Eton Options, a wealth administration platform supplier, has launched EtonAI, a man-made intelligence platform designed to automate back-office processes for household workplaces, registered funding advisors (RIAs), and personal fairness corporations.
The brand new platform goals to deal with a niche the place wealth managers, whereas open to utilizing AI for front-office duties like funding analysis, have been slower to undertake it for core operations as a result of considerations over knowledge privateness, safety, and compliance. Eton Options states that EtonAI integrates straight into wealth managers’ workflows to automate handbook processes, together with invoice funds, month-end reconciliations, and tax processing.
Analysis cited by Eton Options signifies that 91 per cent of wealth managers are presently utilizing or planning to make use of AI for funding technique or asset class analysis. Nevertheless, many back-office features stay reliant on legacy methods as a result of considerations about knowledge safety in cloud environments.
Eton Options highlighted its latest ISO 42001 certification as proof of its platform assembly rigorous privateness, cybersecurity, transparency, and bias requirements.
Platform options and operational automation
EtonAI features as an add-on to Eton Options’ core platform, AtlasFive, which manages over $1.3trillion in property throughout greater than 960 corporations. Additionally it is accessible as a standalone resolution for wealth managers utilizing different methods.
The platform is designed to automate a variety of duties. Based on Eton Options, EtonAI can course of over 250 totally different doc sorts associated to invoice pay, personal fairness, tax paperwork, and buyer onboarding.
For month-end processes, it handles transaction uploads, invoice funds, normal ledger coding, market worth reconciliations, and report narrative era. It additionally assists front-office groups by producing funding theses, automating due diligence responses, and analysing money stream projections.
Satyen Patel, govt chairman of Eton Options, commented: “Delivering a complete AI resolution to wealth managers is lengthy overdue, regardless of the ample alternative to reimagine and scale their day-to-day workflows. As a result of wealth managers and PEs within the household workplace area are coping with extremely confidential funding and private knowledge, they each concern making the transition to AI – and concern falling behind in the event that they don’t.
“That’s why we took on the daunting job of changing into ISO 42001 licensed. This not solely validates our accountable AI governance however lets our shopper relaxation assured that we’ve constructed belief and transparency straight into our platform.”
Consumer views on AI adoption and compliance
Shoppers utilizing the platform emphasised the significance of the supplier’s compliance requirements of their resolution to undertake AI instruments.
“Eton’s unwavering dedication to excellence in compliance requirements has empowered us to take a extra proactive and progressive strategy in implementing AI options, enhancing each the standard of our companies and the expertise of our staff,” mentioned Meghan Grayson of Shade Tree Advisors.
“As a result of Eton diligently manages the crucial job of safeguarding our info, we’ve got the arrogance and peace of thoughts to focus on refining our processes and tailoring optimisations to fulfill our distinctive wants.”
Saji Sachchithanantham, chief working officer of Todd Household Workplace, added: “For organisations similar to ours, working with delicate monetary and private knowledge, figuring out that our know-how associate adheres to the best moral AI requirements is paramount. Eton Options’ ISO 42001 certification supplies us with added confidence that their AI-powered options are usually not solely progressive but additionally constructed on a basis of belief, transparency and strong governance.”