A wealth management startup aimed at ultra-high-net worth clients just raised $43 million, including from Citi Ventures. Its tech has saved Santander hundreds of hours.
As the world undergoes the largest intergenerational transfer of wealth in human history, financial providers need to offer the digital access and real-time transparency that younger clients demand.
Wealth management is at a time of major transition, and providers need to ensure that their technology infrastructure and features keep up.
Masttro’s software uses advanced data processing and analysis to provide digital access and real-time visibility into client portfolios and total net worth. Its platform enables financial advisors and family offices to better and more efficiently serve their customers.
“We like to say, ‘Why settle for 80% of your wealth being visualized?’ Managers – and end clients – should strive for a 100% view of wealth,” head of marketing Michael Melia told Insights Distilled. “Masttro is the all-in-one aggregator, synthesizer, and visualizer for every kind of asset class in every region around the world.”
For example, Santander’s high-end wealth management division uses Masttro’s software to automatically aggregate its clients’ financial and non-financial assets, eliminating human error, saving the bank “hundreds of man hours,” and ultimately allowing its bankers to deliver better advice, faster.
The software also helps advisors serve younger clients according to their preference: Digitally and in real-time. With an estimated $84 trillion in wealth expected to transfer to younger generations through 2045, it’s critical for wealth management providers to equip themselves with technology that allows them to adapt to changing expectations.