Silicon Valley Team Brings Digital Wealth Management to Everyone: Prumentum Group Raises $25M Series A, Acquires Stake In Financial-Planning Company Plancorp with $3.6B AUM
Former Cisco SVP applies innovation experience to WealthTech
May 25, 2017, 08:00 ET
SAN JOSE, Calif. and ST. LOUIS, May 25, 2017 /PRNewswire/ -- Prumentum Group, Inc. a WealthTech company founded by former Cisco executive Marthin De Beer and serial entrepreneur Robert Wallace, today announced that it has closed $25 million in Series A funding from family offices representing America's most successful entrepreneurial families. Prumentum Group combines transformational technology with proven wealth management solutions, enabling more people to realize their dreams and aspirations.
Today Prumentum Group also announced the acquisition of a significant equity stake in Plancorp LLC, a Registered Investment Advisory (RIA) firm with over $3.6 billion in assets under management (AUM). Plancorp is a fee-only financial planning firm providing financial planning and asset management services to high net worth individuals, families and institutions, as well as corporate retirement plan design and exit planning services for business owners looking to transition a business. Plancorp's dedication to independent advice and deep expertise in helping clients reach their goals led the firm to become one of the first to be certified by the Center for Fiduciary Excellence.
Prumentum Group assembled a team of technologists led by senior tech executives from Salesforce, Cisco, and other prominent Silicon Valley companies to build BrightPlan, a digital Registered Investment Advisor. The strategic investment in Plancorp creates a Hybrid-Robo solution, pairing Artificial Intelligence and other cutting-edge technology from BrightPlan with human advisors to provide personalized financial planning and wealth management services direct to consumers at scale.
BrightPlan will launch to the public this year to support the largest wealth transfer in history. Millennials (ages 18-35) have $1.1 trillion of investable assets, Generation X (ages 36-47) have $3.7 trillion and baby boomers (ages 48-67) have $16.9 trillion according to an E&Y study based on Federal Reserve data. Millennials' investable assets are expected to surge to $7 trillion during the next five years and vastly more thereafter as millennials enter their prime earning years. BrightPlan will provide their clients with the personalized experiences and advanced technology they've come to expect, bringing accessible fiduciary financial advice to anyone, anywhere, on any device.
"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." said Marthin De Beer, CEO of Prumentum.
Plancorp was the ideal choice for Prumentum when evaluating a strategic partner. Plancorp has decades of experience guiding a diverse range of clients to reach a variety of financial goals, has consistently been at the forefront of innovation, and was an early adopter of evidence-based investing, supported by Nobel Prize-winning academic research.
"We had been actively pursuing a digital solution, but found that the available technologies fell short of providing a user friendly, holistic planning experience," said Chris Kerckhoff, President of Plancorp. "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."
For early access to BrightPlan, visit http://brightplan.com.
For more information on Prumentum, please visit http://prumentum.com. To learn more about Plancorp, visit http://plancorp.com.
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About Prumentum Group
The Prumentum Group, Inc. is a WealthTech company founded by Marthin De Beer and Robert Wallace to make financial planning accessible to everyone, regardless of net worth. Prumentum Group combines transformational digital capabilities and proven wealth management solutions with access to financial advisors, enabling more people to realize their dreams and aspirations.
About Plancorp
Plancorp LLC, a partly owned subsidiary of Prumentum Group, was founded in 1983 as a fee-only financial planning firm in St. Louis, MO. Plancorp is an SEC-registered investment advisor with more than $3.6 billion in AUM. Plancorp provides financial planning and asset management services to individuals, families, corporations and institutions.
Plancorp was one of the nation's first registered investment advisors to become certified by the Center for Fiduciary Excellence (https://www.cefex.org) in 2007. Through independent audits, the firm has earned this certification every year since.
About BrightPlan
BrightPlan LLC, a wholly-owned subsidiary of Prumentum Group, is a digital Registered Investment Advisor (RIA) led by a team of experienced Silicon Valley executives and technology innovators with extensive software and industry expertise. BrightPlan provides comprehensive, goal-based wealth management recommendations supported by Nobel Prize-winning research, enabling financial planning for life, not just retirement.
SOURCE Prumentum Group, Inc.