Savvy Wealth is on a mission to leverage AI in its financial advisory business and has attracted an industry veteran’s backing in its latest round of investment.
Former LPL Financial CEO and chairman Mark Casady is one of the investors in Savvy’s Series B fundraising round that totaled $72 million and was led by VC firm Industry Ventures. It augments the $26.5 million that Savvy raised in its Series A round last year and brings the total raised since it was founded in 2021 to more than $100 million.
For Casady, who founded Vestigo Ventures in 2017, the year he stepped down from LPL after 15 years, investing in Savvy Wealth – and joining its board of directors – it aligns with something he has learned during his many decades in the industry.
“I’ve come to realize the power of building a firm around the needs of advisors—and how transformational that model can be at scale,” he says. “I’m looking forward to working alongside the leadership team at Savvy, applying my learnings to further advance the firm’s tech-forward, human-led approach. Savvy is driven by a deep commitment to helping advisors deliver better, personalized, more impactful advice, which is why I believe the firm is already a defining leader in the future of wealth management.”
While humans are at the heart of Savvy Wealth and its RIA operation Savvy Advisors, technology is also a major part of the firm’s vision. Earlier this year it hired Eric Hurkman as its first chief technology officer, bringing valuable experience in engineering and software development in the fintech industry. It also bolstered its governance with the addition of Lisandra Wilmott as its first head of legal and compliance and appointed David Weiner as chief growth officer.
The new injection of investment will be used to enhance the technology used to provide advisors with personalized knowledge bases of each client.
“AI is disrupting financial advice, but not in the way that many have predicted. Rather than replacing advisors, it’s amplifying their ability to deliver highly personalized and deeply human client experiences,” explains Ritik Malhotra, Founder and CEO of Savvy Wealth. “At Savvy, we’re embedding AI inside the core of our CRM and advisor-facing tech stack to ‘10x’ their capabilities – unlocking predictive, real-time insights that strengthen human relationships. As modern advisors continue to choose independence, Savvy’s boutique culture, cutting-edge technology and full-service platform offers them a welcome home where their voice matters.”
Savvy Advisors recently surpassed $2 billion AUM and is leveraging its custodian relationship with Fidelity to tempt Commonwealth advisors to jump ship.
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