WealthAi, the AI operating system built for wealth managers, has joined forces with Flanks, a provider of AI-driven wealth data infrastructure, in a move designed to tackle the industry’s long-standing struggle with fragmented and costly data.
Through the tie-up, users of the WealthAi platform will gain direct access to institution-grade information drawn from over 650 institutions around the globe, delivered through Flanks’ automated data infrastructure. The arrangement gives firms compliant portfolio information with full 360° visibility spanning every asset class and institution, all housed within one platform.
The deal responds to a widespread challenge facing family offices, external asset managers (EAMs) and private banks, which currently depend on ageing data service providers to link up with an expanding roster of custodians, investment managers and other third parties.
With clients’ banking and custody arrangements becoming ever more international, firms have been pushed towards convoluted and pricey legacy systems for gathering and handling data. This has left them with disjointed information and heavy manual workloads, uploading, reconciling and checking data across formats ranging from PDFs and bank statements through to spreadsheets, while still lacking a full picture of each client across custodians and asset classes, alternatives included, it said.
For these firms, the combined offering means swapping out multiple expensive legacy vendors for one AI-powered system. Pairing AI agents that automate workflows with high-quality, compliant data allows businesses to streamline operations across the front, middle and back office, trim expenses, simplify their technology estate and speed up their adoption of AI.
WealthAi CEO and founder Jason Nabi said, “Wealth Managers are over paying for legacy vendor technology that is no longer fit for purpose. Many firms are still paying basis-point fees for data infrastructure that requires manual reconciliation and doesn’t deliver the clean, connected data modern wealth management demands.
“At WealthAi, we’re bringing together the very best AI capabilities and partner services in a platform that’s simple to adopt and delivers immediate value. Having a single source of truth that’s continuously updated and connected to AI agents driving processes across the business should be the new standard for wealth management.”
Flanks CEO and co-founder Joaquim de la Cruz said, “We’ve spent the last seven years solving the data problem in wealth management, because sophisticated wealth management shouldn’t be reserved for the few – it should be within reach for many more people. The current AI moment makes that even more exciting: it’s a real chance to accelerate adoption and access across the industry. Fragmented, low-quality data is still one of the biggest barriers to harnessing AI at scale, and Flanks is ready to change that.
“What WealthAi is building is powerful because it puts that data straight to work for family offices, asset managers and private banks, turning it into action instead of more dashboards to dig through. This partnership is a great example of what that looks like in practice, and a blueprint for how AI will scale across the industry.”
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