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BFD Expert Voices - Private Credit

BFD Expert Voices

Range, a startup providing tech-enabled wealth management services, raised $28 million in Series B funding, CEO Fahad Hassan tells Axios exclusively.

Why it matters: The company uses AI and automation to make its advisers significantly more efficient than traditional RIAs.

Zoom in: Cathay Innovation led the Series B round, which included participation from Gradient Ventures and other investors.

Since being founded in 2021, the McLean, Va.-based company has raised $40 million.

How it works: Range provides a full suite of wealth management tools, including investment, retirement tax and estate planning.

It also offers tools for analyzing equity compensation, real estate holdings and optimizing cash flow.

"In wealth management, all these different modules are interconnected... So the way the software is built and the way we give advice is we recognize all these things are interconnected," Hassan says. 

The company doesn't charge a fee based on assets under management but instead offers three tiers of flat-fee pricing depending on the complexity of a client's needs. 

By the numbers: Range has signed up more than 1,000 high-net-worth users and advises on nearly $3 billion in total assets in less than two years since launch.

Between the lines: Range employs all its advisers as W-2 employees, unlike some wealth-management software companies.

"Because we employ our financial advisers, they spend about 50% of their time as product managers," Hassan says. "They are working closely with our engineers to build the next generation of wealth management tools."

Behind the scenes: With its flat-fee offering, the company offers personalized guidance and comprehensive financial tools with no minimum requirements.

By examining the ADV filings of some competitors, Hassan says the company found that the adviser-to-client ratio typically caps out between 40 and 60 high-net-worth clients for traditional advisers.

By comparison, he says the typical adviser at Range can serve over 125 clients.

"We track this metric maniacally. We would love to double or triple it in the next 12 months with the technology we're creating," Hassan says.

What's next: As Range's technology improves and its advisers can handle even more clients, Hassan sees an opportunity to move downmarket and make its tools more broadly available.

"The goal is to be a mass-market product. We want to disrupt the wealth management industry and make wealth management, not just budgeting, ubiquitous to all Americans," he says.

Exclusive: Range raises $28M for flat-fee wealth management

The company uses AI and automation to increase adviser efficiency.

Illustration of a piggy bank with gradually smaller piggy banks falling into it

Range, a startup providing tech-enabled wealth management services, raised $28 million in Series B funding, CEO Fahad Hassan tells Axios exclusively.Why it matters: The company uses AI and automation to make its advisers significantly more efficient than traditional RIAs.

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Exclusive: Range raises $28M for flat-fee wealth management

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