Estate wealth tech platform Vanilla gets a boost from Edward Jones

Estate wealth tech platform Vanilla gets a boost from Edward Jones
The fintech provider’s latest funding round, which also includes Alumni Ventures and Vanguard, will support its continued growth and AI push.
AUG 15, 2024

Estate planning software company Vanilla has closed a new funding round to expand its platform and accelerate adoption among financial advisors.

Led by returning investor Insight Partners, the round also saw participation from Venrock, Vanguard, and new investors Alumni Ventures – which also figured in Savvy Wealth’s recent $15.5 million series A funding – and Edward Jones Ventures, also known as EdVentures, the VC program launched by Edward Jones earlier this year.

“As we accelerate our efforts to revolutionize how advisors, planners, and attorneys approach estate planning, we are excited to deepen our partnership with Insight Partners, Venrock, and Vanguard, as well as to welcome Edward Jones,” CEO Gene Farrell said in a statement Thursday.

Billed as the world’s first estate advisory platform, Vanilla has positioned itself as a leading tech player in the $221 billion estate planning industry.

With backing from investors like NBA legend Michael Jordan and former Vanguard CEO F. William McNabb III, the company’s technology is now used by major firms, including Mariner Wealth Advisors and Avantax, to offer tailored estate planning services at scale.

“Vanilla has built an enterprise-grade platform to deeply integrate into an advisor's stack and handle all the complexities of estate planning, all while giving their end clients an intuitive, approachable planning experience,” said Jon Rosenbaum, managing director at Insight Partners, one of the investors backing Vanilla.

The latest capital infusion will support Vanilla’s continued growth and the development of its AI-powered tools aimed at streamlining estate planning across wealth levels.

The funding arrives as estate planning technology is gaining momentum within the wealth management industry. According to the latest T3 survey, the adoption of estate planning software among advisors has surged by 259 percent over the last two years.

Since its founding in 2019 by serial wealth tech entrepreneur Steve Lockshin, who also invested in big ventures like Convergent, Advizent, and Wealthbox, Vanilla has pushed itself to the forefront of this trend. Currently it boasts over 10,000 clients, with more than 12,500 estate documents visualized and mapped on its platform, ranging from simple estates to complex estates for ultra-high-net-worth individuals.

“With the support of our investors, we are expanding our platform, including our pioneering AI technology, to make modernized estate planning accessible and efficient for all,” Farrell said.

Latest News

RIA moves: True North adds $353M California RIA as SageView grows North Carolina presence
RIA moves: True North adds $353M California RIA as SageView grows North Carolina presence

Plus, a $400 million Commonwealth team departs to launch an independent family-run RIA in the East Bay area.

Blue Owl Capital, Voya strike private market partnership for retirement plans
Blue Owl Capital, Voya strike private market partnership for retirement plans

The collaboration will focus initially on strategies within collective investment trusts in DC plans, with plans to expand to other retirement-focused private investment solutions.

Top Commonwealth advisor to recruiters: Stop with the cold calls already!
Top Commonwealth advisor to recruiters: Stop with the cold calls already!

“I respectfully request that all recruiters for other BDs discontinue their efforts to contact me," writes Thomas Bartholomew.

Why AI notetakers alone can't fix 'broken' advisor meetings
Why AI notetakers alone can't fix 'broken' advisor meetings

Wealth tech veteran Aaron Klein speaks out against the "misery" of client meetings, why advisors' communication skills don't always help, and AI's potential to make bad meetings "100 times better."

Morgan Stanley, Goldman, Wells Fargo to settle Archegos trades lawsuit
Morgan Stanley, Goldman, Wells Fargo to settle Archegos trades lawsuit

The proposed $120 million settlement would close the book on a legal challenge alleging the Wall Street banks failed to disclose crucial conflicts of interest to investors.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.