Silicon Valley-based WealthTech business Prumentum Group has raised $25m in a Series A round. The funding comes from family offices, including the Fremont Group and the Cynosure Group.
Prumentum operates digital registered investment advisor (RIA) BrightPlan, which aims to provide goal-based wealth management planning and services.
The company claims the investable assets of millennials will surge to $7 trillion over the next five years and it plans to offer personalised experiences to individuals regardless of net wealth when it launches later this year.
Alongside the funding, the company is also announcing the acquisition of a ‘significant equity stake’ in Plancorp, a fee-only financial planning firm catering to high net worth individuals with more than $3.6bn is assets under management.
Prumentum CEO Marthin De Beer commented: “By combining the proven expertise of Plancorp advisors with advanced technologies and a digital-first approach, we are uniquely positioned to deliver an exceptional service with BrightPlan that inspires people to set life and financial goals, and easily implement and track their plan for success.”
The deal will see Plancorp begin to offer BrightPlan to its clients and Plancorp president Chris Kerckhoff said: “We had been actively pursuing a digital solution, but found that the available technologies fell short of providing a user friendly, holistic planning experience.
“Our partnership with Prumentum enables us to provide the hybrid solution we’ve been searching for. We’re excited to offer BrightPlan, the first Hybrid-Robo financial planning service, to our clients in the coming months.”
Copyright © 2017 FinTech Global
Copyright © 2018 RegTech Analyst
