The team at technology-centric wealth management firm Farther is celebrating strong growth despite challenging conditions.
Assets under management increased 2.4x between April and September 2023 to a total of $1.6 billion. It says that the rapid growth makes it one of the fastest venture-backed wealthtech firms to surpass $1 Billion in AUM.
The New York headquartered firm was founded in 2019 and recently secured a $131 million valuation with Lightspeed Venture Partners leading an oversubscribed Series B funding round which attracted $31 million in just four days.
“Since founding Farther, we’ve focused our efforts on building proprietary technology that removes administrative burdens and frees advisors to spend their time where it counts most: directly with their clients,” said Farther co-founder and CEO Taylor Matthews. “We are proud to see rapid growth and momentum, despite challenging market and funding conditions, putting Farther on an unprecedented path in the wealth management industry.”
The high-net-worth focused firm says its technology offering allows advisors to spend 90% of their time meeting with clients and on business development which results in a book of business three times the industry average. It believes this will reshape the future of wealth management by empowering advisors to focus more time on generating returns.
Along with AUM, Farther has also boosted its head count to 120 employees, double its year-ago figure.
"This shouldn’t be hard to ban, but neither party will do it. So offensive to the people they serve," RIA titan Peter Mallouk said in a post that referenced Nancy Pelosi's reported stock gains.
Elsewhere, Sanctuary Wealth recently attracted a $225 million team from Edward Jones in Colorado.
The giant hybrid RIA is elevating its appeal to advisors with a curated suite of alternative investment models, offering exposure to private equity, private credit, and real estate.
The $40 billion RIA firm's latest West Coast deal brings a veteran with over 25 years of experience to its legacy division for succession-focused advisors.
Invictus fund managers allegedly kept $10 million in plan assets after removal, setting off a legal fight that raises red flags for wealth firms.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
