Here’s your Riskalyze Fintech Five for April, a focused take on what we think are the last five best stories in wealth management technology.
Altruist raises $112 million
So far, no other company seems to have dominated WealthTech news in 2023 like Altruist.
First, it quickly followed up the launch of its own self-explanatory platform with news it had acquired Shareholders Service Group, doubling the number of RIAs it serves.
Now, Altruist has announced a $112 million capital raise just five years after it was founded, the up-and-coming custodian startup is suddenly the No. 3 company in the space and gaining momentum.
Where do they go next? I can’t wait to see what founder Jason Wenk has up his sleeve.
Planning startup Lumiant raises $3.5 million
Next, we have more fintech funding news from one particularly shiny startup. Lumiant has closed a brilliant seed funding round of USD 3.5 million.
Companies behind the seed round include Invest Blue, an Australian financial planning firm, and Savant Wealth Management.
By structuring its workflows around aligning values with goals, Lumiant leverages increasingly important consumer attitudes that advisors need to be aware of—like how personal beliefs can and should influence financial decisions.
Congratulations to co-founders Santiago Burridge and Chris Dadej on this exciting news.
Opto forms an advisory council
Alt’s platform Opto Investments, which provides access to private market investments, has announced the formation of its advisory board.
This news clearly puts advisers at the center of Opto’s roadmap and product development efforts. I can tell you – forming a group like this early in Riskalyze’s journey was one of the best decisions we made as a company.
Opto’s first board members include: David Barnard, CEO of Luminary and former head of private wealth at Alliance Bernstein; Michael Batnick, managing partner of Ritholtz Wealth Management; David Kleinhandler, co-founder of Dynasty Financial Partners; and others.
Congratulations to all; I am excited to see how this affects Opto’s path forward.
Join us at Wealth Management EDGE
We’re about to head into summer and I don’t know about you, but I’m ready for warmer weather.
If you are too, WealthManagement.com has an event that will give you both the warm temperatures and an inside edge on leading trends in the industry.
The Wealth Management EDGE Conference returns to South Florida in late May. The event brings together Inside ETFs, WealthStack and RIA Edge for a mega event that has something for everyone.
Our team will be well represented on the sidelines, and I look forward to spending my time with the 2,000+ wealth management leaders who will also be there.
Riskalyze becomes something…new
And that brings me to the last story of the day. If you attend EDGE, you’ll have the chance to see our brand new corporate identity in person.
Late last year, we announced that Riskalyze would have a new name to tell our story for the next decade, as we accelerate our vision to help wealth management firms intrigue leads into meetings, meetings with valued clients, and clients into referral champions.
May 9 at 8:15 a.m. Pacific / 11:15 a.m. Eastern, join our industry livestream for the big reveal of our new name and brand identity. I’m joined by some amazing special guests – Robert Sofia, Tricia Rothschild, Cody Foster and Samantha Russell.
Take your place at growthplatform.live before our livestream capacity is completely full.
Now, all this talk of change brings one final announcement. As Riskalyze opens its next chapter of growth, we also close another chapter.
Today we are winding down Fintech 5.
It’s been about eight incredible years since we started the original Fintech Report Card which was transformed into Fintech 5.
I would like to thank our incredible friends at WealthManagement.com for their partnership during that time as we looked for fun ways to keep you informed about all the great things happening in fintech. It’s been great fun, but I have a busy day, and all good things must come to an end.
So there you have it. Those are the biggest stories in advisor fintech right now. My name is Aaron Klein and I’m sure I’ll see you on the digital pages again wealthmanagement.com in the future.
