We're pleased to release the latest version of our AI WealthTech Market Map. This is the second iteration of the Map which we first released in early June 2024 to start to gather into one place the many and varied technology and supporting offerings using, delivering and supporting the role of Artificial Intelligence (AI) across the wealth management sector.
Drawn from our global online Solution Provider Directory and its supporting development and maintenance process, we will look to develop, evolve and no doubt grow the Map, and release it monthly from this month on, as we find and uncover more firms that have added AI into their existing offerings, that add new AI-based solutions to their roster, and as new and varied AI-based firms come to market with relevant propositions.
Indeed, as we write this and review the 2,950 plus existing businesses included in our global online Solution Provider Directory, we already have over several hundred more from our directory that we will review for inclusion in the Map.
Categorisation
How to categorise a directory, as we know from our core online resource, is perhaps more of an art than a science. For this Map, the categorisation is firstly driven by the Business Need categories used within the Technology & Data marketplace within our global online Solution Provider Directory. You can access all of those here: https://www.thewealthmosaic.com/market/technology-data/
Rather than all 25 Business Needs, we have used 18 of those categories for this Map but that will likely evolve as understand more about what is in the market, what is coming to the market, as firms tell us more about their offering, and so on.
For each entry into the Map, we review the firm's offering to the market and select, as we see it, the most relevant Business Need. This dictates where the firm sits within our Map. There is no further overlay at present. This single selection model is different to our online Solution Provider Directory where we can select whichever Business Needs are relevant to a solution's capability and focus.
Additionally, within the Map, we have also added 'Advisor Tools' and 'Consulting' as additional categories. For Advisor Tools, each firm included here is also assigned to a most relevant Business Need. As we move forward, we will likely add other categories to support a user's navigation of what promises to be a growing resource.
Featuring on the Map
The entrants to the Map are determined by us, and their inclusion is based solely on relevance to the wealth management sector. We do not have a specific geographic focus, nor do we focus solely on one type of wealth management business. There are entrants in the Map that are very much for the biggest firms in the markets such as the larger banks, and others that focus much more on entities such as IFAs or family offices. This level of detail will be available through our website in time, as well as through the supporting Market Map Factfile (see below).
For any firm that believes it should be included in the Map, we look forward to hearing from you!
Finally, for anyone viewing the Map, each of the firms included has a business and solution profiles that can be found within our online Solution Provider Directory, either through the Business Need categories as highlighted above or through search.
AI WealthTech Market Map, October 2024 - 250 plus entrants in October 2024
For any questions about the Map or to be included in it, please write to us at office@thewealthmosaic.com.
Our other AI-focused activities
What else are we doing at The Wealth Mosaic aside from this Map to support and enhance the knowledge share around the topic of AI in wealth management?
