Financial Advisors Burn Half the Work Week on Client-Meeting Admin Tasks. Jump is Changing That.

We at Sorenson Capital are thrilled to announce that we’ve led a $4.6 million Seed investment in Jump, a category-leading AI assistant for financial advisors.

Year after year, millions of Americans hire financial advisors for personalized assistance with investment management, retirement planning, tax strategies, savings goals, and other high-stakes money decisions.

While financial advisors are adopting technologies to streamline client relationship management, monitor client portfolios, generate user-friendly reports, and present comprehensive financial plans, a serious pain point remains: advisors spend a whopping 18 hours per week on client-facing admin tasks like meeting prep, recaps, discussion notes, follow-on task assignments, and follow-up emails.

Wealth management firms and RIAs have attempted many different approaches to solving this problem, including hiring human assistants to take notes, which is expensive and inefficient, and buying dictation software, which is outdated and slow.

With AI use cases soaring since ChatGPT’s launch in 2022, financial advisors have looked for ways to leverage this AI in their work. However, generic AI tools haven’t met the needs of advisors as they lack the proper integrations and aren’t customized to advisors’ workflows and needs.

As we evaluated the various approaches to solving this problem, it was clear (based on feedback from advisors) that Jump was the product leader in this category because their product combines generative AI with advisor-specific workflows to handle client-meeting admin work accurately and efficiently, reducing the time advisors spend in this area by 90%. This allows advisors to concentrate on their core competencies: advising and building relationships with clients.

Jump improves a financial advisor’s typical work week instantaneously.

The app delivers accurate, customizable AI-generated meeting prep one-pagers, meeting recordings and transcripts, audit-friendly meeting notes, managed task lists, and detailed client-facing recap emails. Jump has deep integrations with other important tools that advisors use, including Wealthbox, Redtail, Zoom, and Salesforce. According to feedback from Jump’s earliest adopters, the product effectively boosts client experience, advisor job satisfaction, and firm growth.

Experts in the financial advisory space aren’t surprised by the success of a product that solves the problem of client meeting administration. Indeed, Jump was recently recognized as “best in show” at the 2024 Wealth Management EDGE conference last month and has been named a finalist for three categories of 2024 Wealth Management Industry Awards (the “Wealthies”): “Disruptor,” “Artificial Intelligence,” and “Innovative New Application.”

While there is a clear market need and Jump’s product is designed to delight their customers, what gets us most excited here is the opportunity to work with world-class business builders: Parker Ence, Tim Chaves, and Adam Kirk.

Parker is a three-time CEO who was most recently the CEO at Veraset, a category-leading geospatial big data company that serves data scientists, ML and AI engineers, and product teams. Veraset was acquired in April 2023. Prior to Veraset, Parker was the CEO of a proprietary insurtech underwriting and software platform that covered over a million patients. Parker also holds an MBA from Stanford Graduate School of Business.

Tim is a serial founder and business leader. Tim was most recently the co-founder and CEO of ZipBooks, a cloud-based software accounting and bookkeeping tool that helps business owners process credit cards, track finances, and send invoices, among other features. ZipBooks was acquired by Divvy in 2019, and its technology is now a part of BILL’s offerings. Prior to ZipBooks, Tim founded two other companies, Reef3 (where Tim and Parker worked together, acquired by Verisage) and iWrap (acquired by ZAGG). Tim received an MBA from Harvard Business School.

Adam is an experienced technical leader, having spent more than a decade in engineering leadership roles. Adam worked with Tim as the Head of Engineering of ZipBooks (acquired by Divvy, now BILL). Adam then worked as the principal architect at PDQ before co-founding Jump with Parker and Tim.

We couldn’t be more thrilled to join Parker, Tim, Adam, and the entire Jump team on their mission to deliver a category-leading product that will benefit thousands of financial advisors, and the millions of Americans they work with whose financial advisory experience and outcomes will be better off as a result. If you’re a financial advisor or interested in learning more about Jump, please reach out to Eric Hilton, eric@sorensoncap.com.