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 (pictured left), 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 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,” added 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 (pictured right), 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 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.
