SmartAsset, a New York-based financial advice site that directs prospects to financial advisers, has closed a $110 million Series D round, valuing the company at over $1 billion.
The financing was led by existing investor TTV Capital with participation from Javelin Venture Partners, Contour Venture Partners, Citi Ventures, New York Life Ventures, North Bridge Venture Partners, and CMFG Ventures.
Since its Series C round in June 2018, SmartAsset has grown revenue by 10 times and is on the cusp of $100 million in annual recurring revenue, the company said in a release.
SmartAsset says it reaches more than 100 million people monthly through its personal finance content, tools and calculators, while its referral platform, SmartAdvisor, generates $1.5 billion in new, closed assets under management per month.
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.
It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.
Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.
Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
