AI Transformations in Wealth Management: Partnerships and Innovations
Two leading wealth management companies have taken significant steps to incorporate artificial intelligence into their operations through new partnerships, marking an industry shift towards more integrated digital systems for financial advisors.
Sowell Management has initiated a comprehensive agreement with Altruist, a wealth technology platform, adding Altruist as an additional custodian for its registered investment advisor network across the nation. This collaboration is designed to enhance operational flexibility and integrate advanced AI technology into daily activities. Advisors now have access to Hazel, Altruist’s AI tool, which aggregates data from communications, documents, CRM systems, and calendars, along with market and regulatory information. The integration aims to streamline tasks such as meeting summaries, follow-up actions, tax planning, and priority setting.
Last month, Altruist launched new tax planning functionality within Hazel, raising concerns among investors about potential disruptions to traditional firms like Raymond James and Schwab as AI tools gain popularity. However, industry leaders assert that human financial advisors will remain crucial to the advisory process. Daryl Seaton, CEO of Sowell Management, commented, “Adding Altruist to our lineup of custodians gives our advisors greater flexibility to grow their business and serve their clients. The new Hazel platform is a game changer for advisors of all sizes.”
Altruist's platform integrates brokerage services with portfolio management and reporting, enabling seamless automation of knowledge capture and personalized financial insights while ensuring regulatory compliance. This initiative supports Sowell’s strategy to responsibly incorporate AI, providing smaller advisory practices competitive leverage against larger firms. As of September 2025, Sowell managed over $6 billion in client assets.
Concurrently, Guardian Life Insurance Company of America has partnered with Avantos to enhance client onboarding and servicing processes. This collaboration aims to streamline workflows, unify data, and improve regulatory compliance, ultimately boosting advisor productivity. The Avantos platform is designed to adapt and scale with growing advisory practices, focusing initially on simplifying onboarding and reducing administrative friction.
Guardian’s investment in Avantos underscores a commitment to modernizing its wealth management services, providing advisors with advanced AI tools for investment, protection, and retirement planning. Mike Perry, Guardian’s Head of Client Solutions and Wealth Management, emphasized supporting advisors through evolving market conditions. Guardian has also taken an equity position in Avantos, reflecting its confidence in the technology's capability to replace outdated systems with a comprehensive data environment.
Avantos Co-CEO Rabih Ramadi expressed enthusiasm for the partnership, noting that the goal is for advisors to concentrate more on client interaction. This initiative aligns with Guardian's recent efforts, including the establishment of its Guardian Wealth Advanced Markets team, aimed at addressing complex client needs within the wealth management landscape.