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First, it’s the wedge in. The vision is the OS!
Wealthtech is seeing a lot of cash flowing into startups. We have seen Jump and Zocks raise massive rounds to be the AI notetaker for financial advisors.
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The pitch is not just a notetaker, though the usage and revenue numbers are impressive. At the end of the day, every advisor finds value in an AI notetaker, especially if it meets the compliance requirements of the firm. Given how much money has been raised, a notetaker is just step 1.
Every firm pitching in wealthtech from pre-seed to late stage to older wealth technology companies pitching the future, are wedging in with a product in the front or back office that solves a single pain point. The notetaker has been popular and easily gets the advisor excited. I love my notetakers, and I use them in every meeting too. But the big pitch everyone is making is going from notetaker to AI agents that move your transcripts into 100s of workflows from follow-up emails, to onboarding new clients, to portfolio rebalancing, etc., etc.
I think the OS is the holy grail. AI Agents doing everything for an advisor so they can spend 99% of their time in face-to-face or Zoom-to-Zoom meetings helping clients. Grow your book 100x and hire 0 people, just more agents. The problem is that this has a long way to go, and the bigger problem is that we don’t have any public market comps on wealthtech. We haven’t seen multibillion-dollar wealthtech IPOs, or at least not successfully. Envestnet was the closest thing, and that’s gone private and will be gutted into pieces.
The future of wealthtech is bright. The use, need, and want of AI is sky high. I still think the exits for founders in this space will be plentiful, but more likely in the $200m-$500m range. Will we see a multibillion-dollar wealthtech AI operating system exit? I hope so, and everyone believes so, because the money is flowing.
I think the key is - find your wedge - make your sales - solve real problems - keep your cap table and your total dollars raised lean/efficient - and give yourself optionality. Will some go big and take a multibillion-dollar swing- definitely. But there is also room for a lot of founders to have 100x exits without being a unicorn!
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