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Exclusive: Wealth tech startup OneAdvisory raises $4.3M

Jul 10, 2023
Illustration of a hand holding a cell phone displaying an investment screen with money shapes and textures surrounding them

Illustration: Lindsey Bailey/Axios

OneAdvisory, a wealth tech startup, has raised $4.3 million in seed funding to build software for financial advisers, the company tells Axios exclusively.

Why it matters: The product lets FAs eliminate expensive manual data entry while surfacing insights that could improve client service.

Details: Investors in the seed round include Fika, Twelve Below, Expa, CoFound, Valor Equity, Atomic’s Jack Abraham, and Iconiq’s Chris Hubbell.

How it works: OneAdvisory helps financial advisers collect and sync data between the many different software tools they use to manage their clients’ accounts.

  • It uses machine learning to scan and grab client data from documents like tax returns, pay stubs, brokerage, life insurance, and mortgage statements.
  • OneAdvisory then syncs that data across a variety of software tools used by RIAs, including performance reporting, billing, investment management, and CRM products.

What they're saying: "The reality is when you're giving financial advice, it involves all the areas of someone's life," OneAdvisory founder RobNance says.

  • "What you end up doing is collecting a ton of documentation from your clients... and then you take that information and enter it into the various tools that advisors use," Nance says.

Between the lines: There are 300-400 different individual software solutions for advisers, Nance says, "They all run their practice a little bit differently and have different needs."

  • His startup isn't looking to replace any of the systems RIAs and financial planners already use, but rather to eliminate the tedious, manual work required to manage client data across those products.
  • By doing so, it can accelerate client onboarding and enable financial advisers to open new accounts in minutes instead of days or weeks, he says.

Of note: Nance spent a decade as a financial adviser before founding CityBlock Capital, a company he sold to Montgomery Securities.

  • He and his cofounder Madalyn Armijo met as early employees of wealth tech startup Vise, which they left to build OneAdvisory.
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