Fintech WealthAi has launched a back-office platform for IFAs and smaller advice firms.
WealthAi for Advisors brings together meeting notetaking, client management, document generation, administration, market information and compliance, into a single intelligence integrated platform.
Advice firms using the tool during its beta testing phase this summer reported an initial 60% reduction in time spent on routine client administration.
The tool is designed to take firms beyond the first step of AI-adoption, giving smaller firms access to an AI operating model in which information and workflows are connected across the client lifecycle, with an embedded AI-powered CRM, document handling and notetaking, connected to specific AI agents to undertake a range of tasks across advisory and compliance.
The tools can also integrate with WealthAi’s AI agents that operate across compliance, risk management, research, investments and operations to securely access relevant information within the client file to identify actions, update records and ensure workflows remain aligned with firms’ policies and regulatory requirements.
Jason Nabi, CEO and founder of WealthAi, said: “Advisers have had a first taste of AI through tools like meeting notetakers, but that’s only scratching the surface of what this technology can do. Most traditional wealth technology was designed for people to operate software - updating practice management systems, moving information between systems and following rigid workflows. We think the next generation will be designed for AI agents to operate across the business.”
The platform can be deployed in days, without firms having to replace their existing practice management systems or undertake a large-scale IT implementation.
It can also connect with existing practice management systems, allowing advisers to introduce an AI-native layer without replacing their existing technology infrastructure.
Financial Planning Today’s recent reader survey found that three quarters of readers were already using (53%) or considering using (22%) artificial intelligence (AI) in their businesses.
Just 25% of Financial Planners said they would not consider using AI, in comparison to a third last year.