With artificial intelligence quickly transforming the ways in which financial advisors and wealth management firms do business, Financial Planning is recognizing outstanding work in the field.
Our inaugural Innovation Awards honor tech firms that are developing cutting-edge technology for use in marketing, client onboarding, investment strategy, lead generation and specialized planning. Wealth management firms are recognized for their efforts in automation, marketing, client engagement and professional development.
Special Innovator of the Year awards will be bestowed on two of these firms at
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Since it launched in July 2021, Savvy Wealth has built an entire AI-backed advisor platform and software services based on one concept: time.
Savvy Wealth's "relentless focus is supporting advisors and giving them back time. This is the approach we took" from the start, said the firm's founder and CEO Ritik Malhotra.
Savvy Wealth has built out a fully loaded bucket of software and services, including a customer relationship management (CRM), billing, client onboarding, marketing software, investment management and operations capabilities. It supports more than 30 wealth advisors through its RIA affiliate, Savvy Advisors, which manages more than $700 million in client assets.
Key to Savvy's growth has been its focus on reducing up to 35% of the time advisors spend on back-office operations by automating a large portion of those functions. This includes implementing an AI-powered Advisor Dashboard that automates critical functions like client communications, portfolio management and the onboarding processes.
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Unlike traditional systems, this platform leverages AI to actively manage client data, providing real-time insights and proactive alerts that guide the advisor on when and how to interact with clients. It also uses a large language model similar to ChatGPT to draft communications and tailored financial plans, freeing up the advisor to focus more on strategic and personalized advice for each client.
"The best strategy to really bring on advisors is having this very educative, consultative approach — really trying to understand their pain points. Don't force a sale," Malhotra said. "We're not trying to sell it. We're trying to see if this can actually help the individual's livelihood."
