAs, the custodian is that ultimate system of record, where critical details like beneficiaries, cost basis, and RMD data actually live. By wiring our Altruist data directly into Hazel, we’re setting the standard for what AI in wealth management should be — fast, accurate, and truly actionable.”
GReminders Adds Document Access To Its Do Anything Assistant
Los Angeles-based GReminders adds a feature to its AI-driven Do Anything Assistant integrating access to client reports, insurance policies, statements and other documents within the platform’s workflows. The feature, AI Document Access, allows advisors to access documents within Box, SharePoint, OneDrive, Redtail Documents and Google Drive from their GReminders AI assistant.
The enhancement is designed to provide advisors with better pre-meeting briefs and client experiences, according to GReminders. The company says the document access is compliant, and that all data is “tightly scoped to each client record” to reduce errors. AI Document Access is already live for advisors who are GReminders subscribers at the Base Business level.
“AI Document Access unlocks massive benefits for firms by turning static files into live intelligence,” said Arnulf Hsu, Founder and CEO of GReminders. “Advisors can now instantly surface performance reports, insurance policies, bank statements — and virtually anything stored in a document — without requiring custom builds for different custodians or systems.”
Invent Hires Former Red Hat Executive Jim Zimmerman As Chief AI Officer
Seattle-based Invent hires Jim Zimmerman as Chief AI Officer. He will oversee the company’s AI strategies for enhancing productivity for financial advisors while ensuring client confidentiality and regulatory compliance. Zimmerman previously held executive roles at Red Hat and Microsoft.
Invent’s cloud platform connects and manages data from multiple financial parties, including custodians, portfolio systems, CRMs, planning, insurance, trading and documents. It serves more than 20,000 users, including RIAs, broker-dealers and wealth management teams, according to the firm.
“In wealth management, the opportunity is enormous, but it comes with responsibility. Our mission is to help advisors harness the power of AI without compromising client confidentiality or regulatory integrity,” said Zimmerman. “My focus is to make sure our development velocity increases with AI, while maintaining the highest standards of data protection and compliance.”
Addepar Promotes Peter O’Brien As Chief Revenue Officer And Janeen France As Chief Client Officer
New York City-based Addepar adds two to its C-suite. The company appoints Peter O’Brien to the role of Chief Revenue Officer. He recently served as Global Head of Growth and Partnerships. The new role, based in Europe, encompasses revenue strategy for sales, marketing, partnerships and market development. Prior to joining Addepar in 2014, he was an investment banker at Citi.
Addepar also promotes Janeen France to Chief Client Officer, a newly created position in which she will oversee global client strategy. She joined Addepar nearly six years ago and most recently served as Senior Vice President, Head of Go-To-Market Strategy & Operations. She previously held leadership positions at Hightower Advisors and J.P. Morgan Private Bank.
“Peter and Janeen have each played a critical role in building Addepar into the industry-leading platform it is today,” said Eric Poirier, CEO of Addepar. “They embody the leadership and vision driving our next phase of growth—deepening partnerships and continuing to deliver the data, technology and insights that empower firms to navigate complexity with confidence.”
BetaNXT Announces Strategic Investment In AI Product Development
BetaNXT announces a 12-month plan to invest in AI product development in data aggregation, workflow automation, business intelligence and predictive analytics. The company intends to leverage AI to improve data aggregation, by streamlining data ingestion and processing while eliminating data errors. It also plans to work toward automating manual tasks such as code analysis, document synthesis and customization.
BetaNXT launched its DataXChange platform last year, and its third area of focus involves adding AI-driven data insights to it. It also plans to harness predictive analytics to help advisory firms improve advisor retention and workforce planning.
“BetaNXT is on a mission to help our clients accelerate their modernization and innovation efforts,” said Don Henderson, Chief Technology Officer of BetaNXT. “As a partner to many leading asset and wealth management firms, we are advancing the industry’s adoption of AI through strategic applications where we see the greatest opportunities for impact.”
Practifi Adds AI Capabilities To Its CRM
Chicago-based Practifi layers new AI capabilities to its CRM, enabling advisors to add meeting summaries, automated workflows, follow-up generation and other features to their Practifi Platform. The firm noted that Practifi Intelligence is designed as an AI framework rather than a series of individual AI tools.
Practifi Intelligence includes client relationship tools, such as Follow-up Assistant and Smart Notes. It also has an AI meeting notetaker and a process building tool capable of converting written processes into workflows and visualizations.
“Firms shouldn’t have to choose between keeping a system they trust and moving forward with innovation,” said Adrian Johnstone, CEO at Practifi. “Practifi Intelligence bridges that gap. We’ve taken a well-established CRM and applied an AI-first approach throughout it, so teams gain stronger workflows and better service outcomes without replacing the tools they use daily.”
Capco And PureFacts Partner On Revenue Optimization Technology
Capco and PureFacts Financial Solutions announce a strategic partnership to develop revenue management technology for financial advisors and insurance providers. They envision enabling firms to better optimize fees and advisor compensation.
The two firms will combine their technology and experience to help advisory firms identify new revenue sources and deepen client relationships. Their partnership is designed to help financial services firms find growth opportunities in the face of changing market and regulatory pressures, they said.
“Revenue management is one of the most important levers that firms can use to drive profitability and create better outcomes for clients,” said Phil Kerkel, Partner in Capco’s Wealth & Asset Management practice. “This new partnership offers our clients an integrated solution that ensures accuracy and transparency across billing and compensation while enabling them to strategically optimize their practices for sustainable growth.”
CogniCor Debuts AI-Driven Advisor Tools On SalesForce AppExchange Marketplace
Palo Alto, California-based CogniCor launches new AI-driven advisor tools on the Salesforce AppExchange marketplace. The firm’s WealthMate and Advisor Copilot offerings use industry-specific AI to help advisors increase productivity and provide more personalized service.
Advisors using Salesforce’s CRM can tap CogniCor’s AI capabilities to automate repetitive tasks and receive compliance guidance within their workflows. They can also use CogniCor data insights, delivered on the platform, to personalize client interactions. Salesforce AppExchange, launched in 2006, includes more than 9,000 apps and experts.
“Salesforce equips its clients with best-in-class technology to deepen customer engagement across industries,” said Sindhu Joseph, CEO and Co-Founder of CogniCor. “With CogniCor's Advisor Copilot integration, advisors, RIAs, and broker-dealers can use their Salesforce systems to streamline workflows, automate routine tasks, and deliver more personalized interactions — powered by CogniCor’s award-winning AI.”
FSI Releases Guidance On AI Adoption For Independent Financial Services Firms
Washington, D.C.-based Financial Services Institute (FSI) releases a white paper, developed by its AI Task Force, with comprehensive guidance for the responsible adoption of AI tools by independent financial services firms. The resource, “Artificial Intelligence: Balancing Innovation, Interoperability, and Oversight,” includes a decision framework and scoring system designed to help financial firms assess the potential impacts of AI systems.
It also sets out an AI interoperability model as a step toward industry standardization and collaboration between companies. Further, it establishes regulatory principles for AI adoption that aim to balance innovation with security. FSI was established in 2004 and has over 60 independent firms as members, representing more than 130,000 affiliated advisors.
“As we continue to navigate this new AI era, it is essential that our industry has clear, practical policies and practices in place to adopt these tools responsibly and effectively,” said Dale Brown, President and CEO at FSI. “AI has the potential to streamline processes and enhance the client experience, allowing our members to focus on what they do best – serving their clients. However, it is not without its risks and requires thoughtful implementation and collaboration across the independent financial services industry to achieve successful adoption and ensure investor protection.”
FP Alpha And eMoney Partner On Estate And Tax Planning
FP Alpha announces an integration with eMoney Advisor that enables syncing of client data between the two platforms to simplify estate and tax planning processes. With the integration, advisors can initiate a data transfer from eMoney client profiles to FP Alpha’s AI-driven tax and estate planning tool with a few clicks, the firm said.
FP Alpha then retrieves client details, such as real estate holdings, businesses, investment accounts and insurance policies. The data connects directly with FP Alpha’s estate planning and tax insight tools, enabling advisors to receive AI-driven insights without the need for manual data entry.
“This integration bridges two of the most powerful tools in an advisor's tech stack,” said Andrew Altfest, Founder and CEO of FP Alpha. “Advisors can now instantly move from data collection to delivering actionable tax and estate planning insights, giving them back valuable time while enhancing their client experience and improving their ability to deliver tax saving advice.”
Nevis Raises $35 Million In Series A Funding Round
Nevis completes a $35 million Series A funding round, with participation from Sequoia Capital, ICONIQ and Ribbit Capital. As part of the deal, Luciana Lixandru of Sequoia joins the Nevis board. Sequoia also led the company’s $5 million seed round nearly a year ago. Nevis says it now has a total of $40 million in funding.
Nevis is an AI platform that helps advisors automate administrative work. It was co-founded by CEO Mark Swan, Chief Product Officer Philipp Burda and Chief Operating Officer Ivan Chalov. The three were previously executives at the European digital bank Revolut. Nevis serves wealth management firms that collectively manage more than $50 billion in client assets, it said.
“We’re building a future where every financial advisor is supported by an AI platform that can actually complete operational tasks end-to-end,” said Swan. “From helping advisors prepare for client meetings to opening custodian accounts, Nevis streamlines the workflows that consume the majority of an advisor’s time. With this level of automation, advisors can focus on what matters most: delivering best-in-class client service and growing their business.”
Wealth Solutions Report can be reached at info@wealthsolutionsreport.com.
