What is wealthtech and why does it matter for banks?

Wealthtech is technology that helps banks and advisory firms deliver investment services digitally. This means software for portfolio management, client portals, financial planning, and automated advice.

You need to understand two categories:

• B2B platforms: Software that banks and Registered Investment Advisors (RIAs) use to run their operations and serve clients.

• B2C apps: Direct-to-consumer robo-advisors that automate investing without human involvement.

This distinction matters because your clients expect digital speed. They want the convenience of an app with the trust of a human advisor. Most advisors spend hours re-keying data between disconnected systems instead of serving these clients, though AI could achieve 20 to 30 percent time savings for advisors.

Firms that unify their technology will capture multi-generational wealth. Firms that don't will lose assets to competitors who offer a better experience.

Top 10 wealthtech companies

This list focuses on platforms ready for regulated banking environments. We prioritized companies that solve fragmentation rather than add to it.

1. Backbase

Backbase is the AI-powered Banking Platform built for banks and wealth firms that need to unify fragmented systems. The platform lets humans and AI agents work together across the complete client lifecycle.

Most wealth firms force advisors to toggle between dozens of apps. Backbase provides a single operating system instead. This frees your advisors from admin work so they can focus on client relationships.

The platform covers four connected stages:

• Onboard: Digital account opening with automated KYC and suitability checks.

• Engage: A unified client portal with real-time portfolio views and AI-powered insights.

• Grow: Hyper-personalized guidance and next-best-action recommendations.

• Optimize: Automated compliance workflows and intelligent document management.

Backbase includes pre-built connectors to custodians, portfolio accounting systems, and market data vendors. AI governance features provide compliance audit trails and explainability for safe automation.

Ideal for: Private banks digitizing onboarding, wealth firms capturing multi-generational wealth, and banks consolidating fragmented advisor tools.

Pricing: Contact Backbase for enterprise pricing based on assets under management and deployment model.

2. Avaloq

Avaloq is a core banking and wealth management platform serving private banks globally. The company handles heavy back-office work for transaction processing and payment operations.

Their platform excels at portfolio management and order management for complex institutions. Avaloq focuses on the ledger and core processing required for cross-border wealth management.

Pricing: Enterprise licensing model. Contact Avaloq for pricing.

3. Envestnet

Envestnet operates an ecosystem of wealth management tools for US-based independent advisors and broker-dealers. They provide a Turnkey Asset Management Platform (TAMP) connecting advisors to investment products.

Their strength lies in data aggregation and financial planning software. Envestnet lets advisors view held-away assets to get a broader picture of a client's financial life.

Pricing: Varies by product. Typically per-advisor or AUM-based fees.

4. Addepar

Addepar specializes in data aggregation and performance reporting for ultra-high-net-worth clients. Their platform tracks complex portfolios that include alternative investments like private equity and hedge funds.

Family offices and private banks use Addepar to consolidate data from multiple custodians. The system normalizes messy data to create clean performance reports.

Pricing: AUM-based pricing. Contact Addepar for enterprise rates.

5. FNZ Group

FNZ provides a platform-as-a-service model combining technology with business process outsourcing. They handle custody, administration, and investment operations for wealth managers.

Their platform supports global firms that want to launch digital propositions quickly. FNZ offers white-label capabilities so banks can brand the investment experience as their own.

Pricing: Platform and custody fees based on AUM. Contact FNZ for details.

6. iCapital

iCapital focuses on widening access to alternative investments. Asset classes like private equity and private credit were historically difficult for advisors to access due to high minimums.

The platform digitizes the subscription and administration of these funds. It connects wealth managers and their clients to funds from large asset managers.

Pricing: Transaction and platform fees. Varies by product.

7. Betterment

Betterment operates a dual model with a direct-to-consumer robo-advisor and a B2B platform called Betterment for Advisors. Their core product automates portfolio construction using low-cost ETFs.

The platform handles automated rebalancing and tax-loss harvesting. For advisors, Betterment manages the trading and back-office tasks.

Pricing: B2C charges a percentage of AUM. B2B uses per-client or AUM-based fees.

8. Wealthfront

Wealthfront is a digital wealth management solution focused on direct-to-consumer. They don't offer a platform for third-party advisors.

Their platform offers sophisticated automated investing features including direct indexing and high-yield cash accounts. Wealthfront shows how automation can deliver complex strategies to retail investors at low cost.

Pricing: Percentage of AUM for managed accounts.

9. Robinhood

Robinhood started as a commission-free trading app and has expanded into broader wealth features. It captures clients early in their financial journey before they seek traditional advice.

The platform appeals to younger investors who want to trade stocks, options, and crypto actively, with 76% of Gen Z already seeking financial advice online or via social media instead of from financial institutions. They've moved into retirement accounts with matching contributions.

Pricing: Commission-free trading. Premium subscription for advanced features.

10. Bravura Solutions

Bravura Solutions provides enterprise software for wealth management administration and transfer agency. Their technology underpins back-office operations for large financial institutions.

They focus on the administration of investment products and wrap platforms. Bravura handles complex record-keeping required for pension funds and unit trusts.

Pricing: Enterprise licensing. Contact Bravura for pricing.

Key takeaways for choosing a wealthtech platform

Evaluate vendors based on how they fit your long-term architecture. The market is flooded with point solutions that look good in demos but fail in production.

Consider these factors:

• Platform vs. point solution: Does this vendor unify your operations, or add another disconnected system?

• Integration depth: Does it come with pre-built connectors to your custodians and core banking system?

• AI readiness: Is the data structure ready to support AI agents, or is data locked in static reports?

• Regulatory compliance: Can the platform handle audit trails and KYC requirements for your jurisdiction?

• Total cost of ownership: Look beyond the license fee to integration and maintenance costs.

Map fragmentation to one operating model

Fragmented systems kill wealth management growth. Your advisors likely log into a CRM, portfolio management system, custodian portal, and planning tool every day. None of these systems talk to each other.

This fragmentation prevents AI from working. You can't deploy AI effectively if your data is trapped in isolated pockets.

Start by auditing your current stack. Find overlapping tools. Identify where data breaks in the advisor workflow. Prioritize platforms that consolidate functions into one operating model.

Demand a single source of truth for clients and portfolios

You can't personalize advice without a complete view of your client. Many firms have client data split across lines of business. The mortgage team sees one thing. The wealth team sees another.

A unified platform creates a single source of truth. It aggregates data from all accounts, households, and channels into one model. This lets you see the full picture of a client's net worth.

Why this matters:

• Real-time aggregation: Enables accurate reporting.

• Single data model: Allows AI to spot cross-sell opportunities.

• Unified view: Advisors stop wasting time reconciling conflicting data.

Put AI into production with governance

AI is moving from experiments to critical infrastructure, though only 41% of firms are scaling adoption as a core part of their business. Banks can't afford to let AI hallucinate when giving financial guidance. You need platforms that understand safety.

AI without guardrails stays stuck in pilots. You need a deterministic-probabilistic bridge. This means the AI operates within strict boundaries defined by your banking policies.

Evaluate vendors on these criteria:

• Explainability: Can the system explain why it made a recommendation?

• Audit trails: Does it log every AI interaction for compliance review?

• Bounded context: Does the platform constrain AI to safe banking concepts?

Make integrations boring with packaged connectors and APIs

Integration complexity is the top reason wealthtech projects fail. Custom-building connections to custodians and market data vendors is slow and expensive. You shouldn't have to build these pipes yourself.

The best platforms come with pre-built connectors. They connect out-of-the-box to major custodians, portfolio accounting systems, and CRMs.

Ask your vendor these questions:

• "How many of your integrations are live in production today?"

• "Do you support real-time bi-directional data sync?"

• "Are your APIs documented and open for our developers?"

Frequently asked questions about wealthtech platforms

What separates B2B wealthtech platforms from consumer robo-advisor apps?

A wealthtech platform is software that banks and advisors use to serve clients and run operations. A robo-advisor is an app that automates investing directly for consumers without human advisors.

How do enterprise wealthtech platforms typically structure their pricing?

Enterprise pricing usually includes an implementation fee plus ongoing costs based on assets under management or advisor licenses. Some vendors charge flat subscriptions while others take a basis point share of assets.

How long does a full wealthtech platform implementation take for a regulated bank?

A full replacement can take six to 18 months depending on data migration complexity. Modern platforms allow phased rollouts where you launch a minimum viable product in weeks and migrate legacy data over time.

Which system integrations are most critical for wealthtech platforms in production?

The most critical integrations connect to your custodians for trade execution and your core banking system for cash management. You also need reliable feeds from market data vendors and bi-directional sync with your CRM.

What to do next

The wealthtech landscape is consolidating fast. The winners will be firms that move from fragmented point solutions to unified platforms that enable AI, capturing their share of the $14 trillion inheritance coming to Gen X over the next decade.

You have a choice. Keep patching legacy systems and watching advisors drown in admin work. Or build a foundation that frees them to capture the next generation of wealth.

Is your current stack helping you capture multi-generational wealth, or holding you back?