Powder Develops Client Advisory Board to Enhance AI Solutions

Powder Establishes Innovative Client Advisory Board

Powder, an emerging fintech company dedicated to advancing generative artificial intelligence (AI) for wealth managers, has announced the launch of its inaugural client advisory board (CAB). This board comprises ten leading professionals in the financial services industry, aiming to enhance the adoption of AI technologies that streamline operations and foster innovative solutions.

A Unique Team of Industry Experts

What sets Powder apart is its ability to gather a team of seasoned experts with vast experience across various facets of financial services. This strategic mix creates a rich environment for collaboration and innovation. Key members of the advisory board include:

• Bhavika Booragadda, Head of Operations, IEQ Capital
• Dave Breslin, EVP Wealth Management, GC Wealth
• Christine Leong Connors, Co-Founder & CEO, Verita Strategic Wealth Partners
• Ryan Fedricks, Partner, Plante Moran
• Zane Keller, Chief Executive Officer, Ducere Wealth Management
• Hannah Kim, Senior Wealth Associate, BakerAvenue
• Steve Kuhn, Executive Director, OnePoint BFG
• Rick Nott, Managing Director, Angeles Wealth Management
• Kevin Thornton, Head of Sales, AE Wealth Management
• Marcelo Vedovatto, Chief Operating Officer, SCS Financial

Collaboration for Future Innovations

Kanishk Parashar, the CEO of Powder, expressed enthusiasm about the advisory board's role. He stated, "Our CAB partners are the pivotal ingredient we’ll mix with our world-class technology team. By combining their deep industry expertise with our engineering talent, we can create AI that doesn’t just automate tasks, but works alongside wealth managers like a true team member. Together, we’ll focus on building agent workflows that solve real-world problems and redefine how firms operate at scale."

Increased Efficiency and Enhanced Service

Members of this board have already reported substantial improvements in operational efficiency and client service as a result of collaborating with Powder. Marcelo Vedovatto of SCS Financial emphasized that Powder has enabled his firm to enhance its commitment to providing premium service to ultra-high-net-worth clients.

Transforming Wealth Management with AI

The integration of AI into wealth management is seen as a transformative step, enabling advisors to engage in meaningful conversations and deliver sharper insights. Dave Breslin from GC Wealth noted, “Powder is building the tools to make the future real… shifting our time from repetitive tasks to deeper discussions.”

Furthermore, Kevin Thornton from AE Wealth Management shared excitement about the technology's scalability and efficiency, demonstrating its immediate benefits to wealth management teams. Ryan Fedricks from Plante Moran added that Powder has shifted their focus from mundane data entry tasks to thoughtful dialogues with prospects, enhancing the personalized experience clients expect.

Efficient Proposal Processes

Steve Kuhn from OnePoint BFG highlighted how Powder streamlines the highly customized investment proposal processes, enabling prompt and polished deliverables tailored to client needs. Similarly, Hannah Kim from BakerAvenue remarked on the significant optimization of their proposal workflows that Powder facilitates.

Meetings and Collaborative Projects

The CAB will convene quarterly, developing projects with Powder’s product and engineering teams year-round. Their initiatives aim to identify impactful workflows where AI can reduce costs and enhance services across various financial aspects, including portfolio analysis and compliance.

Ensuring Compliance and Security

Dominic Tully, the CRO of Powder, emphasized the importance of including industry leaders in the development of AI systems that focus on compliance and security. He stated, “Powder has already proven its ability to relieve the pain points wealth managers face daily. With our advisory board in place, we’re doubling down on our mission.”

Efficient AI Solutions for Wealth Managers

Powder’s AI agents tackle mundane tasks that wealth managers often prefer to avoid, such as analyzing prospective client statements and synthesizing estate documents. By automating these processes, firms can save up to 80% of operational costs, allowing advisors to concentrate on their core task: providing exceptional client service. What makes Powder particularly unique is its capability to work across a multitude of wealth management workflows including proposal generation, compliance, and onboarding documentation.

About Powder

Powder serves as an AI-powered co-pilot for wealth advisors, designed to automate labor-intensive tasks, aggregate financial data, and develop portfolio and tax models, thereby eliminating inefficient manual processes. By integrating AI into crucial workflows such as proposals and compliance, Powder enables firms to enhance client relationships and scale their operations while significantly reducing costs.

Frequently Asked Questions

What is the purpose of Powder's client advisory board?

The advisory board aims to drive AI adoption in wealth management to enhance operations and improve services.

Who are some notable members of the advisory board?

Members include industry leaders like Bhavika Booragadda, Dave Breslin, and Marcelo Vedovatto.

How does AI contribute to wealth management according to Powder?

AI helps automate routine tasks, allowing advisors to focus on deeper client relationships and insights.

What benefits have board members experienced using Powder's technology?

Board members report increased efficiency and enhanced client service as key benefits of using Powder's AI solutions.

What types of tasks does Powder's AI automate?

Powder automates tasks like proposal generation, compliance documentation, and client data analysis, saving time and costs for firms.

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