AI-based tools for financial advisors can automatically integrate their client’s objectives, priorities, and risk tolerances, saving significant time for planners while providing more personalized advice for people, too. 

Fidelity International Strategic Ventures, BNY Mellon, and RBC all contributed to the $24 million CAD funding round of Conquest Planning, a tech platform that aims to modernize financial planning.  

Financial advisors spend an average of 10 hours creating each financial plan, not including the time to deliver it: Conquest aims to reduce that time significantly through AI-powered strategic advice managers that automatically build plans that the advisor can then adapt.  

The platform “points them in the right direction, instantly illustrating the impact of different scenarios on the client’s goals (saving more, retiring later, et cetera),” chief revenue officer Brad Jourdie told Distilled, adding that the company has seen advisors create plans in less than an hour using Conquest. 

BNY Mellon started integrating Conquest’s tools into its Pershing X technology platform late last year to “streamline advisors’ workflows,” says exec Ainslie Simmons, which helps “boost productivity, job satisfaction, and client service.” 

Conquest will soon launch with both Fidelity and RBC to support their advisors, too.  

This funding round is the latest signal in the wider push to integrate AI tools into financial advising as a way to give clients personalized advice, without a high price tag. Using AI to draft plans gives advisors more time to add personal touches, which helps strengthen relationships and build trust.  

Late last year, BNY Mellon also invested in fixed income platform bondIT to help its financial advisors better manage client portfolios, while JPMorgan recently invested in two portfolio construction startups as well.