Within the wealth administration {industry}, monetary advisors face a crucial problem: spending extreme time on administrative duties as an alternative of specializing in consumer relationships and strategic recommendation. The statistics paint a transparent image – whereas 60% of consumer information gathering occurs throughout conferences, lower than 25% of those interactions are correctly documented as a result of time-consuming nature of guide note-taking and follow-up work. Zeplyn, based by former Google engineers with experience in AI and speech recognition, has emerged to deal with this industry-wide drawback. Its AI-powered Assembly Assistant transforms unstructured consumer conversations into extremely correct notes, capturing monetary particulars, targets, and motion gadgets whereas streamlining your entire assembly course of from prep to follow-up. By automating these administrative burdens whereas sustaining compliance necessities, Zeplyn saves monetary advisors an estimated 10-12 hours per week – time that may be higher used on servicing consumer relationships and enterprise development.
AlleyWatch caught up with Zeplyn CEO and Cofounder Period Jain to study extra in regards to the enterprise, the corporate’s strategic plans, current spherical of funding, and far, way more…
Who had been your traders and the way a lot did you elevate?We raised $3M in seed funding, led by Leo Capital. Our traders had been Leo Capital, Converge and varied angel traders.
Inform us in regards to the services or products that Zeplyn presents.
Zeplyn Assembly Assistant, our flagship product, is designed particularly for monetary advisors and wealth administration companies. It takes unstructured consumer conversations and turns them into extremely correct notes, capturing consumer monetary particulars, targets and targets, key dialogue factors, and motion gadgets. That is one space the place our AI actually shines.In truth, one among our clients, who spent a big period of time testing and coaching different AI options, advised us that no different device understood her agency’s acronyms and will summarize the complexities of their monetary planning conversations. She advised us, “I didn’t assume AI was wherever near with the ability to do it, till we discovered Zeplyn.”Zepkyn Assembly Assistant additionally streamlines assembly prep, note-taking, and post-meeting workflows whereas fulfilling compliance necessities, saving monetary advisors a median of 10-12 hours per week.
What impressed the beginning of Zeplyn?
My cofounder Divam Jain and I met at Google, the place we spent years constructing AI for Search, Voice Assistant, and speech recognition merchandise. Enthusiastic about the potential for utilizing our experience to reimagine how monetary advisors work, we began Zeplyn.
My introduction to the wealth administration {industry} got here via my classmates at Harvard Enterprise College, who’ve labored at companies corresponding to Morgan Stanley, and the varsity’s alumni community, lots of whom had been operating their very own RIA practices. In digging deeper into the area, I realized that the consumer assembly course of is without doubt one of the costliest actions for a wealth administration agency. Advisors spend hours per day documenting consumer conferences and executing post-meeting follow-up duties. We additionally discovered that 60% of consumer information gathering occurs over conferences, but lower than 25% of consumer conferences are correctly documented due to the time-consuming nature of this course of. The antiquated guide processes had been an enormous drawback, one we may resolve by introducing AI.Passionate in regards to the potential of AI to rework workflows for monetary advisors, my cofounder and I got down to develop a gathering assistant that may assist automate the tedious however vital sections of the method: assembly admin duties and fulfilling regulatory reporting necessities. In doing so, we freed up wealth administration professionals to deal with the human factor and ship higher outcomes for his or her purchasers.
How is Zeplyn completely different?
Zeplyn is a extremely correct end-to-end AI answer that streamlines your entire assembly course of: assembly prep, note-taking, process administration, and follow-ups. Constructed for monetary advisors and educated to grasp the wealth administration context, Zeplyn Assembly Assistant delivers extremely correct, post-meeting structured summaries, making it a dependable device for documenting consumer interactions. It additionally meets the distinctive workflow necessities and safety and compliance requirements of the {industry}, and it may be used throughout video assembly platforms, in-person conferences, and dictations. Zeplyn integrates with present infrastructure and the advisor know-how stack with ease.
What market does Zeplyn goal and the way massive is it?
Zeplyn serves the wealth administration market, together with RIAs, brokerages, and household places of work. The market is experiencing important development and transformation, and we’re proud to be supporting it.
What’s your corporation mannequin?
Zeplyn is offered for any sized RIA and brokerage, with pricing plans for the person advisor, multi-advisor groups, and enterprise deployments. Advisor Assistant licenses are additionally obtainable. Zeplyn presents seat-based pricing, with the pliability to decide on between month-to-month and annual subscriptions.
What are the largest challenges that you just confronted whereas elevating capital?
We had an awesome expertise, actually. After we had been assembly with Leo Capital and Converge, we did our analysis and ready an in depth pitch deck that spoke to our choices, the product-market match, and the way it aligned with their respective portfolios. I do know it’s been a tricky 12 months for funding in tech, however we imagine in our mission, and it was nice to seek out VCs that imagine in it as nicely.There are a number of key issues to bear in mind when attempting to safe funding, no matter exterior financial situations:
Know your market. What are the ache factors? What are the gaps? How will your organization slot in?
Collect as a lot validation and as many proof factors as you possibly can at your present stage. Speedy buyer acquisition? Main {industry} gamers vouching for the influence of your product? Statistics that again up your product thesis? Be sure you’re presenting these factors succinctly and speaking your worth.
Know your viewers. If you’re doing VC outreach, be sure to perceive their present portfolio, their funding thesis, and the place you slot in. In the event you’re planning to pitch a VC that completely invests in a single {industry}, for example, be sure to have a related product that’s sufficiently differentiated from their present investments.
What elements about your corporation led your traders to put in writing the verify?
Early-stage traders care quite a bit in regards to the energy of the founding workforce. At Zeplyn, we’ve constructed a powerful basis. Our product and go-to-market groups deliver a mix of experience throughout AI, wealth administration, and enterprise SaaS. Our founding workforce consists of engineers who deliver greater than a decade of foundational AI, machine studying, and software program engineering expertise from main tech giants corresponding to Google, and seasoned wealth administration professionals with greater than 20 years of expertise constructing advisory platforms at high brokerage companies corresponding to Merrill Lynch and LPL Monetary.
This distinctive mixture of technical excellence and {industry} experience equips us with a profound understanding of the wealth administration sector’s complexities and the challenges our customers face. Our workforce’s capabilities enable us to design and ship sturdy, high-performing, and user-centric options that straight handle these ache factors, inspiring investor confidence in our imaginative and prescient and execution.What are the milestones you propose to realize within the subsequent six months?
Over the subsequent a number of months, we’re going to be centered on a number of initiatives:
Person acquisition: Zeplyn has acquired a heat response and has grown three-fold within the final three months. We’re onboarding new advisors each week, largely via natural channels. We’re investing in gross sales and advertising, and we’re planning to develop our buyer base whereas persevering with to ship dependable and time-saving AI.
Technological development: Our objective is to deliver an AI-native perspective to wealth administration, rebuilding the {industry} and addressing crucial wants. Zeplyn is dedicated to reimagining the monetary advisor expertise, high to backside. We’ve got already launched new ranges of effectivity and consumer intelligence with Zeplyn Assembly Assistant, and we’ve no plans of stopping there. Our imaginative and prescient is to construct a full stack workflow automation answer for monetary advisors that additionally handles refined and sophisticated wealth administration workflows, serving as a single supply of fact.
Staff growth: We’ll increase our product, engineering, gross sales, and advertising groups.
The place do you see the corporate going within the close to time period?
Zeplyn Assembly Assistant is our first product, and we’re constructing in direction of a full-stack workflow automation answer that can deeply combine with advisor know-how and instruments to streamline different complicated wealth administration workflows— past consumer conferences.With Assembly Assistant, we’ve solved for an enormous hole in consumer information gathering in conferences. Now that advisors can seize full and correct consumer information, they’ll leverage it to reinforce not simply their downstream workflows but additionally the general consumer expertise. We’re actually excited in regards to the alternatives the information will unlock for advisors.
What’s your favourite fall vacation spot in and across the metropolis?
It’s touristy, however within the metropolis, Central Park is breathtaking all 12 months spherical. It hosts all types of wonders, from artwork distributors to live shows and performances to hidden gardens. There’s all the time one thing new to do and uncover, or when you simply need to sit and chill out, you are able to do that too.Farther afield, Beacon is value a visit. It’s an awesome little metropolis with artwork galleries, nature, and historical past. Specifically, the Storm King Artwork Middle hosts artworks that push the boundaries of their medium. It’s an enormous out of doors artwork museum, and it’s particularly gorgeous in fall.Within the Catskills, Woodstock is a superb retreat in fall. There are mountain climbing trails that can take you into nature, and it’s a enjoyable city to discover, with artwork galleries, retreats, and quirky outlets that maintain the spirit of the Nineteen Sixties Woodstock and “Peace, Love and Music” alive.
