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Nitrogen CEO Aaron Klein gave a preview of what was to come for the company during his keynote address at the Fearless Investing Summit in Miami, Fla.
He began his presentation by looking back at three “waves” that have been rolling through the industry as of late: a generational shift in the markets marking the end of easy returns for clients, the so-called great wealth transfer and the rapid development of generative AI. This final piece, he said, is already changing everything about wealth management.
“The basic building block of computing is the microprocessor,” he said. “Those are made up of billions of transistors, which are made of silicon, which is made from sand. In the last eight months, our generation has found a way to make sand think.”
Advisors will still play an important role, he said. However, he cautioned those who did not adapt would be left behind.
“Your clients are your clients because they want a person whom they trust—you,” he said. “The impact of generative AI is going to be profoundly positive on our world. … If you’re completely adverse to change, you may want to retire real soon.”
Klein then revealed a new AI-fueled feature, lead management, which he said was on track to arrive in spring 2024. Lead management will use AI-driven predictive analytics with leads that flow in from integrations including FMG, Snappy Kraken and White Glove, with two-way sync of CRMs like Redtail, Salesforce and Wealthbox.
A refurbished reports dashboard, alongside a new report builder that will allow advisors to mix and match report elements and build templates for report generation, should be arriving by the end of the year, he said. Larger organizations will be able to use firmwide report branding with algorithmically generated tones from their own brand colors.
Several other upgrades to the Nitrogen platform are available now, though, he said:
- Firmwide controls seek to allow firms to set risk objectives, market assumptions, drift parameters and control users and data sharing;
- Insights and compliance tools have been updated to help advisors determine the drivers of growth across their businesses and compare themselves to other similar firms; and
- The Portfolio tool now features new heatmaps showing factors including risk and reward and tax drag.
Klein unveiled several new partnerships, including Auxilium by Aptus, an outsourced CIO service that uses Nitrogen currently available for $2,000 a month, with no additional basis point fees, and insurance discounts between 12% and 22% for errors and omissions and liability insurance for firms using Nitrogen compliance tools from RIA insurance provider AiK2.
Nitrogen also announced that Fearless Investing Summit 2024 will be held from Oct. 23 to 25, 2024 in Nashville, Tenn. at the Grand Hyatt Hotel.
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