WealthAi partners with Flanks to address wealth managers’ data issues

WealthAi, an artificial intelligence (AI) operating system for wealth managers, has partnered with AI wealth data infrastructure company, Flanks, bringing data from over 650 institutions to its platform.

The agreement combines WealthAi’s operating system with Flanks’ wealth data infrastructure to enable firms to replace multiple legacy providers with a single platform.

The companies stated that, by bringing together AI, workflows, and data in one platform, wealth management firms could reduce system costs, simplify their technology stack, and accelerate AI adoption to deliver enhanced services.

Through the partnership, WealthAi clients will be able to access Flanks’ automated wealth data infrastructure via the company’s AI operating system.

This will provide institution-grade portfolio data with visibility across all asset classes and institutions.

The firms said that family offices, external asset managers (EAM), and private banks currently rely on legacy data service providers to connect to a rising number of custodians, investment managers, and other third-party providers.

With clients’ banking and custody relationships becoming increasingly global, firms often rely on legacy infrastructure to aggregate and manage data, resulting in fragmented information and manual processes, the companies added.

The partnership aims to replace these legacy technologies with a single, AI-powered platform, bringing together AI agents for workflow automation and the ability to harness data to automate processes.

"Wealth managers are overpaying for legacy vendor technology that is no longer fit for purpose," WealthAi CEO and founder, Jason Nabi, argued.

“Many firms are still paying basis-point fees for data infrastructure that requires manual reconciliation and doesn't deliver the clean, connected data modern wealth management demands.

“By partnering with Flanks we're giving our clients immediate access to more than 650 custodian connections through a single AI platform. Instead of stitching together expensive legacy providers, firms can access the data, workflows and AI capabilities they need in one place.”

Flanks CEO and founder, Joaquim de la Cruz, added: "We've spent the last seven years solving the data problem in wealth management, because sophisticated wealth management shouldn't be reserved for the few - it should be within reach for many more people.

“The current AI moment makes that even more exciting: it's a real chance to accelerate adoption and access across the industry. Fragmented, low-quality data is still one of the biggest barriers to harnessing AI at scale, and Flanks is ready to change that.

“What WealthAi is building is powerful because it puts that data straight to work for family offices, asset managers and private banks, turning it into action instead of more dashboards to dig through.

“This partnership is a great example of what that looks like in practice, and a blueprint for how AI will scale across the industry."

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