~ Innovative, AI-driven technology synchronizes the RIA and Custodian technology stack to automate over 100 common workflows and tasks; Brings efficiencies, scale and cost savings across the entire client experience journey

benjamin, a business support system driven by AI and specifically designed for the wealth management industry, announced today the launch of its complete, end-to-end technology that will bring scale, profitability and a better client experience so that independent RIA firms can navigate a much more challenging environment.

Through benjamin’s advanced design, RIAs will be able to automate much of the client journey from streamlining the prospecting process, simplifying onboarding, coordinating meeting scheduling and preparation as well as ongoing client engagement and relationship management.

“Independent advisors continue to remain leaders in providing wealth management services, however with the many recent industry changes and new competitors, their underlying businesses need to evolve in order to remain at the forefront,” said Matt Reiner, CEO and co-founder of benjamin. “Which is why we are very excited to introduce benjamin as a complete, AI-driven Business Support System that will provide the scale and enhanced client experience RIA business’s need in order to continue to grow, compete and succeed.”

benjamin was initially introduced into the wealth management industry to solve certain common back-office workflows, and now, with new investments and introduction of AI capabilities, benjamin is launching as a complete, end-to-end Business Support System that can automate many of the manual workflows RIAs face on a daily basis.

Key features include:

• Business Process Automation – benjamin is able to automate over 100 different tasks across the client experience journey, including prospecting, meeting preparation, onboarding, proactive maintenance and relationship management
• Technology Optimization – benjamin synchronizes the RIA tech stack from CRM to portfolio management systems to calendars and custodians via a common data model to execute on historically manual tasks, making existing technologies work better together
• Intelligent Communications – benjamin communicates with clients across mediums from texts to emails and more by bringing together data from core systems and combining it with AI-driven workflow automation tools to keep clients engaged and informed while completing service requests with no human intervention
• Easy Deployment – benjamin is ready to go right out of the box, pre-configured with RIA-specific business rules and integrated on top of the industry’s leading technology applications

The combination of these key features provides RIA firms with quantifiable and significant benefits including the ability for firms to grow faster as advisors and staff are freed up to pursue business development activities, as well as retain top talent as staff no longer are spending time on manual tasks and have an enriched job experience, lowering turnover – one of the most expensive costs in advisory firms. 

“By deploying benjamin, we were able reduce the amount of time needed to open an account by over 50%, said Wes Moss, Managing Partner of $3 billion RIA Capital Investment Advisors.  “These powerful efficiencies also resulted in improving client satisfaction which resulted in referrals increasing by 15%, and overall, we saved over $100,000 annually just by automating this one process through benjamin.”

“Our research shows that the current RIA tech stack Is still quite manual, inefficient and does not integrate as it should – so much so that 41% of advisors’ time is still spent on tasks that can and should be automated,” said Reiner. “benjamin’s ability to solve these operational and client service challenges will make us a mission-critical category of advisor technology, and we look forward to continuing to invest in benjamin as part of our human-centric mission to help fuel the growth and success of financial advisors everywhere.”