The team at tech-centric wealth management firm Farther is celebrating strong growth despite challenging conditions.
Assets under management increased 2.4x between April and September 2023 to a total of $1.6 billion. It says the rapid growth makes it one of the fastest venture-backed wealth firms to surpass $1 Million in AUM.
The New York-headquartered company was founded in 2019 and recently secured a $131 million valuation with Lightspeed Venture Partners leading an oversubscribed Series B funding round that attracted $31 million in just four days.
“Since we founded Farther, we’ve focused our efforts on building proprietary technology that removes administrative burdens and frees advisors to spend their time where it matters most: directly with their clients,” said Farther co-founder and CEO Taylor Matthews. “We are proud to see rapid growth and momentum, despite challenging market and financial conditions, putting Farther on an unprecedented path in the wealth management industry.”
The high net worth focused firm says its technology offering allows advisors to spend 90% of their time meeting with clients and on business development, resulting in a book of business three times the industry average. It believes this will transform the future of wealth management by empowering advisers to focus more time on generating returns.
Along with AUM, Farther also increased its headcount to 120 employees, double its previous year’s figure.
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