Today we’re thrilled to announce that we now have $5 billion in assets under management (AUM) for our valued clients. We’ve never been in a better position to fulfill our mission to improve more financial lives through technology and people — whether it’s our great team, our growth capital or our clarity of vision. This $5 billion mark is a great symbol of our ongoing success.
Our unique combination of technology and people continues to be embraced at a breakneck pace. Investors are increasingly coming to us as they realize their financial life is too complex to manage on their own, or they are missing opportunities to improve their investment strategy because they lack a holistic approach when their finances are managed by someone else. Our tools offer consumers a view of their entire financial life, which helps them understand the importance of diversification and avoiding costly, often hidden, fees.
A Reflection on the Past Year
In the past year alone, we have gained $2 billion in AUM. Our growth in the last year only reaffirms that we are truly solving a major pain point for consumers by offering sustainable, objective financial advice and full financial transparency through our mobile app and online dashboard. Not only is our AUM on a rapid growth trajectory, but so is our average initial account size. The average initial investment amount for new clients has grown 37%, from $289,000 to $395,000. Our Private Client Service, which works with investors with $1 million or more in investable assets, now comprises about 39% percent of our AUM.
The Journey Ahead
Also, with the extension of our Series E funding, we plan to invest in expanding our advisory force in multiple markets including Dallas, Atlanta, New York, greater Los Angeles and Chicago, while also expanding our offices in San Francisco and Denver.
A Note to Our Customers
With this milestone, we want to thank each of our clients for the tremendous ongoing support. We can’t wait to see what happens next as we continue to help create better financial lives through technology and people.
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