The financial technology platform, which provides financial advisers with access to alternative investments, saw its valuation top $800 million with the funding round led by WestCap.
The seed round also featured other prominent participants like founder of Barstool Sports Dave Portnoy and New Enterprise Associates managing general partner Tony Florence.
Several major websites, including those of Fidelity, Schwab and Vanguard, were hit Thursday by a widespread internet outage, according to DownDetector.
Cash spreads are certainly nothing new, but with almost $64 billion in assets, Charles Schwab & Co. is likely the largest robo-adviser to hold significant chunks of client assets in cash.
The latest cash influx adds to more than $42 million in prior funding rounds and seed capital. Vestwell will also be a retirement plan record keeper available through Morgan Stanley’s workplace business.
The robo-adviser has experienced rapid growth over the last 12 months, reaching its first $500 million in assets under management in March with 26,640 users on the platform.
Rothschild made a quiet exit from the firm as Apex beefs up its leadership team with a new chief technology and chief marketing officer.
The company at the center of this year's meme stock frenzy will market 55 million shares for $38 to $42 each, according to a filing with the SEC.
This month's #AdviserTech roundup includes SmartAsset’s achieving unicorn status, Broadridge acquiring AdvisorStream, and Principal shutting down RobustWealth.
With a total of $300 million in funding in a matter of months, the robo-adviser has grown employee head count to over 250 and AUM to $4.5 billion.
Direct indexing has become a powerful tool for advisers, while combining growing investor interest around value-based investing and advancements in technology.
Merrill Lynch reported a 6% dip in adviser head count and said that 80,000 clients are now using its self-directed investing platform.
The Alternatives Exchange will provide curated UBS and iCapital alternative investment products to the 106,000 advisers on Envestnet’s platform.
The bank's new offering puts it into competition with robo-advisers, discount brokerages and some big-bank peers.
The IRS has clearly communicated that cryptocurrency assets are taxed when they are traded, but this is news to many of the investors who own cryptocurrencies.
BNY Mellon Wealth Management's new client prospecting tool is designed to expand initial conversations with investors beyond basic risk assessments. After an investor completes the questionnaire, the tool curates specific recommendations and content customized to the user's answers.
Morningstar jumps into the risk tolerance game at a time when debates around risk methodologies are heating up among competitors. About 31% of investors said they left their adviser because they didn’t understand their risk tolerance, according to Morningstar.
The investment bank was notified of the breach by a vendor that provides account maintenance for the stock plan business. The files did not contain passwords that could be used to access financial accounts, according to a company memo.
The potential action on one of the largest digital investment platforms sheds light on the increasing need for transparency among automated advice providers.
Despite payout rates and branding that suggest higher levels of support, the top brokerage firms are not meeting adviser expectations, according to a recent survey of over 3,000 advisers.
