Open Banking is set to launch in Europe next month. As banks and fintech firms rush to ensure compliance we...
This week, I pause to reflect on the sales of (1) AdvisorEngine to Franklin Templeton and (2) the technology of Motif Investing to Schwab. Is all enterprise wealth tech destined to be acquired by financial incumbents? Has the roboadvisor innovation vector run dry? Not at all, I think. If anything, we are just getting started. Decentralized finance innovators like Zapper, Balancer, TokenSets, and PieDAO are re-imagining what wealth management looks like on Ethereum infrastructure. Their speed of iteration and deployment is both faster and cheaper, and I am more excited for the future of digital investing than ever before.
Personal Capital is a personal financial management tool that launched ten years ago; the company saw 23% annualized growth in...
In an interview with RIABiz Personal Capital Founder Bill Harris talks about the outlook for his firm, the growth they have seen and some of the challenges with growing their brand; they do not consider themselves a robo advisor, they are more complicated and detailed with call centers and multiple strategies; they currently have $4.9 billion in assets under management which is more than five times the $1 billion in assets under management they had in January 2015; Jay Shah, CEO of Personal Capital, tells RIABiz, "Our rapid growth reaffirms that we are solving a major pain point for consumers by giving them conflict-free advice and full transparency and insight into their financial lives."; they are not as cheap as Betterment or Vanguard yet they are gaining market share and their average account is $380,000; the company has received over $200 million in venture funding with the most recent round of $40 million closing yesterday; the interview also goes through the pains of building their brand and the different strategies they offer to clients. Source
Personal Capital is now offering services to employers in a move to grow their user base; the digital wealth platform...
Empower Retirement has bought digital wealth management fintech Personal Capital for $825mn upon closing, with another $175mn in planned growth...
Personal Capital is a free app that allows individuals to track their financial life by connecting accounts including bank accounts, credit cards and investment accounts; the app is now tracking $4.9 billion and according to their CEO, Jay Shah, their customer base is increasingly affluent; the company upsells their app users on financial advice and is providing a dedicated financial advisor if users have over $200,000 of investable assets; Shah answers several questions in an interview with Business Insider including their pitch to users, who their paying users are, why he thinks users will pay for the service and where the company is headed. Source
This week, we put on the Goldman hat and go shopping for companies. We buy a little bit of Folio and sell some Motif. We look at Personal Capital and the $1 billion it wants for its $12 billion of assets. We examine the private markets with Addepar / iCapital and SharesPost / Forge, and then move over to the banking sector. Should we buy Wells Fargo, as rumored, or some digital wallet apps? Read on for how to acquire a best-in-class Fintech.
Bill Harris is the former CEO of PayPal and Intuit and is also the founder and CEO of Personal Capital;...
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