The Uncommon Path: How Is Mark Swan Building Neovest’s AI Platform for Wealth Management?

TL;DR

Mark Swan is building Neovest as an AI platform that helps wealth management firms streamline client service and improve operational efficiency. Founded in late 2024, it can already replace four of a firm’s seven technology solutions, with some customers viewing it as a complete CRM replacement. Read on to see how Swan’s experience at Revolut shaped the platform and why legacy, fragmented systems create an opening for change.

Transcript

You know, we have customers today that actually view us as a CRM replacement [music] and will be moving off of Salesforce onto us as a full, you know, CRM. That is because of that investment up front to being a bigger technology, people can start consolidating. So, instead of having seven solutions, Neovest can actually be four of those today. Over... Read More

Key Insights

• Neovest is an AI platform designed to streamline operations in wealth management, helping advisors serve more clients effectively.
• The platform automates administrative tasks, freeing up advisors' time to focus on client relationships and business growth.
• Neovest's integration with existing systems reduces operational costs and improves service delivery for wealth management firms.
• Mark Swan's experience at Revolut provided valuable insights into building scalable solutions and solving complex problems.
• The wealth management industry is ripe for innovation due to its reliance on legacy systems and fragmented technology stacks.
• Neovest's approach involves building deep integrations with custodians to streamline processes like account openings.
• The platform allows firms to consolidate their technology stack, potentially replacing multiple point solutions.
• Neovest's partnership with ICONIQ provides strategic support and industry expertise to drive growth and innovation.

Questions & Answers

Q: How is Mark Swan building Neovest’s AI platform for wealth management?

Neovest builds tools that help financial advisors serve clients more efficiently and improve operations. Swan says the company invested early in becoming a broader technology platform, allowing firms to consolidate several products into Neovest.

Q: What is Neovest?

Neovest is an AI platform for wealth management founded in late 2024. It serves some of the largest and fast-growing wealth management firms in the US and plans to expand globally over time.

Q: How does Neovest help financial advisors?

Neovest provides tools designed to streamline how advisors serve their clients. It also helps wealth management businesses gain operational efficiency, giving advisors a more consolidated system for their work.

Q: Can Neovest replace a wealth management firm’s CRM?

Yes, some customers already view Neovest as a CRM replacement and plan to move off Salesforce. Swan attributes this capability to the company’s early investment in building a broader technology platform.

Q: How many technology solutions can Neovest replace?

Swan says that if a firm uses seven solutions, Neovest can replace four of them today. Over time, he believes the platform might replace all seven.

Q: Why is the wealth management industry ready for AI-driven change?

The industry remains highly hands-on and services-led, while many core workflow systems are legacy and fragmented. These systems span areas such as CRM and reporting, creating an opportunity for AI to drive change.

Q: How did Mark Swan’s experience at Revolut prepare him to build Neovest?

Swan spent four and a half years at Revolut learning how to ship products, work with teams, build commercial business cases, and test ideas through experiments and pilots. He also gained experience in team building, hiring, and firing after joining at age 22.

Q: What motivated Mark Swan’s path into wealth management technology?

As a teenager, Swan wanted to become a politician because he hoped to make a significant impact. His work at Generation Investment Management, including exposure to an investment in Schwab, showed him how helping clients and moving capital could affect people’s lives and the wider industry.

Summary & Key Takeaways

• Neovest is an AI platform that enhances operational efficiency in wealth management by automating administrative tasks, allowing advisors to focus on client relationships and growth. By integrating with existing systems, Neovest reduces costs and improves service delivery.

• Mark Swan's journey from aspiring politician to co-founding Neovest highlights his commitment to using technology to solve complex problems. His experience at Revolut taught him valuable lessons in building scalable solutions and tackling industry challenges.

• The wealth management industry is undergoing significant change, with Neovest positioned as a key player in driving innovation. By partnering with ICONIQ, Neovest gains strategic support and industry expertise to continue its growth and impact.