Dear Wealth Management Professionals,
Lately, it must feel like you’re watching a heavyweight boxing match between tech giants. In one corner, we have AI with its cutting-edge models and jaw-dropping investments. In the other, there’s skepticism from the likes of Goldman Sachs, suggesting we might be facing a bubble puffier than a freshly baked soufflé.
While everyone debates whether AI is the Holy Grail or just another passing fad, we at Wealthype have decided to do something revolutionary: put it to real use.
Our Approach: AI as an Assistant, Not a Replacement
At Wealthype, we’re not interested in barroom chatter about technological singularities or when machines might steal our jobs. Instead, we’re focused on the practical integration of AI tools—machine learning, deep learning, LLMs, RAGs, and all the trendy acronyms—to enhance advisors’ work and provide better service.
Here’s how we’re putting AI to work for you:
- Get to Know Your Clients Better Than They Know Themselves
We synthesize your data on each client into a vector, creating what’s known as an “embedding.” It’s not glamorous, but it’s useful for estimating each client’s financial needs and DNA. We use multiple models working together in a “model ensemble,” each with its strengths and weaknesses. This includes Bayesian Machine Learning algorithms, combining traditional machine learning with business rules, Collaborative Filtering models, Neural Network classifiers, and Boosting and Bagging models. All this is done with anonymized data and in compliance with AI regulations.
- From ‘The Betrothed’ to ‘Cliff Notes’ in Seconds
We can distill any KIID or financial and insurance product factsheet, extracting key information. It’s like having a cheat sheet for adults, minus the risk of getting caught by the teacher. Even if you have 10,000 products in your catalog, you’ll always know what they do, how they’re structured, and how they compare to similar products. For example, which ones offer the best “Value for Money,” a KPI that measures product quality, profitability, and sustainability for the end client.
- Find the Best Products for Each Client
“Know your clients, know your products” is the Mifid, IDD, and EU regulations’ mantra for wealth management and insurance. We bring this to life with our Recommender System, identifying the best proposals for each client in full alignment with the Mifid/IDD profiling you’ve painstakingly implemented. And don’t worry, we’re not just another investment portfolio modeling provider: that’s a job for the managers and established “big platforms.” We help implement the output they produce.
- Financial Personas: Useful Stereotypes (For Once)
Using Bayesian clustering, we’ve created Financial Personas. They represent your customer base in a non-trivial way. They’re great for personalized marketing and understanding your client before you even shake their hand, knowing what they might need and how to relate to them. It’s like having a mutual friend make introductions, but without the risk of embarrassing gossip. If you like, you could run market simulations using Agent-Based Modeling to see where you might end up in 5 or 10 years under various scenarios.
- A Chatbot That Won’t Make You Miss Your Human Colleagues
We’ve integrated a chatbot service that advisors can use to get detailed information without navigating the platform. Information on clients, products, and the platform itself. It’s like having a personal assistant, but without needing to buy coffee.
- Scenario Simulations for Clients: Because the Future is Unpredictable but Manageable
Advisors can run scenario simulations on client assets using Monte Carlo models, considering various events, both good and bad, and see how temporary death insurance, LTC, or health policies can literally change their lives. It’s like having a crystal ball, but based on math and probability theory instead of magic.
- Personalized Communication: Because Every Client is Unique (Even When It Doesn’t Seem Like It)
Thanks to Behavioral Finance, communication can be personalized at every moment of the relationship. It’s like having a simultaneous translator, but instead of different languages, it translates from “finance” to “human.” Multi-armed Bandit models help identify which content is right for whom, and when.
- Infrastructure and Costs: Flexibility is Our Middle Name
We position ourselves as the Switzerland of AI in wealth management: neutral, adaptable, and friendly with everyone. Our microservices architecture works whether you want to use just our APIs or also integrate our interfaces into your platforms. No matter your tech provider, we adapt easily.
And don’t worry, we use only robust, established models with stable libraries like TensorFlow and Scikit-learn, with great attention to MLOps and cybersecurity. For LLMs, we use multi-model architectures to avoid being tied to anyone and keep data under control. No risky experiments here—we leave those to less savvy competitors.
In summary, at Wealthype, we’re not trying to reinvent the wheel. We’re simply enhancing the advisory process with the best of modern technology.
For a demo of our tools, drop us a line at info@wealthype.com and see how to apply machine learning principles to traditional advisory processes
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