EQT Ventures is leading Nevis' $70 million new round. Charles Schwab and QuantumLight join as new investors, and Sequoia Capital, ICONIQ and Ribbit Capital have all increased their commitments. 

Wealth management is systemically similar to the legal industry as far as AI disruption is concerned

The US wealth industry today has more demand for advice than people to deliver it. Yet, based on our customer conversations, around 80% of advisor time is spent on admin work, so most of the capacity the industry needs is already there, buried in work a wealth advisor shouldn’t be doing in the first place. AI agents already handle admin and paperwork in legal and finance, and wealth management is the next obvious market for AI disruption.

At the same time, wealth advisors are leaving the industry at an unprecedented rate. More than 100,000 of them, 37% of the workforce managing 41% of industry assets, are expected to retire within a decade (Cerulli). Even with a 10 to 20% productivity gain, closing the gap would take 30,000 to 80,000 net new advisors, and the industry added about 8,000 in the last ten years. So at today's productivity, the sector is heading for a shortfall of roughly 100,000 wealth advisors by 2034 (McKinsey).

We think this is similar, if not a more acute problem than the legal industry, where lawyers want to spend more time on actual legal advice rather than administrative tasks. A majority of the work here is manual, low value, and is not actually what the client is paying for. As investors in Harvey we saw this play out, and we think wealth management is at a similar inflection point.

A team we have known for over 2 years

In November 2024, we published The Goldmine Potential of WealthTech 2.0, arguing that the larger opportunity in wealthtech sat in B2B instead of robo-advisors, by rebuilding the outdated software and manual processes behind incumbent wealth managers.

Around the same time, Mark Swan, Philipp Burda and Ivan Chalov had just left Revolut, where Mark ran global strategy and operations, Philipp led AI strategy, and Ivan was general manager of the retail business. Over the last 2 years, we met teams on both sides of the Atlantic; seeing the pace and clarity of thought of the Nevis team, it became obvious they are the emerging winner in an industry that is running out of advisors and where AI is yet to play a role.  

Supercharging advisors by doing more than just taking notes

Nevis agents do the operational work from start to finish: meeting notes, tasks, client records, account opening, money movement. Across customer deployments, advisors recover up to 10 hours a week and hold 30% more prospect meetings, with account opening now taking days where it used to take weeks.

One of Nevis' largest customers measured this in detail. The firm, a fast-growing independent RIA, ran a five-month study across 90 advisors against a control group, and the advisors on Nevis held 72% more client meetings and 77% more opportunity meetings.

Nevis also changes what firms pay for software. Some customers have now switched off their CRM entirely and run the firm on Nevis, and others are redesigning their data architecture around retiring their CRM. The average advisor works across more than seven separate systems, so once Nevis consolidates the CRM, meeting intelligence, planning and custodial workflows, the remaining stack becomes obsolete, freeing up significant software budget. 

Inflection point: From $50 billion to $700 billion assets on the platform in less than a year

This year, Nevis has reached an inflection point. Assets on the Nevis platform have grown from $50 billion to $700 billion in 2026, and revenue has grown more than 25x. Customers include Focus Financial Partners, one of the largest RIAs in the US, alongside IEQ Capital and United Capital. In the funding round we are also joined by Charles Schwab, one of the largest publicly traded financial services and investment platforms in the US. Its custodian business serves more than 16,000 independent RIAs.

Over time, the platform that runs an advisor's day becomes the natural place to add services, such as tax preparation or access to private markets. As one of the largest private capital managers in the world, EQT is well positioned to help Nevis build out its alternatives offering.

"Mark, Philipp and Ivan have built an exceptional AI platform just as wealth management faces a growing capacity gap. Advisors are retiring while demand for advice rises, and the large wealth transfer we expect in the coming years will widen that gap further.” said Carolina Brochado, Partner and Head of EQT Ventures. 

We look forward to working with Mark, Philipp, Ivan and the Nevis team on what comes next.

This is a marketing communication. Please refer to the information document of EQT Ventures before making any final investment decisions.