Lehigh University’s business students have made waves in the financial technology sector by developing an innovative AI tool designed specifically for wealth advisors. This project, known as Orb Wealth, was part of their FinTech capstone course and aims to streamline the data-gathering process for advisors, ultimately enhancing productivity and client relationships.
Key Takeaways
Innovative Tool: Orb Wealth synthesizes client data from various sources to prepare wealth advisors for meetings.
Team Collaboration: Six students from Lehigh’s FinTech program collaborated with industry mentors to develop the tool.
Efficiency Gains: The tool could save wealth advisors up to five hours a week and improve business efficiency by 10%.
The Concept Behind Orb Wealth
For wealth advisors, the task of gathering relevant data, emails, and notes for client meetings can be time-consuming. Orb Wealth aims to change that by providing a seamless integration of daily tasks. The tool collects and summarizes all pertinent information, allowing advisors to focus on what truly matters—client relationships.
Julia DeLitta, a business information systems major and team member, explained that Orb Wealth pulls data from various sources, including emails, Zoom meetings, and Salesforce, to create concise notes for meetings. This automation not only saves time but also enhances the quality of client interactions.
Team Dynamics and Mentorship
The project was a collaborative effort among six students: Julia DeLitta, Matthew Connors, Adrian Ross, Cole Schubert, Cotter Smart, and Luke Strauss. They were mentored by industry professionals, including Seth Finkel, a nationally ranked wealth advisor, and Michael Ruane, head of AI at Neuberger Berman.
The inception of Orb Wealth came from Finkel’s suggestion to leverage AI for summarizing critical client information. The team engaged with wealth advisors to understand their workflows and identify areas for improvement.
Real-World Impact
According to DeLitta, the tool could potentially save wealth advisors up to five hours a week, allowing them to focus on client acquisition and relationship management. This could lead to a 10% increase in overall business efficiency.
The students utilized simulated data to create the tool, navigating the complexities of AI development with guidance from their mentors. Burak Eskici, a teaching assistant professor, emphasized the importance of teamwork, allowing students to hold each other accountable for their tasks.
Final Presentation and Future Prospects
At their final presentation at Neuberger Berman’s New York headquarters, Ruane praised Orb Wealth as one of the best AI prototypes he had seen in recent months. While the firm does not currently use the program, Finkel expressed interest in future collaboration.
Don Bowen, co-director of the FinTech minor, highlighted the real potential of Orb Wealth, noting that it could be beneficial for wealth advisors and anyone in client-facing roles.
Conclusion
The capstone project not only provided students with hands-on experience but also boosted their confidence in their abilities. DeLitta described the experience as one of the highlights of her college career, emphasizing the value of networking and collaboration in developing a tool that could significantly assist professionals in the financial services sector.
Lehigh University continues to foster innovation in the FinTech space, preparing students for the rapidly evolving landscape of financial services.
Sources
Lehigh Business Students Invent Innovative AI Tool for Wealth Advisors As Part of FinTech Capstone Project | Lehigh University, Lehigh University.