- Strategic investment will fuel continued innovation and advisor success
- WisdomTree asset allocation models to be offered on award-winning platform
- Name change reflects company's mission to serve as advisor's digital growth partner
NEW YORK (November 18, 2016) – Vanare, the innovative digital wealth management technology platform that has been gaining momentum in the financial services industry for approximately three years, announced today that it has secured $20 million in Series A financing. The strategic investment was made by WisdomTree Investments, Inc. (NASDAQ: WETF). SenaHill Securities, LLC acted as exclusive strategic and financial advisor to Vanare.
Vanare also announced that it will change its name to AdvisorEngine, which underscores the company's original vision to empower advisors using integrated technology across the full client spectrum, ranging from high net-worth clients to lower balance relationships.
WisdomTree and AdvisorEngine have also entered into a strategic agreement whereby WisdomTree's asset allocation models will be made available through AdvisorEngine's open architecture platform and WisdomTree will actively introduce the platform to its deep distribution network. AdvisorEngine's award-winning offering, enhanced through the collaboration with WisdomTree, enables advisors to more effectively serve their clients and scale their business.
Jonathan Steinberg, WisdomTree CEO and President, said, "The end-investor experience is being revolutionized by new technologies and new investment products like ETFs. Forward-thinking financial institutions have an opportunity to thrive in this changing environment. AdvisorEngine's expertise in B2B digital advice makes it a natural choice for these firms."
AdvisorEngine, a pioneer in digital wealth management technology, was the first company to integrate private-label robo-advice within a full enterprise B2B digital wealth management technology platform. AdvisorEngine will continue to offer an array of distinct product offerings that provide advisors with advanced client prospecting tools, online client onboarding, institutional grade analytics, trading, performance reporting and billing. Its technology is distinctive in that it provides these features from an advisor-centric point of view, allowing advisors to deepen their engagement with clients and demonstrate the value of the advisory relationship.
Rich Cancro, AdvisorEngine Founder and Chief Executive Officer, said, "The name change of Vanare to AdvisorEngine underscores the company's vision to empower advisors using integrated technology across the full client spectrum, ranging from high net worth clients to lower balance relationships."
"WisdomTree and AdvisorEngine are both innovators. The financial investment and strategic relationship with WisdomTree will enhance our execution and allow us to grow as an independent, open architecture firm," Cancro added.
The funding comes after a tremendous year of client growth. The company has announced numerous technology and custodian integrations, significantly expanding its potential reach to registered investment advisors and financial institutions. AdvisorEngine will utilize the Series A infusion to fill strategic staff positions that will support the continued development and expansion of the wealth management platform.
As a part of the rebranding initiative, AdvisorEngine has launched a new web site that serves as an introduction to the platform for advisors seeking an end-to-end digital wealth management technology solution.
About AdvisorEngine (formerly Vanare Inc.)
In 2014, AdvisorEngine launched the first ever wealth management technology platform built specifically for advisors with an integrated White Label Digital Advisor. AdvisorEngine integrates online and traditional wealth management processes and workflows to help advisors build deeper relationships with their clients. From online account opening and report automation to comprehensive API platforms—and everything in between—AdvisorEngine provides the tools advisors need to scale more efficiently and compete more effectively. Founded by a team of experienced, creative financial and technology executives, AdvisorEngine continues to innovate in order to keep advisors at the forefront of wealth management. The firm, which is headquartered in New York, has launched a new website; more information can be found at www.AdvisorEngine.com.
WisdomTree Investments, Inc., through its subsidiaries in the U.S., Europe, Japan and Canada (collectively, "WisdomTree"), is an exchange-traded fund ("ETF") and exchange-traded product ("ETP") sponsor and asset manager headquartered in New York. WisdomTree offers products covering equities, fixed income, currencies, commodities and alternative strategies. WisdomTree currently has approximately $39.0 billion in assets under management globally. For more information, visit our Investor Relations website.
WisdomTree® is the marketing name for WisdomTree Investments, Inc. and its subsidiaries worldwide.
SenaHill Partners is a merchant bank offering a full suite of investment, operating and advisory services to the financial technology sector. From inception and capital raising through scaling and growth to strategic exit, SenaHill bridges the gap between FinTech innovators and global financial institutions to bring a new level of efficiency, collaboration and success to the industry. For more information please visit www.SenaHill.com.