Wealthbot is an open source software platform designed to provide multiple levels of support for independent investment advisors looking for a portfolio management solution that will enable them to remain competitive in the current digital landscape.
What Is Wealthbot?
Wealthbot was founded in 2013 by brothers Gene and Vlad Kobilansky, who have gone on to serve as CEO and CTO for the company respectively. Both siblings have years of experience working for high-profile organizations as software developers, programmers, and financial consultants.
Both Gene and Vlad have excellent reputations and years of experience working in the financial service and programming industries. Their stated goal, when it comes to Wealthbot, is to provide financial advisors the tools to compete with automated financial advising services.
Individuals in the finance and investment advisor industry can use Wealthbot to manage practically every aspect of their business, thanks to the wide range of features and services the software offers.
The list of Wealthbot features is truly exhaustive. Just a few of these features include automated customer onboarding, client billing, flexible portfolio models, intelligent cash management, the ability to host multiple RIA firms, tax-optimized portfolio management, and many others.
Wealthbot is based around a software-as-a-service (SaaS) concept. The software itself is available for free, thanks to its open source nature. However, this doesn't cover any sort of technical support – users who choose to go the open source route receive full access to the software but have to install and maintain it themselves.
Wealthbot does offer serviced plans as well for individuals or companies that would rather have the installation and maintenance of the SaaS taken care of for them.
There are two tiers of paid installation plans. Wealthbot Vault, which not only covers installation and customization of the software but includes company branding, automated onboarding, a client portal, and custom risk questionnaires.
And Wealthbot Enterprise, which includes everything provided by Wealthbot Vault and adds custodian integrations, automated rebalancing, and enterprise architecture.
There is a flat $5,420 fee for Wealthbot Vault. The costs of Wealthbot Enterprise are available upon request.
Additionally, email support is available on a per hour basis of $175 per hour. Turnaround time is 24 to 48 hours. For same day service, an additional retainer cost of $2500 per month is required.
Wealthbot provides excellent opportunities for anyone working in the investment advisor industry.
Additionally, the ability to gain a wealth management system literally for free is an unmistakable advantage. While the serviced setup and technical support costs are undoubtedly high, the open source nature of the software itself is an incredible advantage, especially to independent financial advisors with limited resources.
Wealthbot is an excellent product, though it does suffer from niche appeal. As only applicable to those running their own financial advising business, the software is useless to anyone else.
That being said, providing Wealthbot for free using an open source license is groundbreaking and revolutionary. We would be remiss in not recommending it heartily to any independent financial advisor looking for a portfolio management system, especially if you're on a budget and you're willing to install it yourself.
Still, it's not going to be for every financial advisor. While the core software is free and open source, installing the program correctly will require more than a bit of technical know-how.
It's not the same as simply downloading an app from Google Play or the iOS App Store – Wealthbot is hosted on open source coding website GitHub, and those unfamiliar with the site and how to download from it may find the experience frustrating, to say the least.
There is of course always the paid setup option. This requires a large expenditure on the part of the financial advisor, but it is available. Also, with support at $175 an hour, it behooves any budding investment advisor to give downloading and installing the free version of Wealthbot in the hopes that you'll be able to figure everything out yourself.