SAN FRANCISCO, Jan. 12, 2017 /PRNewswire/ -- Personal Capital, the leading digital wealth management firm, today announced that Paul Desmarais III, Vice President of Power Financial Corporation, has joined Personal Capital's Board of Directors. Desmarais helped lead Power Financial's $75 million investment in Personal Capital's Series E financing in 2016.
"I'm thrilled to welcome Paul to our Board of Directors," said CEO Bill Harris. "He brings a deep understanding of our market from his long history working with fintech companies, and he will be a terrific board member as we accelerate our hyper-growth."
Desmarais leads Power Financial's digital transformation through internal strategies and external investments. Desmarais works with a number of early stage fintech companies and serves as Chairman of Wealthsimple, a fast growing Canadian investment firm. Desmarais joins his colleague Jeff Carney as the second member of the Power Financial family to join Personal Capital's board.
"Personal Capital has built the best personal financial management, financial planning and personalized investment management platform out there," said Desmarais. "We're investing in the digital future of the investment world. Ten years from now, much of the industry will be striving to do what Personal Capital does today."
Personal Capital added $1.6 billion in assets in 2016 alone, and the firm now manages $3.5 billion of its customers' long-term investment money. "We grew at an 85% clip in 2016," said Harris, "and we look forward to more explosive growth in 2017."
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 licensed financial advisors. The result is a complete transformation in the way you understand, manage and grow your net worth. There are over 1.3 million registered users of Personal Capital's free tools.
Disclaimer: Personal Capital Advisors is an SEC registered investment advisor. Any reference to the advisory services refers to Personal Capital Advisors. SEC registration does not imply a certain level of skill or training.