Eton Solutions, the US-based wealth management platform, has developed an AI tool that can integrate directly with global wealth managers’ and family offices’ back-end systems.
The tool aims to automate administrative tasks such as onboarding, billing, month-end reconciliations and tax processing, among others, as well as achieving the ISO 42001 certification, meeting global standards for cybersecurity, transparency and anti-bias.
According to Eton Solutions, the AI tool has been rolled out to offices globally, including in London, which has one of the highest concentrations of UHNWs individuals globally.
Case Study: Shade Tree Advisors
Shade Tree Advisors is a multi-family office working with high-net-worth families across the US and globally.
Problem: Each month, the Shade Tree team was manually processing a large volume of custodian statements, tax forms, and credit card records. This work was time consuming and tedious as their client base expanded so the team needed a solution that would streamline their workflows while maintaining accuracy.
Solution: Shade Tree implemented EtonAI to automate document processing for family offices. They began with high-volume, labor-intensive tasks such as statement extraction and document tagging, and gradually expanded their use across other workflows.
Results:
According to Shade Tree, the use of the AI tool helped them in several areas:
Custodian Account Statements: Processing time dropped from over 8 minutes per statement to around 2 minutes—a time savings of 80 per cent. Accuracy exceeded 97 per cent, with the remaining 3 per cent flagged for manual review.
Tax Document Renaming: Thousands forms were renamed automatically with over 90 per cent accuracy, saving hundreds of hours annually.
Credit Card Coding: EtonAI has helped categorise credit card transactions for clients, reducing manual work and further boosting operational efficiency.
Eton Solutions said while most wealth managers have said they may plan to use AI within their investment strategy or asset class research, many back-office tasks, including bill payments, taxes, document management, client onboarding and data storage are still being dominated by legacy systems.
The platform said much of this reticence to adopt AI processes came down part to concerns around the privacy and security of client data being stored in the cloud, or worries that sensitive information could be made public.Recommended How one advice firm’s AI plan will mean IFAs serve ‘10 times the clients’
However, Satyen Patel, executive chairperson for Eton Solutions, said: “Because wealth managers and those in the family office space are dealing with highly confidential investment and personal data, they both fear making the transition to AI–and fear falling behind if they do not.
“That’s why we took on the daunting task of becoming ISO 42001 certified. This not only validates our responsible AI governance but lets our clients rest assured that we’ve built trust and transparency directly into our platform.”
The tool can process more than 250 different document types globally, handle most aspects of monthly reconciliations, automatically upload transactions and holdings from statements, pay bills, extract benchmarks and foreign exchange rates.
It can also reconcile market values and cash balances; perform mark-to-market calculations; and generate report narratives against investment objectives.
Article Published By – FT ADVISER
