Jump is a company that uses AI to help wealth managers automatically take notes, stay compliant, and update their CRM. Pulse 2.0 interviewed Jump co-founder and chief operating officer (COO) Tim Chaves to learn more about the company.
Tim Chaves’ Background
What is Chaves’s background? Chaves said:
“I’ve been an entrepreneur since my junior year of college. I originally planned to go to law school and was studying for the LSAT one summer when a friend convinced me to start a company instead (we were making iPhone cases for the 1st gen iPhone!). We were more naive than we knew, which ended up being more of a learning experience than a great financial outcome, but it put me irrevocably on the entrepreneurial path. After that first company, I co-founded an agency doing custom software development, then eventually co-founded two SaaS companies. I also spent a couple of years in Boston at Harvard Business School from 2013 to 2015 and interned during those MBA years as a Product Manager at Google.”
Formation Of Jump
How did the idea for Jump come together? Chaves shared:
“We started building a tool for B2B sales teams at the beginning of 2023 — our thesis was that with the new capabilities presented by the latest large language models, sales reps should never have to manually type notes into Salesforce to update what’s happening with a deal. Sales teams liked the idea, but a local wealth management firm got in touch asking if they could use the product — once we started talking more with them, we began to understand keenly how important meeting notes were between financial advisors and their clients.
“These conversations are regulated in various ways, and it was extremely important not to let things slip through the cracks. We opened the conversation to dozens more advisory firms, and it was clear that the use case and need were much stronger than what we’d imagined for sales. We shifted the product to focus exclusively on financial advisors in the fall of 2023 and have been working feverishly to create something special in this industry.”
Favorite Memory
What has been Chaves’ favorite memory working for the company so far? Chaves reflected:
“It wasn’t a single moment, but my favorite has to be launching the product for financial advisors and letting it slowly dawn on us over several weeks that we’d done what every entrepreneur hopes to do — find product-market fit. Solving a problem in a way that really resonates can be subtle and difficult, and seeing it really connect is extraordinary.”
Core Products
What are the company’s core products and features? Chaves explained:
“Jump is an AI meeting assistant exclusively for financial advisors. It summarizes meetings in a completely customizable way, matching the advisor’s tone and style; it creates and assigns tasks that come out of meetings; it drafts follow-up communication; it scans for compliance; it extracts relevant data points for financial planning purposes; and it syncs seamlessly into the advisory firms’ CRM so that with just a single click, notes and tasks get sent into the permanent system of record.”
Evolution Of Jump’s Technology
How has the company’s technology evolved since launching? Chaves noted:
“We’ve gone deeper and deeper with advisor-specific processes. Specifically, while many advisors use Salesforce, we’ve since launched integrations with industry-specific tools Redtail and Wealthbox. These integrations are getting deeper and deeper so we can handle even highly-customized setups. We’ve also improved the quality of the AI outputs as we’ve learned more about how to wrangle the AI and see more about what advisors really need in terms of output.”
Customer Success Stories
After asking Chaves about customer success stories, he cited:
”One of our first customers was an advisory firm with about $3 billion in AUM. Within the first two weeks, they validated that the product was doing exactly what we’d hoped it would—dropping their time spent on post-meeting admin tasks by about 90%. That sort of “10x improvement” was what we believed we’d need to create to be successful, so it’s been really exciting to see it become a reality.”
Funding/Revenue
Upon asking Chaves about the company’s funding and revenue information, he revealed:
”All three of our co-founders come from previously venture-backed companies. That comes with its pros and cons. We have taken a little bit of angel money and are otherwise bootstrapped. Our philosophy has always been that exciting metrics in business come from customer success and revenue growth rather than fundraising, and we hope to remain laser-focused on those outcomes, even if we take additional funding. On the revenue side, we’ll just share that based on our revenue since launch just a few months ago, none of us have been in a company that’s grown as fast as this one.”
Total Addressable Market
What total addressable market (TAM) size is the company pursuing? Chaves assessed:
”It depends on how you calculate it. There are different segments of the advisor market in the US, including independent advisors, broker-dealers, and even large banks (known as wirehouses). If you look at independent advisors, where we’ve focused so far, you’re looking at a market somewhere in the $1B range. If you include broker-dealers and wirehouses, it gets much larger. And if you look internationally, it still gets much larger! ”
Differentiation From The Competition
What differentiates the company from its competition? Chaves affirmed:
“Several things:
1.) We are the only tool for financial advisors that syncs to CRMs, including Salesforce
and industry CRMs like Redtail and Wealthbox.
2.) We’re the only tool that extracts editable actions and generates their metadata using AI
(assignment, due date, etc.). We are, again, the only one that can sync them directly into the CRM for management.
3.) Our customers have told us consistently that the quality of the notes is better than what they’ve seen both from generic notetaking tools and from others focused on financial advisors.
Having all come from fast-moving startups, we hope and believe we can apply the best principles we’ve seen or implemented elsewhere to continue increasing the gap between our product and everything else out there.”
Future Company Goals
What are some of the company’s future company goals? Chaves concluded:
“We want to be the premier AI tool for financial advisors. We’re having fun on the journey, so we don’t have a specific financial outcome in mind, especially in the short term. We think that the opportunity for process improvement with AI is on the order of advances that came from early computers or the Internet, and we want to keep building throughout this new era.”
