The funds will be used to enhance and accelerate the product by expanding customisation capabilities, enhancing integrations, scaling partnerships and hiring talent.
“The firms we are catering to are working with high net worth and ultra high net worth clients in just helping them in their financial planning and that journey. But the unfortunate reality is that these advisors are spending over half of their time on admin and back office, taking meeting notes, updating their systems of record, and sending follow ups,” cofounder and chief executive Chirag Gandhi told ET. Mili aims to assist these advisors in their tasks, he said.
Founded in 2024, the artificial intelligence (AI) assistant for wealth advisors, offers advanced meeting documentation software that helps wealth management firms streamline their workflows while ensuring compliance standards and customisation. It currently serves clients in the US.
According to Gandhi, there are over 300,000 wealth advisors in the US, managing $48 trillion in assets. Unlike other industries that focus on using technology to cut costs, this industry is increasing its technology investment because it sees technology as a way to boost advisor capacity and productivity, helping advisors focus on their strengths.
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“We’ve seen great early traction with our customers and also paid pilots. So the idea is to ensure that we continue to deliver value for the advisors that we work with,” he added. Commenting on the investment, Ranjith Menon, managing director at Chiratae Ventures, said, “The wealth management industry is undergoing a fundamental transformation. Today, Generative AI allows for products to be designed that not only meet the strict compliance requirements but also deliver productivity and scale.”
“Wealth management firms manage trillions of dollars in assets, but they hardly have any software built for them. Most of them struggle to keep up with customer requests as they don’t have large customer service teams. With Mili, they don’t need to worry about any back-office operations,” said Sathya Nellore Sampat, partner at BoldCap.
