Longmeadow, MA, Dec. 03, 2020 (GLOBE NEWSWIRE) — FA Match, the wealth management industry’s only data-driven solution for advisor recruiting, today announced a $1M pre-seed funding round. The round includes investments from Ron Carson of Carson Group, Jason Wenk, founder of FormulaFolios and Altruist, Brian McLaughlin of Redtail Technology, and Steve Lockshin of AdvicePeriod and Vanilla.
FA Match also announced the addition of industry-veteran Jim Roth to the Advisory Board. Roth brings over 30 years of experience in business development for institutions, broker-dealers, and advisors. Prior to serving as Managing Director for business consulting firm Oyster Consulting, Roth spent 30 years as Managing Director at BNY Mellon | Pershing, responsible for supporting Pershing’s largest growth-oriented clients. Roth will bring valuable institutional connections and growth-minded acumen to the FA Match team.
“I’m incredibly proud to welcome Jim to the FA Match team. His experience and business connections are unparalleled, and he’ll undoubtedly guide us into new and exciting territory in 2021,” said Ryan Shanks, co-founder and CEO. “We’re also thankful to our impressive bench of investment partners. I hold each and every one of these individuals at the highest level of respect, and for them to have a stake in FA Match’s future is truly humbling. Together, we’re going to take this to the next level.”
FA Match is leading a new revolution of transparent, data-driven recruitment offerings for financial advisors and firms. The platform’s proprietary Advisor MatchTM technology enables advisors and firms to connect with one another based on a series of match criteria – including AUM, transition needs/support, location, advisor experience, firm type, and more – and ranks those matches on a 1-3-star scale. Both parties are only alerted of the most viable matches, making the entire process more streamlined, action-oriented, and cost-effective.
FA Match will allocate this latest round of funding to robust marketing efforts, enabling the firm to more broadly and effectively connect with people across the entire wealth management ecosystem – including wirehouses, banks, RIA’s, RIA-hybrids, and OSJ’s. In 2021, FA Match also plans to launch more advanced industry analytic features to help advisors and firms gain access to real-time trends in compensation, M&A movement, and more.
“I’m standing behind FA Match because I firmly believe Ryan and his team have the advisor’s best interests at heart. That motivation, paired with high-quality tech and recruiting experience, is a formula for success,” said Carson, who founded Carson Group in 1983 and has grown it into one of the largest wealth management firms in the country with $14.5B in AUM and 120 office locations across 34 states.
Another significant feature of FA Match is its fully transparent pricing model. All firms pay a monthly membership fee of $200, and a flat $10,000 Success Fee once an advisor is placed. This ensures that firms can dive fully into the recruitment process without surprise fees on the back end. FA Match is free for advisors.
“We have the potential to break down the archaic barriers that have been a staple in wealth management recruiting for decades and become the new standard for recruiting software among advisors and institutions,” said Roth. “I’m thrilled to be a part of the FA Match team and have high expectations for where we can go in the months and years ahead.”
As of December 2020, FA Match has facilitated 1,055 connection requests between advisors and firms. The average AUM of advisors active on the FA Match platform is $72.5M, while the average AUM of firms is $7.6B.
About FA Match
FA Match is the industry’s only data-driven solution for advisor recruiting. A digital-hybrid recruiting platform, FA Match connects experienced advisors with financial services firms who are equipped to help them thrive. The platform’s Advisor MatchTM technology helps clients focus on the criteria that actually matter to long-term success, and the team’s 20+ years of recruitment expertise enables FA Match to oversee matches on the basis of mutual compatibility.
FA Match is in it for the advisor, period. That means there are no outside conflicts of interest, it is completely discreet, and advisors and firms are never surprised with hidden fees.
FA Match, LLC is headquartered in Longmeadow, MA. For more information, visit www.famatch.com.