Want an easier way to capture your clients' whole wealth picture?

If you’d like to try some new tech to help you, or your wealthy clients, consolidate financial data, and then slice and dice it, check Claritus.io, which recently launched its core program, but soon hopes to roll a more robust model out to the global financial advising industry.

“We provide affluent and high net-worth individuals with an easy-to-use solution to track, understand, and nurture their wealth,” Gabriel Bilczyk, Claritus’s co-founder and active-chairman, told Wealth Professional from his Israeli office. “Our long-term vision is to become an eco-system where, on top of our core platform, we provide online advisory access to Claritus’ affluent subscribers.”

Claritus.io soft-launched its beta program last November. It now has “a few hundred” users, who are providing feedback. Bilczyk hopes to offer the tool as a global business to client product within two years, once he’s fully constructed his vision.    

Bilczyk, a young high-tech Israeli entrepreneur and co-founder of Conduit – Israel’s largest internet company, valued at $1.3 billion – built the online program that he wanted, but couldn’t find online, to keep track of his wealth, and he’s pleased with what Claritus.io has launched so far.

“I wanted something online that would be easy for me to capture my wealth image, the overall picture of how well I was doing, and manage it, either on my own or with some advisors,” he said. “It took me six or seven years to check what’s out there and better understand the wealth management ecosystem, and then jump into the water and create a tech-driven personal wealth management platform for individuals who work quite hard to gain some prosperity and want to manage it responsibly.”

Part of his drive was to provide these people with an accurate and timely financial snapshot.

“It’s amazing that one person works hard to have a very good life. But, if you ask them, how well did you do in 2020 or what is your net worth today, they don’t really know the exact answer,” he said. “So, it makes sense to have something like this where they can slice and dice their investments and wealth, and it seems like we managed to capture that.”

Bilczyk believes that, once it fully rolls out, Claritus.io will offer advisors a robust new tool that’s a full solution to help clients with their wealth data consolidation, which takes a lot of effort, so advisors can then focus on providing the highest value of their services.    
“It’s easy for the customer to capture the data, so it lets advisors do what they do best, which is tax or wealth preservation advising or helping you pass on your wealth to the next generation. I think those are actually the real value of those advisors, and today, because of the finance rules, there’s a lot of messy work just to capture the data,” he said.

Bilczyk said Claritus.io’s platform differs from other because it’s all about the customer – “we don’t have any hidden agendas”. Its fees aren’t based on the customer’s wealth. People can buy a subscription, from $30 to $300 per month, and the program allows them to consolidate their wealth information – assets, such as real estate, cryptocurrency, cash, securities, and as liabilities, such as mortgages and loans – from both automated and non-automated sources. It also allows them to track other things, such as their philanthropic giving.

“We aggregate the financial analytics about your specific investments for each investment or group,” he said. “Then we can slice it for different timeframes, either in absolute money or percentage, and the gains and losses. We have the ability to dive into a specific asset class and give the customer different statistics about their investments,” he said. “This is the very beginning, but it’s still a very powerful solution.”