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Technology > Investment Platforms

Asset-Map Closes on $6M Funding Round: Tech Roundup

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What You Need to Know

  • The $6 million in funding will position Asset-Map for sustained development in 2023 and beyond, the company says.
  • Fidelity International Strategic Ventures, BNY Mellon and RBC are among the new investors in Conquest Planning.
  • A new partnership with Merchant will give advisors access to Opto’s exclusive private market opportunities.

Asset-Map Holdings closed on a $6 million Series B funding round, the developer of the Asset-Map financial planning platform said Tuesday.

With the latest financing, 41 family offices, CEOs, wealth managers, partners and board members joined RGAx and SixThirty as Asset-Map investors as of Dec. 14, it said. Asset-Map has now raised $7.6 million in total funding since being founded by financial advisor H. Adam Holt in 2013.

After seven years of growth and adoption by advisors and other financial professionals, the $6 million in Series B growth equity will “position Asset-Map for sustained development in 2023 and beyond,” the company said.

Further, the new funding will allow the company to “scale its operational resources, further improve its sales and partnership capabilities, and execute its product and marketing strategies, in addition to fulfilling its long-term mission to elevate the financial wellness of millions of people globally,” the company noted.

“The future of financial guidance requires both professional expertise and technological innovation. While I’m proud of the role Asset-Map has already played in supporting financial professionals, I’m equally excited by the innovations we will spearhead in the future.”

The Asset-Map Platform provides in-person and remote advice software to wealth management, investment, tax and insurance professionals. It is typically included as part of the financial planning engagement process that advisors have with clients.

Asset-Map is now used by thousands of advisors and other professionals globally and has mapped more than 1.25 million people and $1.5 trillion in financial instruments, it said.

Conquest Planning Raises $18 Million

Conquest Planning, the operator of a technology platform that offers customized financial planning advice, raised $24 million Canadian dollars ($17.8 million) in Series A funding, the company said Tuesday.

The round was led by Fidelity International Strategic Ventures and was joined by existing capital partners Portage and new investors BNY Mellon and Royal Bank of Canada.

The new capital will “support Conquest’s continued growth and investments in its platform user experience, as well as its ongoing expansion into key markets such as the United States and United Kingdom,” it said.

Fidelity International Strategic Ventures will help accelerate Conquest’s penetration of the U.K. market, while Portage “continues to drive strong relationships and growth locally and internationally,” according to Conquest.

Conquest has now raised total funding to date of nearly 35 million Canadian dollars and “already forged relationships with tens of thousands of advisors in its native Canada,” it said. The company last year announced its expansion into the U.S. and U.K.

Dr. Mark Evans, Conquest Planning CEO and the architect of advisor software NaviPlan, believed the time was right for international expansion.

“Demand for tech-enabled financial experiences, whether consumer-initiated or advisor-led, is increasing exponentially,” he said in a statement.

Opto Teams With Merchant

Opto Investments entered into a strategic pact with Merchant Investment Management, the companies announced on Wednesday.

Opto’s private investment platform will enable registered investment advisors to create customized private-market portfolios using funds from select investment managers.

The new partnership gives Merchant’s partner RIAs access to Opto’s exclusive private market opportunities and software, which will allow them to better serve their high-net-worth and ultra-high-net-worth clients, according to the companies.

Each RIA firm in Merchant’s network can leverage Opto’s portfolio construction tools and access exclusive, “pre-vetted funds while tapping its team of analysts and technologists to build customized investment strategies,” Merchant and Opto said. Merchant partner firms will also be able to access an exclusive interface featuring additional product offerings and insights.

Merchant’s network includes more than 60 partner RIAs that collectively managed over $140 billion in assets as of the end of 2022, according to the company.

Since launching in September 2022, Opto has built relationships with over 150 RIAs across the U.S., the company said.

Opto investors include 8VC, Clocktower Ventures, FinVC, HOF Capital, Michael Dell’s MSD Capital and Tiger Global.

Wealthcare Added 16 Advisor Groups in 2022

RIA Wealthcare Advisory Partners added 16 advisor groups in 2022 and $941 million in assets under management through recruiting and M&A activities in 2022, it said Tuesday.

Wealthcare ended the year passing the $5 billion mark in regulatory AUM for the first time as it continues to expand through acquisitions and strategic partnerships while enhancing its dynamic planning and investing platform, the company said.

The firm entered the M&A markets for the first time in 2022 and completed its first three acquisitions, adding $330 million of direct advisory assets: Eagle Financial (more than $120 million in AUM); Fellows Financial Group (more than $100 million AUM); and Sommers Financial Management (more than $100 million AUM).

Those three companies are now wholly owned subsidiaries of Wealthcare with a focus on growth partnership, it said.

Wealthcare also introduced enhancements to its patented GDX360 platform in 2022, including a new Proactive Planning Module and Historical Audits, it said.

The Proactive Planning Module is a forecasting model that allows advisors to anticipate when plans may be at risk and proactively make changes. The Historical Audit capability allows advisors to “take a thoughtful approach to dividing various periods of capital market assumptions,” it said.

The firm last year also announced new partnerships with Wealthbox, Pontera, Tifin Clout, Healthpilot, RetireOne and OneTrust to elevate its technology platform.

Wealthcare also launched its NextGen Advisor Group in 2022 in an effort to bring together some of the younger generations of the Wealthcare advisor community and “help find efficient and innovative ways to marry high-tech capabilities with high-touch personal service,” it said.

Pontera Teams With Benjamin F. Edwards

Benjamin F. Edwards, a dually registered broker-dealer and investment advisor that manages over $38 billion in client assets, partnered with fintech firm Pontera to enable its financial advisors to securely and compliantly manage clients’ 401(k)s and other held-away retirement accounts, the firms said Wednesday.

The pact with Pontera gives Edwards advisors the ability to manage, trade and report on held-away assets, the companies said.

The announcement came one week after Pontera said Envestnet integrated fintech firm Pontera’s retirement account management platform into the Envestnet | Tamarac platform for advisors, Pontera announced Wednesday.

(Image: Shutterstock) 


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