New Financial Planning, fintech, technology, advisors 640 x 640
WealthStream, an artificial intelligence-native advice platform for wealth management, launched its business Tuesday at the T3 Technology Conference in New Orleans to help advisory firms accelerate each advisor's path to "becoming an experienced practitioner." The platform uses AI agents to analyze client data across planning categories and produce a set of considerations and recommendations for advisor review.
WealthStream, set to roll out its platform in the second quarter, says its technology serves as an "always-available digital advisory team," meaning that all financial advisors of client firms can access experienced financial planning capabilities to more consistently deliver higher-quality advice.
"The playbook for scaling expertise has always been the same: recruit, train and hope people choose to stay," said Dan Daum, WealthStream's co-founder and CEO. "That model is broken, and hiring alone won't solve the industry's talent shortage. We put expert-level planning capability at every advisor's fingertips, not as a shortcut, but as a way to build sharper, more capable advisors over time."
WealthStream partnered with 12 RIA firms on the platform's development, including its design and testing process. IronBridge Wealth Counsel, a $3 billion RIA, was part of the process and plans to sign on as a client, the firm says.
Among the company's strategic advisory board are John Vaccaro, former head of MassMutual Financial Advisors and chairman emeritus of MML Investors Services, and Stuart Rubinstein, former president of Fidelity Wealth Technologies.
"We're at an inflection point where AI has advanced enough to unlock capabilities that simply weren't possible even a year ago," said Jeff Shortis, WealthStream's chief product officer and co-founder. "Deep, personalized advice has never truly scaled. It's complex, context-dependent and traditionally reliant on senior talent. Our system helps break through that ceiling."
Recent industry data points to the need to bring more financial advice to the wealth management marketplace. A Cerulli Associates report found that some 109,000 advisors plan to retire over the next decade; at the same time, 72% of new advisors leave the profession within five years. McKinsey & Co. forecasts a U.S. shortage of 100,000 advisors by 2034.
"Most wealth management technology focuses on making advisors faster," Rubinstein said in a statement. "WealthStream helps advisors get better. This technology should be a core solution for anyone in the advice business."
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