One of the many pivots we expect to see in Wealth. Hedgeable, the roboadvisor geared to you-know-who, is expanding its target audience to small businesses.
Hedgeable isn’t the only startup looking beyond millennials and consumers in general to pitch its wares. In the past decade, many fintechs in wealth management began with the individual. Think Betterment or Riskalyze. Big money raisers like Betterment ($100 million in March) and SigFig ($40 million, also in May) are now pitching through institutional channels. Riskalyze, which helps pinpoint investor risk tolerance, pivoted a few years back to focus on the advisor community. Individual consumers can seemed like a natural starting point, especially back in 2007-2008, when the rivets in the financial system were bursting apart. As one startup veteran commented to me, many fintech founders feel most comfortable with retail — they understand their pain points. But consumers are a huge market, difficult to lasso.