NextCapital co-founder Rob Foregger recently stepped back from the company.
Foregger, who led the establishment of the fintech firm in 2013, left his day-to-day responsibilities at the company in May but is still a shareholder, he confirmed via LinkedIn.
“I am still a senior adviser, cheerleader and significant shareholder,” he said. “I am taking a little sabbatical, having co-founded three companies over the past two decades. In addition to spending more time with my family, I intend to do some advisory/board level work, as well as help some younger fintech companies.”
A NextCapital company spokesperson also confirmed the move.
The company, which has raised more than $82 million in funding since 2014, according to Crunchbase, has numerous deals for managed account services with financial firms, including Resources Investment Advisors, Ascensus, Fisher Investments, Franklin Templeton, John Hancock, MassMutual, Newport Retirement Services, Russell Investments, State Street Global Advisors and Transamerica.
In addition to his work at NextCapital, Foregger is also a co-founder of Personal Capital, which last year was acquired by Empower Retirement.
Most firms think they are ready for the ultra high net worth market. Most are not.
Stifel has paid or is on the hook for close to a staggering $200 million in damages and settlements to former clients of Chuck Roberts.
UBS also expanded in the Southeast with six advisors overseeing more than $2 billion, while Osaic lured a $300 million family-led practice from Wells Fargo's FiNet.
The new AI workspace rollout promises to automate the full advisor workflow just as third-party tools wage a turf war for central control of wealth firms' tech stacks.
Mega-RIA picks up $250M advisor, while three firms head for &Partners.
Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.
As $84 trillion prepares to change hands, advisors who treat estate planning as peripheral are quietly building a sieve, not a book.
