Wavvest, a Chicago-based startup building an AI-native operating system for independent wealth managers, has named Vinnie Maliakkal as managing director and founding advisor of its in-house registered investment advisor. Maliakkal spent the last 11 years at Charles Schwab, where he managed $1.4 billion in client assets across 450 households before making the move.
Maliakkal joins Wavvest Wealth, the company’s in-house RIA that launched in April. The RIA was seeded by James Langer, who previously ran his own advisory firm, Redmont Wealth Advisors, and now serves as president while also leading advisor recruitment. Langer brought roughly $270 million in assets under management when he joined. Any assets Maliakkal transfers over will remain custodied at Schwab, since Wavvest maintains custodial relationships with both Schwab and Apex Fintech Solutions.
Wavvest has built its platform around financial planning technology, with CRM-like functionality and portfolio accounting tools also in development. The company uses select third-party large language models while keeping the rest of its technology proprietary. In March, Wavvest announced a strategic partnership with Apex Fintech Solutions to bring AI-powered financial planning capabilities to advisors and clients who custody with the firm. The startup has raised $2.7 million in pre-seed funding led by Fenway Summer and is preparing to raise an official seed round in the coming months.
Company leadership framed the hire as validation of the platform Wavvest has built, pointing to Maliakkal’s decision to leave an established book of business at a major custodian for a startup environment. Brendan King, the company’s co-founder and CEO, publicly welcomed Maliakkal to the team, calling him an advisor of exceptional caliber and expressing pride in what the firm has built so far.
KEY QUOTES:
“Having an advisor of Vinnie’s caliber join the firm makes me proud of what we’ve built and even more excited about where we’re going.”
Brendan King, Co-Founder and CEO, Wavvest
