HeirWealth turns on open banking technology from Envestnet® | Yodlee® to help high net worth families smooth the intergenerational wealth transfer
HeirWealth, a Sydney-based wealthtech that is on a mission to help high net worth families have better intergenerational conversations about money, has turned on open data technology powered by global financial aggregator Envestnet | Yodlee.
The HeirWealth platform provides family investors and their professional advisers with a view of assets and liabilities across 40 different classes, including traditional investments such as shares and property, and non-traditional assets such as collectibles.
Including the Envestnet | Yodlee integration, the HeirWealth app has connectivity to 20,000 financial institutions globally, which can automatically aggregate into the wealth registry platform.
“This integration allows continuous daily asset valuations for banking and investment products which, when fused with our market data feeds, provides our customers with richer platform experiences,” said Ray Tubman, Founder & CEO of HeirWealth.
“The HeirWealth platform provides simple yet powerful wealth tracking that allows individuals, families and professional advisers to organise everything together in one place,” continued Mr Tubman.
“That includes traditional investments like term deposits, shares and property, as well as alternative investments like private equity, and ‘assets of passion’ like fine wine, antiques and collectibles. You can even upload photos from your phone and leave annotations to capture your family’s story and legacy, so everything is recorded in one central vault, and it’s preserved for future generations,” said Mr Tubman.
The HeirWealth app is available directly to individual families and family offices in Australia and the UK. Per HeirWealth, it can also be white-labelled by financial advisers, wealth managers, accountants, lawyers, and other professionals and can add value as a client engagement and retention tool.
As a client of global financial aggregator Envestnet | Yodlee, HeirWealth can access open banking data under Australia’s Consumer Data Right (“CDR”).
“I’m excited to see open banking and data aggregation make wealth management easier for Australian families both now and in the future,” said Taner Uzelakcil, Director – Enterprise Business Development A/NZ at Envestnet | Yodlee.
According to HeirWealth, beyond simplifying wealth tracking in a central hub, the app supports deeper personal relationships, fostering opportunities for meaningful engagement with the next generation.
“When my father passed, we had to rely on scraps of paper to discover that he had shares and different bank accounts,” said Mr Tubman.
“The forthcoming intergenerational wealth transfer is going to present a lot more challenges. Whether you want to start having those conversations now, or wait till later, centralising information in one secure location like HeirWealth is a great idea,” he added.
About HeirWealth
HeirWealth is a wealthtech company that's on a mission to harmonise intergenerational wealth transfers by providing investors, family offices and trusted advisers with a holistic view of family wealth, enabling them to get better organised and minimise administrative inefficiencies.
With a commitment to innovation and supporting intergenerational wealth transfers, HeirWealth stands as a catalyst for positive change in the industry, ensuring that the valuable nature of time is revered in all aspects of our clients' financial journeys.
HeirWealth is an Australian and UK regulator approved platform that currently integrates with 20,000 financial institutions globally, benefiting from open banking participation, growing direct integrations and world class security credentials including ISO 27001 certification.
For more information, email us at info@heirwealth.com
About Envestnet | Yodlee
Envestnet | Yodlee is a global leader in open banking, data aggregation, analytics, and alternative data. Delivering data from over 17,000 data sources, Yodlee’s innovative products and services enable actionable insights across personal financial management tools, credit and lending workflows, fraud detection and identity verification, and small and medium-sized business tools that help institutions and consumers achieve better financial outcomes. More than 1,300 financial services and fintech companies worldwide, including 17 of the top 20 U.S. banks, rely on Yodlee’s global network which fuels our proprietary data science driven tools to empower financial services today-and tomorrow. For more information about Yodlee, please visit www.yodlee.com and follow us on Linkedin and X. Envestnet refers to the family of operating subsidiaries of the public holding company, Envestnet, Inc. (NYSE: ENV).
