Conquest Planning, headquartered in Winnipeg, has joined forces with Toronto-based CapIntel, another FinTech company specializing in wealth management.
The collaboration integrates Conquest’s Strategic Advice Manager (SAM), an AI-driven financial planning tool, into CapIntel’s platform, which serves over 12,000 financial advisors in North America.
The joint venture aims to expand Conquest’s market presence while enhancing the financial advising capacities on CapIntel’s sales platform for investments. Rob Crnkovic, CapIntel’s Co-founder and Chief Revenue Officer, noted that the synergistic qualities of both companies offer an improved financial planning experience for advisors and investors alike.
Established in 2018, Conquest utilizes AI to offer customized wealth management services to various consumer segments, including individual retail investors and affluent families.
The firm has garnered close to $35 million CAD in funding from significant investors such as Fidelity International Strategic Investors, Portage, BNY Mellon, and RBC. It recently secured a $24 million Series A funding round to extend its technology to the U.S. and the U.K.
CapIntel, which is part of Conquest’s expanding partner ecosystem, has a broad network in North America. According to Conquest’s Chief Revenue Officer Brad Joudrie, CapIntel’s wide-ranging influence and commitment to helping individuals achieve their financial objectives make them an ideal partner.
Founded in 2019, CapIntel provides services to a range of financial establishments in North America, including some of Canada’s top banks. It counts IG Wealth Management, Canada Life, and BMO among its clientele.
The firm recently raised $14.2 million in a Series A round, bringing its total funding to over $16 million. Investors include FinTech Collective and Fengate Asset Management, acting on behalf of the LiUNA Pension Fund of Central and Eastern Canada.
CapIntel is also bolstering its offerings with CapIntel ESG, a feature designed to help advisors assess environmental, social, and governance risks associated with public companies.
According to recent surveys, the adoption of AI in financial planning varies. A Certified Financial Planner Board study revealed that only 31% of investors would act on AI-generated financial advice without consulting a human advisor.
However, this number rises to 52% if the advice is verified by a human financial advisor. An RBC survey found generational differences in AI adoption, with younger Canadians being more open to using AI for financial management.
As AI becomes increasingly prevalent in the wealth management sector, regulatory bodies are investigating measures to ensure its responsible use and mitigate potential conflicts of interest.
