Farther, the technology-centric wealth management firm, announced assets under management (AUM) of $1.6 billion – further cementing the company’s steady growth in the industry.
The announced AUM represents “nearly 2.4x the firm’s previously reported AUM, announced just six months ago in April 2023.”
Farther officially surpassed “the $1 billion threshold in September 2023 – making Farther one of the fastest-ever venture-backed wealthtech start-up companies to reach $1 billion in AUM.”
Farther has recently closed “a successful, oversubscribed Series B funding round led by Lightspeed Venture Partners, securing $31 million in just four days amidst an overall drought in venture funding – boosting the company’s valuation to $131 million.”
Farther Co-Founder and CEO Taylor Matthews said:
“Since founding Farther, we’ve focused our efforts on building proprietary technology that removes administrative burdens and frees advisors to spend their time where it counts most: directly with their clients. We are proud to see rapid growth and momentum, despite challenging market and funding conditions, putting Farther on an unprecedented path in the wealth management industry.”
Farther’s focus on improving the advisor experience “stands out in the industry. According to McKinsey, wealth advisors typically spend up to 70% of their time on non-advisory activities. Farther’s technology empowers advisors to spend 90% of their time meeting with clients and prospecting – which, at scale, translates to a book of business three times the industry average. With nearly one in three advisors in the wealth management sector reporting not having enough time to work with clients directly, according to J.D. Power, Farther’s robust technology and advisor model stands to reshape the future of wealth management by refocusing and reprioritizing how advisors spend their time, maximizing opportunities for financial returns.”
Farther’s platform blends the expertise of wealth advisors “with trailblazing technology: a combination that allows the firm to deliver unmatched client and advisor experiences. Along with Farther’s latest AUM and Series B announcements, the firm has grown its headcount significantly over the past year – expanding the Farther team to 120 employees, more than double a year ago.”
As Farther continues on its rapid growth trajectory, the company is “focused on deepening the platform’s offerings with the latest artificial intelligence technology, as it continues to modernize the wealth management industry.”