Addepar Reaches $500B Asset Milestone

The financial operating system Addepar reached a major company milestone: more than $500 billion in assets on its platform.

The company recently announced this milestone – along with significant updates to its technology.

In the past year alone, the company experienced 97% year-over-year growth and added more than 85 new clients and partners to its roster, including Crescent Grove Advisors, Crow Holdings, Dynasty Financial Partners, Jefferies and Tiedemann Wealth Management.

Addepar’s technology now serves more than 200 wealth managers, family offices, and large banks.

Caroline O’Mahony, VP of Growth at Addepar, attributes this “tremendous” growth to the need for better technology within the financial services industry.

“I think that the market has quickly realized that there were a lot of things missing in Excel, which is a very prominent software tool used by a lot of our client base and also some of the incumbent systems out there,” O’Mahony told ThinkAdvisor.

Addepar solved this problem by building a unified platform that aggregates and normalizes all investment details and market data in a common language, no matter the data source, asset type or currency.

The Addepar platform is focused on three core areas of workflows for family offices, wealth advisors and large banks: data aggregation, analysis, and reporting, which also includes a client portal.

Addepar’s self-titled product came to market in 2013 as a desktop application and cloud-based platform and in 2015 launched as a web-based application and cloud-based platform.

“Being able to access your data from anywhere at any time, that’s always been a value prop for Addepar,” O’Mahony said. “Now, really, as you know, the mobile experience is a big deal. Being able to access … information from a browser application is a big deal. That was a big push that we made throughout 2014 and in 2015 started onboarding clients onto the web-based application.”