WealthStack, the wealthtech pillar of Wealth Management EDGE, held technology demonstrations during its annual conference this week at the Diplomat Beach Resort in Hollywood Beach, Fla. After reviewing the 11 contestants, the judges gave Best in Show Award THE Jump, an AI assistant for advisors that records customer conversations and produces to-do lists, notes and compliance records.
Shannon Rosic, director of WealthStack content and solutions at Informa Connect, announced the results during Wednesday's keynote address at the conference.
Diana Cabrices, founder of Diana Cabrices Consulting, organized 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), almost called it a tie between Jump and Nebo Wealth. However, the panel ultimately chose Jump as the winner.
Judges Tim Welsh, Dana Wilson and Devon Drew, along with host Diana Cabrices
Other companies that participated were Vanilla digital estate planning platform; payment facilitator Bill (formerly Bill.com); communications capture, archiving and analysis provider Smarsh; the Fintello marketing platform; portfolio data collection, analytics and reporting platform Addepar; online estate planning provider Faith and Will; financial planning software provider Invasion planning; trading and rebalancing platform Flyer Financial Technologies; AND Brooklyn Investment Groupa 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 in advance and produce transcripts. The technology also helps with follow-up items, including compliance data, after the fact. Jump has Zoom, Microsoft, Google, Salesforce, Redtail and Wealthbox integrations.
During client call preparation time, Jump's AI assistant pulls up previous notes and other artifacts and creates a pre-meeting briefing for the advisor.
Within minutes of the chat ending, users receive an email saying the meeting is ready for review. The program can write notes in a specific style and include the narrative, discussion, facts to remember, questions asked by the client, how the advisor responded, recommendations, and any services and fees mentioned. Jump can also pull the customer's profile to track life changes and guide future recommendations.
After the advisor edits the note, the final version can be transmitted to CRM. Any tasks listed can also be pushed to CRM and turned into follow-up items.
After Ence's introduction, Wales said he felt moved to channel his inner Justin Timberlake.
“You're turning sex into dating,” 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 OMG launched Nebo, short for Needs Based Optimization, in 2022.
Martin Tarlie, head of product at Nebo Wealth, said a common problem is that advisers' work on the planning side is disconnected from investing.
“The gap between the plan and the portfolio makes advisers very uncomfortable,” he said.
Nebo Wealth seeks to build portfolios that maximize clients' likelihood of achieving their objectives based on three pillars of investment policies: time horizon, risk tolerance and target return.
The time horizon takes into account several factors: How old are you? When do you plan to withdraw your money from the wallet? What is the length of the plan? How long do you expect to live?
Risk tolerance is the maximum loss a client can tolerate in a carry market. Nebo Wealth converts it to a portfolio limit.
Tarlie said the target return is what “does the heavy lifting”, driven by the client's cash flow and legacy needs.
While Nebo Wealth is not a financial planning tool, it does have integrations with eMoney, MoneyGuidePro and RightCapital.