This week’s edition finovate global Includes an in-depth interview with Nacho Díaz de Argandoña, Chief Product Officer at a Spanish fintech company. GPT Advisor.
Founded in 2023 and headquartered in Madrid, GPTadvisor made its Finovate debut at FinovateEurope 2024 in London earlier this year. GPTadvisor offers a Gen AI platform purpose-built to increase productivity and enhance client engagement for financial advisors and asset managers.
This year, GPTadvisor announced the successful completion of a capital expansion round featuring support from two major Spanish venture capital firms, Kfund and JME Ventures. The company also announced the launch of the GPTadvisor solution version on OpenAI’s GPT Store. With this launch, GPTadvisor becomes the first portfolio management app to be available on the OpenAI Store.
We met with Nacho to talk about current trends in asset management and how AI can help the industry.
What problem does GPTadvisor solve, and whose problem does it solve?
Nacho Diaz de Argandoña: GPTadvisor addresses a critical challenge in the wealth management sector: the need to increase efficiency and productivity to remain competitive in an increasingly complex financial environment. Financial advisors are often faced with time-consuming and repetitive tasks such as investment research, portfolio management, and regulatory compliance. These tasks can distract from the primary goal of maintaining strong client relationships and providing truly personalized and strategic advice, which is becoming increasingly difficult to achieve.
GPTadvisor addresses this context by providing advanced AI-based tools that automate and streamline much of these processes in a secure, private, and controlled environment. Our wealth management platform uses the latest generation AI technology to help financial advisors quickly find the right investment products, analyze and compare portfolios, craft understandable narratives to excel in client engagement, and ultimately help clients achieve their financial goals. By dramatically improving productivity, GPTadvisor enables advisors to focus more on client relationships and strategic decision making.
The primary beneficiaries of our solution are wealth management institutions, including financial advisory firms and independent financial advisors. We see this product as a truly global proposition that allows advisors anywhere in the world to truly engage in a new way of working.
How does GPTadvisor solve this problem better than other companies or solutions?
Diaz de Argandoña: GPTadvisor emerged from the generative AI craze with a clear goal: to apply this groundbreaking technology specifically to asset management. This focus differentiates us from many other technology companies that have experience with general AI but struggle to adapt to the fundamentally different approach required for generative AI. Our grounding in this new paradigm allows us to fully exploit its potential in ways that others find challenging.
However, we take AI very seriously. We recognize that there is a lot of noise and over-reliance in the industry that expects AI to solve all problems, but it does not. We focus on use cases that increase productivity the most, but do not put compliance at risk. That is why we actively work with regulators (FCA in the UK, CNMV in Spain) to explore the risks this technology entails and to set guidelines to follow to successfully implement these capabilities.
Our core team has over 40 years of collective experience in the asset management industry. This deep expertise has enabled us to work closely with key industry partners to develop innovative products from the ground up. We work closely with numerous asset management institutions around the world to ensure that our solutions are aligned with industry requirements, making them both relevant and impactful.
Who are GPTadvisor’s key customers? How do you reach them?
Diaz de Argandoña: GPTadvisor’s clients range from large commercial banks, private banks, asset management firms, to financial advisory firms and independent financial advisors. We work with institutions looking for innovative solutions to increase productivity, streamline processes, and ultimately deliver more value to their clients by leveraging the latest technology in the market.
Interestingly, we are receiving significant inbound interest from various industry groups, partly as a result of the growing enthusiasm for generative AI. As a result, we are actively engaging with these groups and incorporating them into our aggressive generative AI product roadmap, which is designed to not only meet current market demand, but also anticipate and continue to deliver the benefits of this technology moving at an unprecedented pace.
We have also had the opportunity to pitch and present our work at numerous industry events, such as the one we had with you at FinovateEurope in London last February. These platforms have allowed us to demonstrate the unique capabilities of our solution to a wide audience, which has generated some very interesting conversations for us.
By leveraging the current momentum around generative AI and maintaining a strong and unwavering focus on the needs of asset management professionals, we believe we are successfully positioning GPTadvisor as the go-to solution for firms looking to stay ahead in a rapidly changing environment.
Can you tell us about your favorite example of implementing or deploying your technology?
Diaz de Argandoña: One of our most exciting recent implementations is our Quick Portfolio Analysis tool. This innovative feature allows advisors to simply take a photo of a client’s portfolio with their phone and instantly receive a comprehensive, fully explained analysis. The analysis includes generated insights on performance, risk, fees, and even comparisons to model portfolios. All at once. This feature is an example of the intuitive, productivity-boosting tools we aim to provide, making sophisticated portfolio analysis as simple as taking a photo.
Another feature we are particularly proud of is the ability to auto-read fund documents. This tool will be a game changer for GPTadvisor users around the world, as they will now be able to instantly find and chat with key data and information from thousands of investment fund documents. Whether you need details on fund performance, fees, or other important information, this tool will streamline the process, saving you valuable time and improving your decision-making capabilities.
These features are just the tip of the iceberg. New productivity features like these are coming out every week as our team moves with the rapid pace of generative AI. Our ability to rapidly bring out-of-the-box features to the asset management space is one of the key strengths that sets GPTadvisor apart. It’s incredibly rewarding to see these innovations put into practice, transforming how asset managers spend their valuable time and giving them the tools they need to stay competitive.
What about your background gave you the confidence to tackle this challenge?
Diaz de Argandoña: GPTadvisor’s confidence in taking on challenges comes from CEO Salvador Mas’s extensive experience and proven track record. Prior to founding GPTadvisor, Salvador served as Chief Digital Officer at Allfunds for five years, where he played a key role in the company’s digital transformation and successful initial public offering. Prior to Allfunds, Salvador founded several startups at the forefront of asset management innovation. His most recent venture, Finametrix, a portfolio management platform, was ultimately acquired by Allfunds.
This entrepreneurial experience and his leadership in a global financial powerhouse has given Salvador a deep insight into the challenges and opportunities of asset management. He also has the expertise to leverage technology to create innovative solutions that solve real-world problems in the sector.
Under Salvador’s leadership, we have developed a highly talented, agile and focused team at GPTadvisor, who has successfully grown the product and its features since our launch over a year ago.
Building on this strong foundation, we are confident we are well positioned to lead the industry in providing cutting-edge generative AI solutions.
What is the fintech ecosystem like in Spain? What is the relationship between fintech, banks and traditional financial services companies in the country?
Diaz de Argandoña: The relationship between fintech companies and traditional financial services firms in Spain is characterized by a mixture of competition, cooperation and co-competition.
In specific wealthtech cases, traditional institutions have maintained their market share despite some success stories (e.g. robo-advisor Indexa Capital and neobank MyInvestor). However, most advisory services continue to be provided by traditional institutions such as Santander, BBVA or CaixaBank that have successfully embraced the digital transformation.
At GPTadvisor, we work with two types of institutions to bring generative AI to both traditional and innovative institutions.
You did a demo at FinovateEurope earlier this year. How was the experience?
Diaz de Argandoña: FinovateEurope was a great experience for us. The event was professionally and thoughtfully organized, making us, as the demo participants, feel like real protagonists. It provided us with a valuable platform to connect with a wide range of asset management professionals, investors and industry stakeholders, allowing us to test our proposition with real potential clients in London, one of the world’s leading fintech hubs.
As we prepare to demo our solution again, this time in New York, it feels like a natural next step in our journey. Entering the US market is a major priority for us, as we believe our solution can significantly improve the day-to-day work of financial advisors across the country.
We have been steadily growing our platform, adding new features and improvements, and we look forward to showcasing these developments on stage. We are confident that the New York demo will be another great experience for us and will help us further expand our presence in this important market.
What are your goals for GPTadvisor? What can we expect to hear from you in the coming months?
Diaz de Argandoña: Last year, we focused on refining and validating our offering in the market. We have been building a next-generation AI native platform from the ground up that evolves with the rapid advancement of AI technology. Our approach has involved working closely with leading financial institutions around the world to stay connected to the real-world challenges and opportunities they need to solve.
I believe we are at a turning point where the product is ready to scale to a larger scale. GPTadvisor is now ready to help thousands of financial advisors be more productive and deliver more value to their clients. Our plan is to launch our SaaS model globally in the second half of this year to reach more clients and gain more leadership in the market.
As we continue to explore the potential of generative AI and its applications in our field, I couldn’t imagine a more exciting time to be involved in shaping the future with GPTadvisor. We’re just getting started, and there’s a lot more to come.
We hope you enjoyed our conversation with Nacho. In case you didn’t know, next month at FinovateFall we’re going to be talking about wealthtech. Check out our coverage of keynote speakers and power panelists focused on the key issues in wealthtech and wealth management, a sneak peek at our wealthtech focused demo companies, and more!
Let’s take a look at some of the fintech-related news headlines from around the world.
Asia Pacific
Sub-Saharan Africa
Central and Eastern Europe
Middle East and North Africa
Central and South Asia
Latin America and the Caribbean
Photo: Alex Azabache
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