Investing in Wealth.com, an AI-Driven Estate Planning Platform for Financial Advisors

In the United States, estate planning remains a critical yet often overlooked aspect of financial management; as of mid-2024, only around one-third of U.S. adults have an estate plan. Traditional estate planning methods, which primarily rely on manual processes managed by law firms, can be expensive, with attorneys charging up to thousands of dollars for a basic will. The process of settling estates through probate can also be both costly and slow, often taking months or even years and consuming up to 8% of an estate's value.

This is a problem even for people with financial advisors and wealth managers: per a 2022 Spectrem Group report, 93% of those individuals expect their advisors to assist with their estate planning but only 22% report receiving assistance. By leveraging efficient, accessible digital estate planning solutions, advisors can help close that gap and position themselves to provide multi-generational planning services to their clients’ children and grandchildren. With the largest wealth transfer in U.S. history fast approaching, the need for such a solution has never been more critical.

Enter wealth.com, the newest addition to the Citi Ventures portfolio. Launched with the mission to revolutionize estate planning, wealth.com is transforming the outdated, manual and often costly process with AI-enhanced technology and human expertise.

Using wealth.com’s comprehensive estate planning platform, wealth clients can create high-caliber and state-specific estate planning documents with ease. In addition, their financial advisors can use wealth.com’s proprietary Ester^TM AI tool to automate and significantly accelerate the estate planning process: advisors can upload their client’s existing estate planning documents to wealth.com and the platform can extract relevant data from them in just 95 seconds — a process that can take estate planning specialists hours. From there, the platform can instantly visualize potential outcomes/scenarios and recommend action steps.

wealth.com also integrates with leading financial planning platforms and CRM tools to help advisors quickly plug estate planning into their existing tech stacks, without the headache that comes with software not designed for advisors. The company’s recently launched Family Office Suite^TM takes this approach one step further for highly complex estates by providing top-tier estate management technology that can help advisors visualize plans, model scenarios and optimize for tax alpha.

wealth.com’s estate planning platform delivers the same legal rigor and quality traditionally expected from trust and estate attorneys at a fraction of the time and cost, while redefining the landscape of estate planning. Its platform stands out in three key areas:

1. Comprehensive automation: The platform provides end-to-end automation, from document creation to document extraction to visualization and reporting.
2. Focus on the full wealth spectrum: wealth.com’s solutions cater to a wide range of clients, including the ultra-high-net-worth, high-net-worth and mass-affluent segments.
3. Integration with existing workflows: wealth.com seamlessly integrates with financial advisors’ and estate planners’ existing processes, enhancing rather than disrupting their work.

Backing wealth.com’s sophisticated solution is a strong team with an optimal blend of startup, technology and wealth management expertise. Co-founders Rei Carvalho (Chairman), Rafael Loureiro (CEO) and Tim White (Chief Growth Officer) bring to bear their experience from successfully scaling email fraud startup Emailage (acquired by LexisNexis), where they served as CEO, CTO and Chief Partnership Officer, respectively. Adding to the leadership strength is Co-Founder and Chief Product Officer Danny Lohrfink, who draws on his experience in private wealth management at Goldman Sachs. This leadership team's cohesive vision and deep experience in building tech-enabled solutions positions wealth.com well to scale.

Given its differentiated offering and expert team, we are excited to announce our investment in wealth.com alongside GV (formerly Google Ventures), Outpost Ventures (an investment platform of Neuberger Berman), 53 Stations (supported by The Pritzker Organization) and Firebolt Ventures (headed by prolific technology investor Gokul Rajaram). Our investment reflects Citi Ventures' focus on wealthtech, Gen AI and the democratization of financial services. By empowering wealth managers and financial advisors with AI-driven tools, we believe that wealth.com will play a crucial role in modernizing estate planning and redefining the wealth management industry.

Our congratulations to Rei, Rafael, Danny, Tim and the rest of the wealth.com team — we look forward to working with you for years to come.