Introducing Powder — The Generative AI Co-Pilot for Wealth Advisors That Streamlines Manual Sales Process To Deliver Immediate Value For Prospective Clients

Founded by the same team that previously built fintech luminary RCI Navigator (acquired by Addepar)

Los Altos, Calif. – WEBWIRE – Tuesday, November 14, 2023

Powder, the AI co-pilot that helps wealth advisors develop a clear implementation plan to win clients faster, today announced its public launch and pre-seed funding led by Elefund, with additional participation from Laks Srini (former co-founder and CTO of Zenefits), Bryant Chou (co-founder of Webflow), Jon Xu (former co-founder and CTO of FutureAdvisor, acquired by Blackrock), David Meister (Head of Enterprise Sales at Addepar), and others.

The entry point to the $100+ trillion asset industry is broken thanks to an industry that largely still relies on long pitch decks, emailed statements, and manual portfolio data entry and analysis to win over clients. This results in a long, confusing sales process that has little transparency and leaves prospective clients unclear on the value the advisor is able to provide.

Powder democratizes access to wealth by simply and effectively demonstrating an advisor’s value by removing archaic processes that reduce the sales process from months to weeks. Powder serves as a sales co-pilot for wealth advisors that efficiently gathers portfolio data, builds portfolios, creates tax and estate models and facilitates the laborious onboarding paperwork when the advisor wins the client’s business.

Additionally, Powder:

Automatically aggregates and classifies prospect portfolios to assess investment allocations, risk, expense ratios, estate considerations, tax implications, and private investment opportunities.Runs comparisons against proposed portfolio and estate options allocations to visualize benefits.Builds step-by-step recommendations and runs market stress tests, scenario analysis, backtests, and cash forecasts.Monitors prospect usage through business intelligence tools and converts prospects into clients through API integrations with leading portfolio management platforms.

Want to give Powder a try? Visit powderfi.com to get access.

“Wealth advisors deal with high customer acquisition costs and manual labor, which is pretty amazing given how much money they are managing. There simply has to be a better way,” said Kanishk Parashar, co-founder and CEO of Powder. “The size of the industry and sensitivity of customer data privacy can help explain why so many advisors have been slow to modernize their sales process, but with the advent of generative AI and the shift toward long-term investing that is becoming a priority for consumers, the time is right for a solution that removes friction and gives clients what they want — simple, actionable insights.”

“Powder and Robinhood are solving the same problem. They are creating access to wealth,” said Nate Rodland, general partner at Elefund, and co-founder of Robinhood.

Powder was founded by Parashar, Soo-Yung Cho (CTO), Dominic Tully (Head of Sales and Operations), Jeff Magder (Principal Engineer), and David Goerz (Chief Investment Officer). Parashar and Cho previously founded RCI Navigator, a portfolio projection tool that allows advisor firms to simulate different economic scenarios and forecast cash flows across an entire portfolio. It was acquired in 2021 by wealth management technology company Addepar.

“We are very excited to partner with Powder. They have a terrific team and are building a powerful product to help advisors grow,” said Michael Pompian, CEO of Sunpointe Investments.

About Powder
Powder is the AI-powered co-pilot that helps wealth advisors aggregate financial data, builds portfolio and tax models in order to eliminate manual processes and win clients faster. The technology eliminates the high cost of customer acquisition and futureproofs wealth advisory firms with a digital toolset to drive efficiency for all parties. For more information visit, powderfi.com.

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James Christopherson
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Powder

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