The AI copilot Powder, which enables wealth advisors to win clients faster by developing a clear implementation plan, was launched today by Elefund. In addition to Laks Srini (former co-founder and CTO of Zenefits), Bryant Chou (co-founder of Webflow), Jon Xu (former co-founder and CTO of FutureAdvisor, acquired by Blackrock), David Meister (Head of Enterprise Sales at Addepar), and others, Powder will also announce its public launch and pre-seed funding.
Since the industry still largely relies on lengthy pitch decks, emailed statements, and manual portfolio data entry and analysis to win over clients, the entry point into the $100 trillion asset industry is broken. A result of this is that there is a long, confusing sales process that is not transparent and leaves prospective clients unclear as to what the advisor is capable of providing them.
Powder democratizes access to wealth by simply and effectively demonstrating an advisor's value by eliminating archaic processes that shorten the sales process from months to weeks by removing archaic processes from the sales process. The Powder platform works as a sales co-pilot for wealth advisors, gathering portfolio data, building portfolios, creating tax and estate models, and facilitating the tedious paperwork required to onboard the client after winning the deal.
Powder is also available in the following forms:
Visit powderfi.com to get access to Powder if you'd like to try it out.
As a matter of fact, wealth advisors have to deal with high customer acquisition costs, as well as manual labor, which is pretty remarkable considering how much money they handle on a daily basis. "There simply has to be a better way to go about the problem," said Kanishk Parashar, co-founder and CEO of Powder.. "As a result of the size of the financial services industry and the sensitivity of customer data privacy, it is understandable why so many advisors are hesitant to modernize their sales processes. However, with the advent of generative artificial intelligence as well as a shift toward long-term investing that is becoming a priority for consumers, there has come a time when a solution that removes friction and delivers clients what they want - simple, actionable insights.
"As a result of the size of the financial services industry and the sensitivity of customer data privacy, it is understandable why so many advisors are hesitant to modernize their sales processes. However, with the advent of generative artificial intelligence as well as a shift toward long-term investing that is becoming a priority for consumers, there has come a time when a solution that removes friction and delivers clients what they want - simple, actionable insights.
As Nate Rodland, a general partner at Elefund, and co-founder of Robinhood, stated, "Powder and Robinhood are solving the same problem. They are creating access to wealth.".
As the name implies, Powder was founded by Parashar, Soo-Yung Cho (CTO), Dominic Tully (Head of Sales and Operations), Jeff Magder (Principal Engineer), and David Goerz (Chief Investment Officer). Previously, Parashar and Cho founded a portfolio projection tool called RCI Navigator, which allows advisor firms to simulate various economic scenarios and forecast the cash flow of an entire portfolio using a computer. It was acquired in 2021 by wealth management technology company Addepar, which is now a wealth management technology company.
As the CEO of Sunpointe Investments, Michael Pompian said, "We are very excited to join forces with Powder. Powder has a terrific team and is building a powerful product to help advisors grow their practices.".
Powder: a brief overview
The Powder co-pilot is an AI-powered co-pilot that helps wealth advisors assemble financial data, build portfolios and tax models, and eliminate manual processes in order to win clients more quickly. Powderfi's technology eliminates the high cost of customer acquisition, as well as provides wealth advisory firms with a digital toolset that will enhance efficiency for all parties. For more information, please visit powderfi.com.
James Christopherson, PR Manager at Powder [email protected]
There is more information available at http://www.webwire.com about this release that was issued through WebWire®.
Powder as the source
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