WealthAi & Flanks join forces on wealth data platform

WealthAi and Flanks have formed a partnership to combine their wealth management technology platforms, giving WealthAi users access to data from more than 650 financial institutions.

The agreement links WealthAi's AI operating system with Flanks' wealth data infrastructure as both companies target family offices, external asset managers and private banks. The combined service is intended to replace several legacy providers with a single platform that brings together data, workflows and AI tools.

Wealth management firms often rely on a patchwork of external systems to gather portfolio information from custodians, investment managers and other third parties. As client assets and custody arrangements have spread across more jurisdictions and providers, many firms have been left with fragmented records and manual work to reconcile information across bank statements, spreadsheets and PDF documents.

Those operational issues have also become a hurdle for firms trying to use AI in regulated parts of their business. Without consistent, connected data, firms can struggle to automate work across front-, middle- and back-office functions or build a complete picture of a client's holdings across asset classes, including alternative investments.

Data access

Under the partnership, WealthAi clients will be able to access Flanks' automated wealth data infrastructure directly through the WealthAi platform, providing portfolio data across all asset classes and institutions in a single system.

Flanks' infrastructure already connects with more than 650 institutions worldwide. It processes more than 8.2 million portfolios each month across more than 33 countries and manages more than €43 billion in assets.

WealthAi, founded in London, develops software for wealth managers that combines AI assistants, AI agents, workflow tools and integrated third-party services. Flanks, founded in Barcelona, provides data aggregation and enrichment services for wealth institutions. It is regulated by the Bank of Spain as an account information service provider, with passporting across Europe.

The partnership comes as wealth managers face pressure to cut technology spending while modernising core systems. Many firms still rely on older providers that charge based on assets or data access, while internal teams spend significant time checking and reformatting information before it can be used for reporting, client service or compliance.

"Wealth managers are overpaying for legacy vendor technology that is no longer fit for purpose. Many firms are still paying basis-point fees for data infrastructure that requires manual reconciliation and doesn't deliver the clean, connected data modern wealth management demands. At WealthAi, we're bringing together the very best AI capabilities and partner services in a platform that's simple to adopt and delivers immediate value. Having a single source of truth that's continuously updated and connected to AI agents driving processes across the business should be the new standard for wealth management," said Jason Nabi, Chief Executive Officer and Founder of WealthAi.

"By partnering with Flanks, we're giving our clients immediate access to more than 650 custodian connections through a single AI platform. Instead of stitching together expensive legacy providers, firms can access the data, workflows and AI capabilities they need in one place," he added.

Industry pressure

The broader backdrop is a push across asset and wealth management to simplify technology stacks and make data more usable for automation. Firms want fewer point solutions and cleaner underlying information, particularly as they test AI for tasks such as administration, portfolio reporting, client communications and internal controls.

For providers such as WealthAi and Flanks, this creates an opportunity to bring data infrastructure and workflow software closer together. Instead of keeping aggregation, reconciliation and task execution in separate systems, the combined model aims to place data directly into the business processes used by advisers and operations staff.

Joaquim de la Cruz, Chief Executive Officer and Co-founder of Flanks, said poor data quality remains a central barrier to wider adoption of AI in the sector.

"We've spent the last seven years solving the data problem in wealth management, because sophisticated wealth management shouldn't be reserved for the few - it should be within reach for many more people. The current AI moment makes that even more exciting: it's a real chance to accelerate adoption and access across the industry. Fragmented, low-quality data is still one of the biggest barriers to harnessing AI at scale, and Flanks is ready to change that."

He described the link with WealthAi as a practical test of that approach: "What WealthAi is building is powerful because it puts that data straight to work for family offices, asset managers and private banks, turning it into action instead of more dashboards to dig through. This partnership is a great example of what that looks like in practice, and a blueprint for how AI will scale across the industry."