A technology startup that wants to revolutionize the workflow of financial advisors with AI, has attracted millions of dollars from investors in a new fundraise.
San Francisco–based Focal is building AI tools for financial advisors including automation of meeting prep, client follow-up, and back-office workflows, has closed a $5 million seed round co-led by Distributed Ventures and Wischoff Ventures.
As wealth management firms look for ways to improve efficiency without adding to their already complex technology stacks, Focal’s software integrates directly with existing systems including CRM, compliance tools, and client portals, to capture data from conversations and automatically generate tasks or insights.
The company claims its users can recover as much as 50 hours a month and serve up to 30% more clients by automating manual processes.
“To stay competitive and grow assets under management, firms must adopt AI to deliver smarter, faster, more personalized service, or risk falling behind,” says John Connell, Focal’s CEO. “Focal isn’t about adding another tool to advisors’ tech stacks. Because our AI sits across all of these tools, it is reshaping how firms fundamentally operate. Advisors at leading RIAs and enterprise teams rely on Focal to reclaim hours each week, and this funding will further accelerate our ability to service personalized autonomous workflows.”
Connell co-founded the company with Jerry Bai, chief product officer, and Clay Stupi, chief technology officer. The leadership team’s background at Microsoft, DocuSign, Chainalysis, and major wealth management firms underscores Focal’s emphasis on compliance and enterprise-scale design.
“It’s rare to see a team with such deep enterprise software experience that also understands the complexities of regulated industries,” says Shawn Ellis, managing partner at Distributed Ventures. “The Focal team has experience building infrastructure for broker-dealers, large financial institutions and even the US government. They’ve also worked closely with regulators, giving them firsthand insight into compliance requirements and best practices for developing these financial platforms.”
Focal’s investor list includes familiar names from across wealth management, such as Jason Pereira of Woodgate Financial, Jamie Hopkins of WSFS Bank, Kellan Brown of 100 Women in Finance, and Michael Batnick of The Compound Capital Fund I, LP, affiliated with Ritholtz Wealth Management.
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