SAN FRANCISCO, May 6, 2015 /PRNewswire/ -- Trizic, the technology company powering digital wealth advisory solutions for financial institutions and Registered Investment Advisors (RIAs), today announced an additional $2 million in seed funding from Operative Capital, an early-growth stage investor in disruptive financial technology start-ups.
The investment by Operative Capital, led by former mFoundry CEO Drew Sievers and Kelly Rodriques, CEO of PENSCO Trust, adds to an earlier seed investment of $1 million. The new capital will be used for the full rollout of Trizic Accelerator, a digital wealth advisory platform for broker-dealers, asset managers, banks, credit unions, trust companies and independent wealth management firms.
Trizic Accelerator gives wealth management providers an opportunity to engage a new generation of investors who want to manage their investments online. Accelerator complements a firm's full-service wealth management business by enabling them to offer cost-effective, online investment advice to prospective or current clients. Accelerator delivers an elegant, customized experience for online investors and offers a powerful back-end console for advisors that automates online account opening, portfolio management, securities trading, rebalancing, compliance reporting and client billing.
"Operative Capital's investment in Trizic is another validation of our model by fintech leaders," said Brad Matthews, CEO and founder of Trizic. "Financial firms are looking for online wealth advisory solutions that give their clients more freedom and control to manage their wealth. Trizic delivers an enterprise-class, digital advisory platform to serve this rapidly growing segment of the market, while providing firms with a new way to grow and streamline their business."
According to Aite Group, digital wealth management assets are expected to grow to between $55 billion and $60 billion by the end of 2015, up from $16 billion at the end of 2014. Trizic currently has agreements with more than 30 wealth advisory firms to implement Trizic Accelerator.
Unlike direct-to-investor digital wealth services also trying to serve institutional clients, Trizic is focused exclusively on the needs of financial firms and RIAs. As a technology company, Trizic does not offer a direct-to-investor solution, and it is not a broker-dealer or an investment sub-advisor.
"Digital wealth advisory is following the same trajectory as online and mobile banking, and Trizic's disruptive model is well-positioned to bring change to an industry ripe for innovation," said Drew Sievers, founding partner of Operative Capital and former founder and CEO of mobile banking innovator, mFoundry. "Trizic ensures that wealth providers will always own the relationship with clients. Well-known, direct-to-investor sites offering their solution to financial firms, asset managers and RIAs have a direct conflict. Trizic isn't a competitive threat to the wealth management providers that are implementing Trizic Accelerator."
Trizic Accelerator helps wealth management providers achieve a variety of business objectives. New clients who are still building wealth can be cost-effectively on-boarded and served. Existing clients with smaller balances, including the children of higher net worth clients, can also be migrated to Accelerator. For tech-savvy clients, Accelerator can improve the client experience by providing online account access and management. As a productivity tool, Accelerator dramatically improves the efficiency of wealth advisors by automating up to 80% of back-office functions. As a result, Trizic helps financial firms maximize their reach and attract new clients, cost-effectively growing and scaling their business.
A cloud-based solution, Trizic Accelerator is investment product agnostic and accommodates ETFs, mutual funds and equities. Firms can easily create, update and assign model portfolios that reflect their unique investment strategy. The platform uses highly sophisticated, rules-based logic to execute trades that are compliant, tax-aware and meet fiduciary obligations. Accelerator is a white label solution that incorporates a financial firm's full brand identity into its digital advisory offering.
Trizic is a Silicon Valley-based technology company that provides wealth management firms with a next-generation digital-advisory platform to compete in an increasingly connected and competitive world. Trizic's powerful software seamlessly connects clients, wealth management firms and the middle office elevating client satisfaction, efficiency and profitability. Trizic accelerates wealth management firms' success through deep collaboration, maximum flexibility, and customizable technology platforms built for financial professionals' and clients' real-world investment needs. A technology company, not a registered investment advisor or broker-dealer, Trizic partners with, and does not compete with, wealth managers. For more information about Trizic, visit www.trizic.com.