Boutique wealth manager CWPW launches in UK
City Wharf Private Wealth (CWPW), a boutique wealth management fintech, has launched this month.
The start-up is authorised by St. James’s Place’s (SJP) licences, the UK’s largest wealth manager.
The fintech pits itself as a full-service offering with an AI-enabled chatbot. “It’s a full, centralised portal,” Ashlea Atigolo, CWPW’s founder and managing director, tells FinTech Futures.
As well as investment services, the start-up also offers financial planning, banking services, loans, financial wellbeing tools, business advice for entrepreneurs and electronic document signing.
Fellow co-founder, Elemi Atigolo, is a former business practice manager for SJP. Ashlea and Elemi are betting on CWPW’s “hybrid” approach – of both AI and human interaction.
Every user has access to video support. “We’re in a consumer position,” says Elemi. “Our play isn’t purely technological.”
Before CWPW, Ashlea and Elemi founded INATIGO, the brand under which it developed its conversational AI tool.
Elemi is also a former wealth manager from HSBC, whilst Ashlea’s career began in education before moving into wealth management.
Helping SJP tap modern consumers
The start-up’s partnership with the giant wealth manager comes amid a year of difficult financial headwinds for SJP.
The London-listed partner has struggled to attract new business during the pandemic. This week it emerged that its net inflows had fallen to £1.4 billion in the third quarter.
That’s down from £2.1 billion in the same period last year. Shares in SJP fell about 2.5% on 27 October following the release of financial results.
SJP has around 760,000 clients. Its partnership with CWPW points to a shift in focus to AI-based products.
“In COVID-19, traditional firms couldn’t keep up with customers,” explains Ashlea. “Even Amazon had to get in AI after its customer support struggled. A lot of firms are trying to move towards.”
The start-up is focusing on “modern individuals of all ages”, which have “complex needs” and “want expert human interaction”, says Ashlea.
Like many wealth managers, CWPW will charge an initial fee for advice, after which there is an ongoing fee.
For the fintech, this partnership gives the start-up access to SJP’s institutional approach. It also authorises the fintech to provide products to its institutional network.