Couplr AI Launches Tool for Finding ‘Orphaned’ Accounts
The firm says its technology aims to match advisors and clients with such assets, which should also contribute to business growth.
Couplr AI, the fintech firm, announced Tuesday the launch of a tool designed to help financial advisors address the escalating challenge of orphaned accounts in wealth management.
Couplr’s tool aims to deliver a scalable and efficient approach to matching clients who own these accounts with new advisors. The goal of the solution, according to Couplr’s announcement, is to “transform the landscape” for firms and advisors at a time when many clients expect more holistic and interconnected services.
It focuses on orphaned accounts tied to advisors who’ve changed firms or left the industry, for instance. Citing data from Cerulli Associates, the firm warns that orphaned accounts pose significant challenges, including regulatory scrutiny, potential lawsuits and financial losses for wealth management firms.
By providing a path for clients to be reconnected with their assets by working with new advisors, Couplr not only helps firms comply with regulatory expectations but also enhances the overall client experience, the firm says.
Such connections also provide an opportunity for firms to help next-gen advisors grow their business by advising on and potentially rolling over clients’ held-away assets in cases where moving the money makes sense.
“Our solution is designed to be both scalable and efficient, ensuring that every orphaned client has the opportunity to be matched with the right advisor for them to service their needs but also on a human level,” according to Derek Notman, founder and CEO of Couplr AI.
“We believe that technology can bridge the gap between orphaned clients and financial advisors, enhancing the human connection while creating a more inclusive and engaging financial landscape,” Notman explained.
The new tool empowers clients by providing a way to match them with the right advisors for their needs at the existing firm, he added. This approach addresses the immediate need for reconnection while also providing an opportunity for wealth management firms to grow their footprint.
Pictured: Derek Notman