WealthStack, the wealthtech pillar of the Wealth Management EDGE, held technology demonstrations during the annual conference this week at The Diplomat Beach Resort in Hollywood Beach, Fla. After reviewing the 11 contestants, the judges gave the Best in Show award to Jump, an AI assistant for advisors that records client conversations and produces task lists, notes and compliance records.
Shannon Rosic, director of WealthStack content and solutions at Informa Connect, announced the results during Wednesday’s opening remarks at the conference.
Diana Cabrices, founder of Diana Cabrices Consulting, hosted the event and gave each company five minutes to present.
Rosic said judges Devon Drew, CEO of AssetLink; Tim Welsh, president, CEO and founder of Nexus Strategy; and Dana Wilson, CEO of CHIP (Changing How Individuals Prosper), nearly called it a tie between Jump and Nebo Wealth. However, the panel ultimately selected Jump as the winner.
Judges Tim Welsh, Dana Wilson and Devon Drew, along with host Diana Cabrices
Other companies that participated were digital estate planning platform Vanilla; payments facilitator Bill (formerly Bill.com); capture, archiving and communications analysis provider Smarsh; marketing platform Fintello; data aggregation, analytics, and portfolio reporting platform Addepar; online estate planning provider Trust & Will; financial planning software provider Conquest Planning; trading and rebalancing platform Flyer Financial Technologies; and Brooklyn Investment Group, a white-label managed accounts platform.
Parker Ence, CEO and co-founder of Jump, said the company uses AI to help advisors prepare for client meetings beforehand and produce transcriptions. The tech also helps with follow-up items, including compliance data, after the fact. Jump has Zoom, Microsoft, Google, Salesforce, Redtail and Wealthbox integrations.
During the preparation time for the client call, Jump’s AI assistant pulls previous notes and other artifacts and creates a pre-meeting briefing for the advisor.
Within a few minutes of the conversation’s end, users receive an email saying the meeting is ready to review. The program can write notes in a specified style and include the narrative, discussion, facts to remember, questions the client asked, how the advisor answered, recommendations and any services and fees mentioned. Jump can also pull the client profile to track life changes and orient future recommendations.
After the advisor edits the note, the final version can be transmitted to the CRM. Any listed tasks can also be pushed to the CRM and turned into follow-up items.
After Ence’s presentation, Welsh said he felt moved to channel his inner Justin Timberlake.
“You’re bringing the sexy back to meetings,” he said.
The judges also felt Nebo Wealth, the end-to-end platform launched in January at the annual T3 Conference, had a compelling presentation. Global investment manager GMO launched Nebo, short for Needs-Based Optimization, in 2022.
Martin Tarlie, product lead at Nebo Wealth, said a common problem is that advisors’ work on the planning side is disconnected from investments.
“The gap between the plan and portfolio makes advisors very uncomfortable,” he said.
Nebo Wealth seeks to construct portfolios that maximize clients’ likelihood of achieving their objectives based on three investment policy pillars: time horizon, risk tolerance and target return.
Time horizon considers several factors: How old are you? When do you plan to withdraw your money from the portfolio? What’s the length of the plan? How long do you expect to live?
Risk tolerance is the maximum loss a client could tolerate in a bear market. Nebo Wealth converts that into a portfolio constraint.
Tarlie said the target return is what “does the heavy lifting,” driven by the client’s cash flows and legacy needs.
While Nebo Wealth is not a financial planning tool, it does have integrations with eMoney, MoneyGuidePro and RightCapital.
