Many independent financial advisors seek to digitize operations but lack the technological capability.
This is a problem targeted for solutions by Super Advisor, a Toronto-born startup. The Canadian fintech is building a wealth management platform that returns control to advisors and away from large institutions.
“Advisors serve an average of 190 households, and comprehensive financial planning and advice are complicated and time-consuming to provide,” the startup laments. “What’s worse, is it is actually getting harder for advisors to do their best work.”
The company recently raised a seed round to fuel its mission. The $2 million in capital was led by Rhino Ventures with participation from others. Rhino partner David Hogarth has joined Super Advisor’s board of directors.
“We raised a $2M seed round led by Rhino Ventures in Vancouver to expand the team and build out the best possible platform for advisors and their clients,” stated cofounders Miguel Fernando and Michael Valentine, who both worked at competitor Purpose Advisor Solutions.
Fernando and Valentine aim to focus on the Canadian market initially, emphasizing their product-first, technology-forward approach to an outdated industry. Competitors have spent their careers in wealth management with little knowledge on the technology side of things, which is where the cofounders believe they can stand out.
Why? Because Robo-advisors like Wealthsimple changed the value proposition for advisors, believes Super. Thus advisors are asking themselves: “How can I modernize my business, become more efficient, and broaden my value proposition?”
“We’re excited to provide advisors with a platform built using today’s technology so they can build future-proof businesses that scale,” said the founders.
Super Advisor intends to launch its product fully next year.