TIFIN and Hamilton Lane launch AI investment assistant for private markets: Wealthtech Weekly

June 28, 2023 5:53 PM

TIFIN is expanding its slate of AI offerings via a new partnership with global private markets investment firm Hamilton Lane.

Announced Tuesday, the partnership announcement comes packaged with the launch of a new AI-powered investment assistant that blends Hamilton Lane's private markets data with TIFIN's AI capabilities.

Company leaders said the joint venture is part of TIFIN.AI, TIFIN's initiative to build B2B AI assistants for financial services. It is also believed to be the first of its kind within the private markets.

The AI assistant will be available as an API and is intended for integration within the wealth platforms and digital marketplaces used by advisors and investors allocating to the private markets.

The investment assistant will provide data-centric information around private markets benchmarking, forecasting and diligence. Officials hope to educate private wealth investors and their intermediaries on the asset class and current trends within the private markets.

"The private markets is a complex and rapidly-evolving asset class, and reliable, transparent data has historically been difficult to come by, particularly for private wealth investors," Erik Hirsch, vice chairman and head of strategic initiatives at Hamilton Lane, said in a statement. "Through our own internal development and strategic partnerships like this one with TIFIN, we are providing tools to help educate and inform, and are working to transform the way investors engage with this asset class."

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Vinay Nair, founder and CEO of TIFIN, said the company is focused on impact through innovation and is excited to partner with Hamilton Lane to bring this capability to the market.

Dedicated exclusively to private markets investing for more than 30 years, Hamilton Lane currently employs 600 professionals operating in offices throughout North America, Europe, Asia Pacific and the Middle East.

Hamilton Lane has nearly $857 billion in assets under management and supervision, composed of $112 billion in discretionary assets and approximately $745 billion in nondiscretionary assets, as of March 31.

Hamilton Lane's database that draws on more than $16.7 trillion in private markets commitments across 51 vintage years. A vintage year refers to the year in which the first influx of investment capital is delivered to a company.

"We believe this will simplify the intricacies of private market investing and empower advisors and their clients to approach this asset class with more confidence," Nair said.

TIFIN said the offering can be customized for large wealth enterprises and their approved funds and is intended to integrate into their wealth management toolkit as a conversational interface.

The technology leverages TIFIN's expertise in deploying AI assistants through a proprietary architecture that combines large language models with proprietary data and compliance-approved workflows.

Scroll down to get caught up on other recent fintech news you might have missed in our Wealthtech Weekly recap. And check out the previous edition here.

eMoney Advisor adds support for MaxMyInterest

eMoney Advisor is giving the 100,000 advisors who use their software access to another way to manage cash for their clients.

On Wednesday, MaxMyInterest announced an advisor connection within the financial planning platform of eMoney Advisor. The connection enables financial advisors using eMoney and Max's solution to report on held-away balances, and incorporate this data into their clients' financial plans.

MaxMyInterest helps clients open and maintain multiple FDIC-insured bank accounts to earn more on their cash while reducing the risk of uninsured deposits. The solution ensures clients are earning the highest yields even as banks change their rates.

According to the company, Max clients are earning up to 5.10%, more than the national savings average and more than what is offered by other online banks or brokered cash sweep solutions.

"Financial planners are looking for safer cash options in today's higher rate environment, and Max delivers the highest yields in the market while also enabling clients to obtain broader FDIC coverage and same-day liquidity," Michael Halloran, head of partnerships and business development for Max, said in a statement.

Max can be used by wealth management firms of any size and be co-branded in the name of the firm. In addition, white-label solutions are available for enterprise wealth management firms, fintech platforms and other institutions looking to offer a cash solution to their clients.

Ricky Illigasch, vice president of product management at eMoney, said the decision to integrate with Max is all about making advisors better at what they do.

"At eMoney, we work with a number of partners to deliver connections that increase efficiency for our financial advisors," Illigasch said. "We are pleased to partner with MaxMyInterest to provide access to their cash management solutions to help advisors more effectively serve clients whose planning needs require more cash options."

Former Skience president launches new fintech with an AI-powered writing tool for advisors

For advisors who prefer numbers to words, a new fintech firm founded by an industry veteran is rolling out a tool focused on taking the pain out of penning that next company blog post.

On Tuesday, Wealth Management GPT announced the launch of a writing tool designed exclusively for advisors that leverages OpenAI technology.

Founded by Marc Butler, the former president and CEO of Herndon, Virginia-based financial services software and consulting provider Skience, the new firm was born out of the AI craze that shows no signs of slowing down.

In a LinkedIn post published on the same day as the Wealth Management GPT announcement, Butler said curiosity about the technology that grew last fall and winter blossomed into an obsession about how advisors could use AI to run their businesses more efficiently.

"After a lot of feedback and participation from advisors, marketing professionals and other people in the wealth management space in a pilot program, I'm pleased to share today the launch of Wealth Management GPT," Butler said in the post. "In an era where clear and concise communication is crucial, Wealth Management GPT empowers advisors with a suite of powerful AI-driven features to enhance their marketing capabilities, improve communications, streamline their workflow, deliver more personalized experiences and ultimately save time and money."

The tool's key features include templates made specifically for advisors, personalized client communications, intelligent content suggestions and a simple design that even advisors who don't consider themselves tech experts can navigate.

Butler said the writing tool also "represents a significant leap forward in the use of AI to enable the human advisor and their business."

"We understand the challenges advisors face when it comes to effective communication, marketing and delivering personalization at scale," he said. "We are focused on empowering advisors with a solution to get past these challenges, helping them achieve extraordinary client and prospect experiences, and delivering measurable value."

Docupace names former Nitrogen exec as chief financial officer

California-based fintech Docupace has tapped a leader from the company formerly known as Riskalyze to serve as its new chief financial officer.

On Wednesday, the company focused on helping financial professionals on the move with cloud-based tech named Leon Weiss to the position. Weiss, who most recently served as chief financial officer for XOi Technologies, joins Docupace's senior leadership team and will lead finance and accounting functions for Docupace.

"I am incredibly honored and delighted to welcome Leon Weiss to the Docupace community," David Knoch, CEO for Docupace, said in a statement. "Attracting a leader with Leon's exceptional ability and rich experience is a testament to what we've been building at Docupace these past few years — a market-leader continuously leveling-up its game."

During his time at Nitrogen from 2023 to 2022, Weiss earned trusted relationships with the company's board of directors, playing a significant role in the company's 2021 sale to Hg Capital.

"I'm excited to join a company that's making such an impact in the wealthtech industry," Weiss said in a statement. "I look forward to working with FTV Capital and the Docupace leadership team to bring more efficiency, effectiveness and excellence to the wealth management back office."