SILICON VALLEY, Calif., April 24, 2017 /PRNewswire/ -- Personal Capital, the leading digital wealth management firm, announced its succession plan and promoted Jay Shah as the company's chief executive officer and nominated him as a member of the board of directors. Shah was most recently chief operating officer of Personal Capital, with two-thirds of the company's employees reporting to him. Bill Harris will continue full-time as chairman, advising Shah.
"I've worked with Jay since the early days of the company seven years ago, and I couldn't be more pleased to see him take on the role of CEO," said Harris. "In that time, he has occupied roles of successively increased responsibility and has always delivered. During a period of hyper-growth, Jay has infused the firm with operational rigor and lead some of our most important growth initiatives."
"I'm taking this post at an exciting time – the company's assets under management have doubled in the last year and just crossed $4.2 billion," said Shah. "Every day, our teams of engineers, advisors and staff members come to work to fulfill our vision – to revolutionize how financial advice is delivered. It's an honor to lead this team."
Personal Capital's state of the art personal finance software enables real time financial visibility and management for 1.3 million registered users. The company manages over $4.2 billion of investment capital on behalf of its clients, and average assets managed per client have recently grown from $300,000 to over $350,000. Additionally, 38% of the firm's assets are now in relationships of $1 million or more.
"Jay Shah has been an instrumental part of Personal Capital's management team since the first years of the company," said Steve Harrick of IVP, an early board member. "He is an exceptional leader with deep expertise in both financial services and information technology. I am excited that he will be guiding Personal Capital and working to revolutionize the wealth management industry for the better."
Shah has 20 years of experience in the technology industry, including four years as chief information officer at E-LOAN.
About Personal Capital
Personal Capital is the smart way to track and manage your financial life. Personal Capital combines award-winning online financial tools that provide unprecedented transparency into your finances with personal attention from registered financial advisors. The result is a complete transformation in the way you understand, manage and grow your net worth.