Woman-focused robo-advisor SheCapital has ceased operations.
“We did not have the profits I hoped to have had,” said founder Tina Powell in an interview with ThinkAdvisor.
“The fact that other platforms have launched is very positive,” she said. “They have significant backing and an existing community to build on. This doesn’t guarantee success, but could give them a running start that SheCapital could have benefited from.”
Powell helped launch SheCapital about a year ago. Its roughly $1.3 million of client assets are being moved to Beacon Wealth Management, where she is director of business management.
“We will continue to serve women [at Beacon] – and I am proud of work we did at SheCapital,” the executive said. “It was a great learning experience and helped put female-oriented initiatives in front of the public.”
Earlier this month, robo-platform Betterment said its asset level had topped $5 billion.
That news came about two months after Sallie Krawcheck, head of Ellevate Network, said she had started Ellevest, a new digital investment platform for women that received some $10 million in funding last fall.