FinTech News
Savvy Advisors Platform Surpasses $1 Billion AUM Milestone
Savvy Wealth’s Savvy Advisors platform has announced a major milestone.
About Savvy’s landmark:
This week, Savvy announced that its Savvy Advisors service had surpassed $1 billion in client assets under management (AUM). That total has tripled since the start of 2024. Additionally, in December, Savvy added four financial advisors and now employs 40 advisors. The new additions include the advising team of Cindy Alvarez and Janelle Van Meel, Erin Niehaus, and Samuel Saleh. Each of these advisors also has access to Savvy’s AI-powered technology platform.
The AUM milestone comes mere months after Savvy Wealth’s Series A. That round saw the company raise $26.5 million from Canvas Ventures, Thrive Capital, Brewer Lane Ventures, Index Ventures, The House Fund, and Alumni Ventures among others. To date, the company has raised $33.8 million including a 2022 seed round.
About Savvy Advisors:
Savvy Advisors is a platform where financial advisors can reach new customers and utilize technology-driven solutions to help their clients. Currently, Savvy features advisors with focus areas ranging from private equity and corporate banking to estate planning and tax optimization. According to Savvy, their “proprietary technology empowers wealth managers to scale revenue faster and spend more time focused on growth.” Advisors with Savvy can utilize a multi-custodial platform with major brokerages Charles Schwab and Fidelity.
What they’re saying:
Commenting on the news, Savvy Wealth’s founder and CEO Ritik Malhotra said, “Savvy Advisors’ rapid growth is a testament to our belief in the value of human financial advice. As we onboard more advisors to the Savvy Wealth platform, we continue to learn more ways we can modernize wealth management.”
Malhotra added, “By providing innovative technology and solutions coveted by advisors, we help them deliver unforgettable client experiences… Powered by Savvy Wealth’s next-generation, proprietary technology, we are continuing to recruit leading advisors across the country.”
My thoughts:
On the heels of their impressive Series A last summer, it sounds as though Savvy is continuing to grow at a rapid pace. And while I may not know much about the financial advising business, the platform does seem like an attractive option for advisors. With that context, while $1 billion in assets under management is quite a milestone, I’m a bit surprised that there are only 40 advisors on the team so far. Of course, with that number tripling in just a year, I expect we’ll be seeing much larger numbers coming from Savvy soon.
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