GBST flags GenAI integration in latest WealthConnect upgrade cycle

Leading Australian advice technology developer GBST has announced key enhancements to its WealthConnect advice platform, flagging plans to embed advanced artificial intelligence (AI) features within the year.

The most recent upgrades include a range of new wizards, research tools, and comparison features. This comes on top of extensive platform upgrades unveiled early last year.

GBST said the latest upgrades would serve to “streamline advice production, reduce operational costs, and help firms scale effectively amid growing regulatory demands and rising client expectations”, improving visibility across compliance, resource management, and client engagement.

WealthConnect was acquired by GBST in mid-2023. Built on the Salesforce platform, WealthConnect provides client relationship management, portfolio management and back-office administration tools for advisers and paraplanners.

GBST head of APAC Jeff Hall said the ultimate goal of WealthConnect was to give advisers with a one-stop-shop technology solution.

“Our goal is for WealthConnect to eliminate the need for multiple systems across the advice process, allowing advice firms to replace existing tools with a single, advanced platform that combines CRM, compliance management, and financial planning to better support high-quality advice.”

Hall said the platform will be enhanced later this year with stochastic and goals-based modelling capabilities. As well, he added, GBST will also look to embed Salesforce’s generative AI tool, Agentforce as its first certified Independent Software Vendor partner for the wealth management industry.

“Pre-built support tools will help advice professionals harness AI drive further efficiencies, deliver personalised client support, and adapt to the evolving digital landscape,” he said.