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Goldman Sachs has agreed to acquire Industry Ventures, a venture capital platform that invests across the full lifecycle of private equity, including secondary investments, early-stage co-investments, seeding emerging funds, and hybrid structures.  Industry Ventures currently oversees about $7 billion in client assets and has made over a thousand investments since its founding in 2000. Under the deal, Industry Ventures will become part of Goldman’s External Investing Group (XIG), which already handles traditional and alternative strategies for institutional and wealth clients. The firm’s 45 employees are expected to join Goldman Sachs, with leadership roles inside Goldman’s asset management business.  This acquisition strengthens Goldman Sachs’ private markets footprint by adding deeper venture and secondary capabilities, expanding the alternatives business that already oversees around $540 billion. It also represents another way Goldman is advancing the Alts2Wealth trend, bringing institutional-quality venture and secondary opportunities to advisors and clients seeking broader access to private markets within an integrated wealth management ecosystem.  Link to Article

Simplicity Group has acquired RetireOne, a leading independent platform for fee-based insurance and annuity solutions, in a move designed to strengthen its position in the growing market for retirement income planning. The deal adds RetireOne’s advisory-focused capabilities to Simplicity’s existing distribution network and product suite, while bringing on industry veterans David Stone, Jeff Cusack, and Ed Mercier as new partners. The acquisition reflects Simplicity’s continuing strategy of combining technology, education, and product access to help advisors meet client demand for protected income options. RetireOne operates one of the largest marketplaces for commission-free annuities and insurance designed specifically for registered investment advisors and their clients. By joining Simplicity, the firm gains additional scale and resources to expand the reach of its solutions across a broader advisor audience. The integration supports the industry’s ongoing shift toward fee-based business models and greater fiduciary alignment, positioning Simplicity to deliver both insurance innovation and operational efficiency for independent advisors. The transaction directly aligns with the Prepping for Peak 65  theme, as the number of Americans turning 65 reaches historic levels beginning in 2026. With more clients seeking reliable income streams and advisors looking for fiduciary-friendly annuity options, the combined capabilities of Simplicity and RetireOne are designed to address one of the most significant demographic and financial planning shifts of the decade.

Dezerv, a Mumbai-based digital wealth management platform, has raised ₹350 crore ($40mm) in a Series C funding round co-led by Premji Invest and Accel’s Global Growth Fund, with continued participation from Elevation Capital and Z47. The capital will be used to expand Dezerv’s investment offerings, deepen its technology platform, and onboard more relationship managers. Founded in 2021 by Sahil Contractor, Sandeep Jethwani, and Vaibhav Porwal, Dezerv provides curated investment portfolios and advisory services tailored to affluent professionals. The platform manages over ₹14,000 crore ($1.6b) across PMS, AIF, and distribution assets, and serves clients in more than 200 cities. Its app enables users to track mutual funds, stocks, bank accounts, and other financial instruments, with plans to add bonds, REITs, InvITs, loans, and credit cards. For advisors and integrators, Dezerv’s growth highlights the rising demand for D2C and advisor-led WealthTech platforms that combine institutional-grade investment solutions with personalized digital experiences. KNote:------ Here we go again...another D2C/Hybrid advice platform in India raising money like it grows on trees. They have all been rocketing operationally as well, with many doubling and tripling revenue every year for the last three years. Link to Article

Groww, a Bengaluru-based personal trading and investment platform (similar to Robinhood), has announced that it is moving forward with its IPO at the top end of its range of $700 million to $1 billion, targeting a valuation of up to $8 billion. The offering, field in May, is scheduled for next month. Regulatory approval from SEBI is pending. Founded in 2016 by former Flipkart employees Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal, Groww provides retail investors in India with access to mutual funds, equities, and other investment products. The platform currently serves over 70 million registered users and manages $20 billion in assets. It has gained traction through AI-driven advisory tools and zero-brokerage equity trading, particularly among younger investors in Tier-II and Tier-III cities. The IPO signals a maturation of India’s WealthTech sector and could influence investor sentiment and platform strategy across the region. Advisors and integrators may see increased demand for digital-first solutions and expanded competition in lending and insurance verticals. Knote----- If anyone is wondering why the D2C WealthTech market in India is on fire, it's just simple math. The Mass Affluent class is growing so rapidly that there is absolutely no way the number of human advisors can keep up. It has to be technology to the rescue. I wish I were younger, skinnier, and could abide spicy food. I would be there right now. Link to Article

We are delighted to welcome Max Livingston as our newest intern supporting the deal execution team at WealthTech Strategy Partners! Max is currently a student-athlete at Dartmouth College, where he has achieved success as a 2x Ivy League Football Champion. He is pursuing a degree in Economics and is set to graduate in Fall 2027.  Outside of his academic and athletic pursuits, Max enjoys working out, cooking, and spending quality time with his grandparents. His hard work, discipline, and commitment to a positive attitude have us all excited for the semester ahead. Join us in giving a warm welcome to Max—we’re excited to see all he will accomplish!

This past year has been an amazing ride for the WealthTech community with startups and incumbents working together to pioneer innovation. A few major trends observed in 2024, such as the rise of AI, the increasing demand for personalized services, and the shift towards digital-first platforms, have laid the groundwork for a future where technology empowers both advisors and clients, creating a more efficient and accessible wealth management experience.  One of the most notable trends we expect to see in 2025 is the continued rise of AI. Embedded AI will become increasingly prevalent in finance platforms, enhancing existing apps, and driving cost efficiencies. This will lead to the development of more sophisticated and user-friendly tools that automate tasks, provide insights, and enhance decision-making for both advisors and clients. Furthermore, AI-driven automation will streamline various processes, including client onboarding, risk profiling, portfolio rebalancing, and compliance monitoring. This will free up advisors to focus on building relationships, providing strategic guidance, and delivering a more personalized client experience.      In addition to AI, data cleanliness and enrichment will be critical for success in 2025. Wealth management firms will prioritize data quality to ensure accurate reporting, analysis, and informed decision-making. Clean and enriched data will also enable personalized recommendations, tailored communication, and proactive client support. By leveraging data-driven insights, firms can identify new business opportunities, optimize their operations, and improve efficiency.     Overall, WealthTech in 2025 promises to be a year of significant innovation and transformation. The convergence of AI, data analytics, and digital platforms will create a more personalized, accessible, and efficient wealth management experience for both advisors and clients. WealthTech companies that embrace these trends and adapt to evolving client expectations will be well-positioned to thrive in this dynamic market and shape the future of the wealth management industry.  Here’s a look at what some of the big voices are predicting:  The Fintech Times   Forbes And below are just a few of the conferences in Q1 that will be tracking WealthTech in all its innovation. See you out there!   US WealthTech Vendor Forum  Jan 21-23  Orion Ascent 2025   Feb 3-6  The Advyzon Conference  Feb 12-14  T3 technology Conference   March 3-6  Blue Vault Alts Summit   March 10-12  Futureproof  March 16-19

Orion, a universal tool for financial advisors and enterprise firms, has announced its acquisition of Summit Wealth Systems, a powerful client portal and data hub designed to unify key client information from multiple sources into a single, user-friendly interface.   Along with the platform, Reed Colley will serve as President of Orion Advisor Technology. With Colley’s deep understanding of what financial advisors need to build an efficient and seamlessly connected platform, Orion is well-positioned to provide advisors with solutions that address every aspect of their needs.  As one of the leading providers of technology to large RIAs, Orion already offers robust solutions in portfolio management, client reporting, and financial planning. However, the acquisition of Summit Wealth Systems further enhances Orion’s offerings. By integrating Summit's modern technology stack and innovative capabilities, Orion ensures it remains at the cutting edge of wealth management technology, equipping advisors with tools to better serve their clients and stay ahead in an increasingly competitive market. Additionally, bringing on a team led by Reed Colley will drive further development and integration of leading technologies.  With the deal expected to close in early 2025, could advisors finally be relieved of the pain of consolidating data and working with tech stacks that don’t communicate?   As the integration unfolds, it will be worth watching how Orion leverages this opportunity to redefine the standard for advisor technology solutions. With an interactive UI and collaborative features for both advisors and clients, the solution promises to deliver an enhanced experience for all users as it is adopted by Orion.  Congratulations to Reed Colley, the Summit Team, and everyone at Orion who will benefit from this exciting development!

JP Morgan pushes into self-directed trading with possible implications for WealthTech and wealth management. Wants to be a "top five" player in the space. In case you missed it, during the holidays Barron’s published a piece on JP Morgan’s enhanced efforts in the self-directed trading space. They quoted Paul Vienick, head of JP Morgan Online Investing, as saying they want to be a “top five” player in the space. That is an ambitious goal given the established competition, although they are leaving themselves some room to trail the mega-players. They have been quietly adding to their offering with the introduction of fractional shares, fixed income trading, enhanced investment screening, and trust accounts in 2024, a trend I expect to continue in 2025 as they join in the feature race. And to their credit, they have reportedly grown 80% over the last two years to $100 billion, which seems like a good start. While this puts them well behind the likes of Schwab and Fidelity, perhaps it puts something like Robinhood or eToro in their sights. According to Vienick, the rally point in the distance is around $1 trillion. To the extent that Jamie Dimon is walking around with “Self-Directed Trading” written down on his index card, the question might be “why?” As with most things in wealth management, the odds-on bet is it’s to grow advisory assets under management. As we read the article, the rationale goes something like this: 1. According to Gallup, stock ownership is on the rise with 62% of Americans owning stock vs 55% in 2020, the highest level since 2008. 2. According to Broadridge, one-third of self-directed investors have a current advisory relationship. This may indicate a broader latent desire amongst the remaining two-thirds to also have access to advice. 3. JP Morgan/Chase has thousands of bank-based advisors able to service any advice needs that self-directed investors might want in a personal banking/self-directed trading/professional advice one-stop shop. From the standpoint of our WealthTech world, it could mean some potential tuck-in acquisition activity for JP Morgan and others in the space as people look to build out their platforms. Given how finicky we believe self-directed investors can be, feature set and user experience are likely to be important decision factors. It could also mean larger acquisitions and consolidation. Note that Morgan Stanley bought E*Trade to enter the self-directed market back in 2020 for $13b. As organic growth continues to be a strong area of focus for wealth management going into 2025, I believe this is a theme worth watching. Link to article here (paywall): https://www.barrons.com/advisor/articles/jpmorgan-self-directed-investors-brokerage-7f74f6c7?mod=article_inline

The "UP-universe" is expanding : Uptiq.AI  has acquired UpSwot , a provider of financial data integration technology, to strengthen its AI-driven solutions for financial institutions, including banks, credit unions, and fintechs. UpSwot’s Financial Data Gateway will integrate with Uptiq.AI ’s AI Workbench , enabling seamless access to data from platforms such as accounting, banking, payroll, ERP, and CRM systems. This integration allows Uptiq.AI to enhance use cases like customer engagement, loan origination, compliance, and portfolio management. Snehal Fulzele , CEO of Uptiq.AI , said, “With UpSwot’s Financial Data Gateway, we can unlock the full potential of our AI Workbench, rapidly advancing the solutions we deliver to financial organizations.” Dmitry Norenko , CEO of UpSwot, added, “Joining Uptiq.AI enables us to amplify the impact of our data integration technology and extend its reach.” The combined platform emphasizes secure, compliance-first AI applications for financial services.

Fispoke, a WealthTech innovator, announced a capital raise exceeding $2 million, including a $1.5 million investment from The Founder's Chair, a collaborative platform connecting founders with strategic partners and investors. The funding will support Fispoke’s efforts to expand its banking and lending integration capabilities, develop strategic partnerships, and drive revenue growth. Its platform enables financial advisors to seamlessly integrate private banking and lending solutions into their workflows, helping them deliver more comprehensive and personalized services to clients. This development follows Fispoke’s earlier partnership with First Rate Inc. and highlights the growing demand for technology that enhances efficiency and client value in wealth management. Robert Clare, CEO of Fispoke, said, “This investment strengthens our foundation and fuels our focus on innovation and growth, helping us better serve financial advisors and their clients.” What do you think are the biggest challenges financial advisors face when integrating private banking and lending solutions into their workflows, and how can technology address these?

With technology advancing at an unprecedented pace, firms are moving away from traditional research and development approaches, opting instead to channel efforts through a corporate ventures team focused on acquiring nimble startups that have already begun solving the challenges at hand. These strategic acquisitions not only address immediate needs, but also generate visible and rapid returns, often through synergies between the startup's innovation and the incumbent's scale.  For Amundi, an asset manager that expanded into wealth management technology in 2021, the acquisition of Aixigo represents a pivotal move for growth. Aixigo's WealthTech platform offers robust tools for onboarding clients, managing allocations, placing orders, and generating reports—capabilities that seamlessly complement Amundi's existing services.  This strategy aligns with broader industry trends, as advisors face increasing pressure to offer more comprehensive solutions at lower costs. By integrating advanced technology, wealth managers can deliver scalable, efficient offerings that address a wider range of client needs while staying competitive in a rapidly evolving market.  Congratulations to Amundi and Aixigo on this promising partnership—an exciting step toward driving innovation and delivering enhanced value to clients!

Robinhood has announced its $300 million acquisition of TradePMR, a custodial and portfolio management platform for Registered Investment Advisors. The deal, which includes a mix of cash and stock, is expected to close in the first half of 2025, pending regulatory approvals. TradePMR manages $40 billion in assets under administration, supporting over 350 advisory firms.   This acquisition enables Robinhood to expand into wealth management by connecting its retail investors with fiduciary advisors. With Millennials and Gen Z expected to inherit $84 trillion over the next two decades, Robinhood aims to meet the growing demand for professional financial advice. Currently, Robinhood serves over 24 million funded accounts, primarily from younger investors.   As part of the deal, TradePMR will operate as a subsidiary of Robinhood, maintaining its existing relationships, including a long-standing partnership with Wells Fargo Clearing Services. Robinhood and TradePMR also plan to develop a platform to connect investors and advisors, further integrating their services to meet the evolving needs of retail and advisory markets.   The $300 million acquisition reflects a broader trend of retail-focused platforms investing in wealth management capabilities, signaling Robinhood’s commitment to diversifying its offerings and entering a competitive market. As Millennial and Gen Z investors inherit unprecedented wealth, how will traditional advisory firms adapt to compete with tech-first platforms like Robinhood in providing personalized financial guidance?