Vise, a New York City fintech company, had a turbulent few years, facing criticism and setbacks. The departure of its largest client, Manhattan West, and the loss of over 100 employees raised questions about the company’s ability to deliver results. Business Insider suggested that the founders’ youth and inexperience were responsible for these issues. Acknowledging the need for change, Vise embarked on a “hard reset.”
Now, Vise is making a comeback with the introduction of Vise Intelligence, an AI-powered service designed to support financial advisors in their roles. The conversational AI model assists advisors by generating reports, answering questions, and providing real-time information about investment portfolios. Vise’s CEO, Samir Vasavada, believes that AI support for financial advisors can lead to better investment outcomes and improved accessibility for clients.
Vise Intelligence acts as a helpful assistant for financial advisors. When prompted by an advisor’s request, the AI model gathers information about a client’s specific portfolio, suggests adjustments based on the client’s preferences, and even drafts emails to communicate the changes. The human advisor maintains control while benefiting from the AI’s capabilities in gathering and analyzing data.
Vise was co-founded in 2016, predating the boom in generative AI. The company initially offered personalized portfolios and automated investment management. However, the recent focus has shifted toward integrating cutting-edge AI models like OpenAI’s ChatGPT, utilizing the transformer model architecture. Vise Intelligence’s development involved fine-tuning large language models, combining them with investment and portfolio management data.
Vise Intelligence caters to a wide range of financial advisors’ clientele, from high net-worth individuals to smaller firms managing funds for teachers and firefighters. The AI model customizes insights based on each client’s information, enabling advisors to provide personalized guidance about their investments and financial goals. The training for Vise Intelligence involved tens of thousands of data points from the market and comprehensive details about each client.
While Vise did not provide specific details about data security, CEO Samir Vasavada emphasized that client information is highly secure and protected. The company understands the importance of safeguarding sensitive financial data and has implemented appropriate measures to maintain client confidentiality.
Vise envisions a future where technology and investment management converge. This transformation presents an opportunity for financial advisors to serve more clients with a human touch. With the assistance of AI, advisors can scale their operations, managing a larger client base while devoting more time to building and nurturing client relationships. Vise aims to be the go-to platform for financial advisors seeking intelligent tools to support their practice.
The success of Vise’s financial advisor clients translates into success for the company as well. By offering value-added services and taking a portion of their clients’ earnings and portfolio performance, Vise benefits financially from the advisors’ increased efficiency and expanded client base.
Vise’s journey has been marked by challenges and criticism, but the company refuses to be defined by its past shortcomings. With the introduction of Vise Intelligence, an AI-powered assistant for financial advisors, the company is poised for a resurgence. By leveraging state-of-the-art language models and providing tailored insights, Vise aims to redefine wealth management and improve the outcomes for both advisors and their clients. With a focus on security and a commitment to enabling advisors to thrive, Vise is ready to embrace the future of AI in fintech.
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