Wealth-planning startup Wealth is aiming to break into the $180 billion market by ditching paper three-ring binders that have been months out of date and replacing them with a digital dashboard that updates your assets in real time.
Many technology companies, from Trust & Will to Willmaker, Quicken and Everplan, have come up with their own approaches to solving this problem. Wealth co-founder and CEO Rafael Lourero, who appeared in a sneak peek today, thinks his company is taking a more unique approach by reaching out to employers looking to provide more value-added benefits.
Loureiro co-founded the Arizona-based company with Rie Carvalho, founder and former CEO of Emailage, which was acquired by LexisNexis. Wealth allows members to create, manage, and visualize their asset plans through an integrated ecosystem of proprietary legal documents, third-party APIs, and bank-level encrypted digital vaults.
“We thought why not streamline this process so that your information is dynamic and always up-to-date, and encourages your family to grow to have a holistic view of all your properties,” Lourero told gaming-updates. “This is important because it will make us different from everyone else. This is a holistic view of all your assets, including cryptocurrencies, stocks, real estate, your car, showing each institution and everything else that matters to you. If baseball cards are important to you, you can add them to the platform information along with your estate plan.
Here’s how it works: When you set up your profile, you answer a series of questions, including where you live, so Money can determine the types of documents you need. Users then interact with a dashboard where they can add all their assets and create digital records from important documents. All this information is now in one place, and users can grant emergency access to their loved ones.
In addition to launching its product, the pre-earnings company is the latest to raise venture capital and a $16 million seed funding round led by Anthos Capital with Bella JuJu Ventures.
A significant part of the funding goes to research and development and further team building. There are already 50 people in the money and by the end of the year will increase to 70.
Money initially follows the employee benefits market. The company conducted a survey at the end of 2021 and found that 32% of 10,000 working Americans aged 30 to 55 receive a real estate plan from their employer. The rest of the respondents, about 68% who do not have a membership, said they would be more likely to create one if their employer offered one.
The company then develops their mobile apps so they can open their solution directly to consumers.