AI wealth management platform expands advisor capabilities for North American banks and financial institutions
Three Key Facts
- $80 million Series B funding round led by Goldman Sachs Alternatives positions Conquest Planning’s total funding above $100 million for AI-powered wealth management expansion.
- 60% Canadian market share captured with over 1,000 financial services organizations using the platform, including five of the ten largest North American banks by 2024.
- 90% faster plan creation achieved through SAM AI engine, increasing new client onboarding rates for $1M+ assets from 12% to 26% across participating firms.
Introduction
Conquest Planning secures $80 million in Series B funding as institutional investors double down on AI-driven wealth management technology. The Canadian fintech firm attracts backing from Goldman Sachs Alternatives, Citi Ventures, and other major financial institutions seeking to capitalize on the automation of financial advisory services.
The funding round positions Conquest as a leading player in the rapidly evolving wealthtech sector. The company’s Strategic Advice Manager platform now serves over 1,000 financial services organizations across North America, demonstrating significant market traction in enterprise wealth management solutions.
Key Developments
Goldman Sachs Alternatives led the June funding round with participation from Canapi Ventures, BDC Capital, Citi Ventures, TIAA Ventures, and USAA. Jade Mandel from Goldman Sachs Alternatives joins Conquest’s board as part of the investment.
Founded in 2018 by Mark Evans, creator of Naviplan, Conquest launched in Canada in 2020 before expanding to US advisors in mid-2022. The company has developed nearly 1.5 million financial plans through its AI-powered platform.
The firm recently unveiled enhanced features at the BNY Pershing X INSITE 2024 Conference, including upgrades to SAM Insights, Ask SAM, and SAM Score tools. These developments strengthen the platform’s ability to conduct thousands of calculations across client financial profiles.
Market Impact
Conquest commands over 60% of the Canadian financial advisor market and serves major institutions including RBC, Manulife, BNY Pershing, and Raymond James. Five of North America’s ten largest banks now utilize the platform.
The company’s technology increases advisor efficiency by enabling 90% faster plan creation while improving client acquisition rates. Firms using Conquest report new client onboarding for high-net-worth individuals ($1M+ assets) increased from 12% to 26%.
US expansion gains momentum with clients like Sanctuary Wealth, which manages $48 billion in client assets across 120 partner firms. The platform integrates with existing wealth management systems including BNY’s Wove platform.
Strategic Insights
Conquest targets enterprise partnerships with banks, brokerages, insurance firms, and pension providers rather than direct consumer relationships. This B2B strategy enables rapid scalability through institutional distribution channels.
The company introduces SAM Bytes, targeting self-directed investors who seek guidance on specific financial decisions without dedicated advisor relationships. This expansion addresses the mass market segment historically underserved by traditional wealth management.
Conquest’s two-way open API architecture facilitates integration with existing financial institution systems, supporting compliance requirements and advisor-client collaboration tools. This technical approach reduces implementation barriers for enterprise clients.
Expert Opinions and Data
Mark Evans, Conquest CEO, emphasizes the platform’s role in modernizing financial planning. “We’re grateful to our partners for embracing our commitment to making high-quality advice more accessible to a broader range of families,” Evans states.
Ainslie Simmonds, Executive Platform Owner at BNY’s Wealth Service Platform, highlights operational benefits. “Through the power of AI, Conquest allows advisors to spend less time with the data and more time interacting with their clients,” Simmonds explains.
According to Finextra, the funding builds on Conquest’s $17.8 million Series A round from February 2023. Jade Mandel from Goldman Sachs Alternatives expresses confidence in the platform during current market conditions, citing increased demand for comprehensive financial planning solutions.
Conclusion
Conquest Planning’s substantial funding round reflects institutional confidence in AI-powered wealth management transformation. The company’s enterprise-focused strategy and proven market traction position it for continued expansion across North American financial services.
The platform addresses growing demand for scalable, personalized financial advice while enabling traditional institutions to enhance advisor productivity. Conquest’s technology bridges the gap between mass market accessibility and sophisticated wealth management capabilities previously reserved for ultra-high-net-worth clients.
