The future of wealth management arrived at Finovate as Covet.Life, a breakout platform harnessing the power of AI to advance estate asset management, took center stage. The live demonstration was met with resounding enthusiasm among Registered Investment Advisors (RIAs) eager to gain an unprecedented, holistic view of their clients’ complete estate landscape.
The Silent Threat to AUM: The Heirs’ Exodus
The wealth management industry faces a critical challenge: up to 80% of heirs transfer assets away from their parents’ advisor. This isn’t a reflection of service quality, but a generational disconnect. Advisors risk losing significant Assets Under Management (AUM) simply because they weren’t the inheritors’ trusted partner.
Covet is the Bridge to the Next Generation
Covet offers RIAs a powerful solution to not only mitigate this risk but to proactively cultivate lasting relationships with the next generation. This groundbreaking platform goes beyond traditional planning tools, acting as a dynamic management and continuity engine designed to:
- Unlock Hidden Assets, Fuel AUM Growth: Covet’s AI diligently uncovers previously unseen assets, from held-away IRAs to dormant accounts, providing immediate opportunities to expand RIAs managed portfolio.
- Forge Unbreakable Multigenerational Bonds: By offering shared, transparent visibility into the entire estate, Covet empowers advisors to engage with the whole family, fostering trust and strengthening relationships across generations.
- Retain Heirs Before the Transfer: Positions the advisor as a vital resource for the entire family and beneficiaries, ensuring continuity and loyalty long before wealth transitions occur.
Catch more Fintech Insights : Data-Driven Deal Structuring in Digital Financing Ecosystems
Beyond Vaults and Planning–Introducing the Covet Management Engine
Covet is purpose-built for advisors who are focused on organic growth and long-term client relationships. This isn’t just a static vault for documents or another planning tool. Covet leverages AI to actively manage all estate assets, visualize consolidated estate value and generate estate documents enabling you to:
- Illuminate the Shadows: Effortlessly identify and catalog often-overlooked assets, including held-away retirement accounts and forgotten investments.
- Orchestrate Diverse Holdings: Seamlessly manage real estate, valuable possessions, and even digital assets within a unified platform.
- Elevate Advisor Value: Deliver true family-level planning, building profound trust and becoming an indispensable partner.
Experience the Covet Advantage
Covet isn’t just software; it’s a strategic advantage. It’s the key to deepening client relationships, achieving a comprehensive understanding of their wealth, and securing assets for generations to come.
Read More on Fintech : AI in Financial Services: Priorities and Trends for Leadership
[To share your insights with us, please write to psen@itechseries.com ]
