Wealth tech firm Farther raised $15 million in a Series A round led by Bessemer Venture Partners. Father says it's a new kind of financial institution offering wealth management through expert advisors and A.I. technology. The startup caters to high-net-worth professionals looking to build generational wealth who need a more holistic approach to managing their money. Taylor Matthews, co-founder and CEO of Father, joins Cheddar News' Closing Bell to discuss.

Closing Bell

Wealth Tech Firm Farther Raises $15 Million to Offer New Kind of Wealth Management

wealth tech firm farther raising 15 million in a series a round led by Bessemer Venture partners. The company says it's a new kind of financial institution that offers wealth management v a combination of expert advisors and AI technology. Well, the startup caters to high network professionals looking to build generational wealth and in need of a more holistic approach to managing their money. So joining me now is the co founder and Ceo father Taylor Matthews at Taylor, thanks for coming on the show. Congratulations. Give me some more details about what you're doing here. Yeah, thanks so much for having me super excited to be on the show. Um and just to set the stage, you did a fantastic job of describing us. But like you said, we're we're a new kind of financial institution, the Wall type firm that combines expert financial advisors with powerful technology to deliver that, that better wealth management experience that I think our clients demand now and think about us as wealth management two point oh um technology. We build empowers our financial advisors to spend more time on and deliver a better service to our clients and it puts our clients in the driver's seat, giving them the transparency, access and control that they need to feel confident in managing their wealth. Couldn't be more thrilled about the additional capital behind us, especially in this fundraising environment And we plan to use that that additional funding to augment the technology platform that we're building and to continue to grow our team of advisors to deliver for more clients. So I think that is an important note here. Taylor it is advisors, the human coupled with the Ai technology. I'm just curious after the market sell off that we saw on Friday. What are some of the questions that your clientele has that your company in volatile market days like we've seen in 2022 is trying to answer. Sure. I think just like everybody we're we're trying to take the signals that we get from the market and applied to our to our client base in ways that are that makes sense for them as individuals. Um I'll you know start by saying I don't envy Mr Powell. He's certainly got to walk a fine line here, get a handle on inflation without triggering a recession. And the market is telling us a little bit about his odds of success. It's where we come up from the bottom from the start of the year, the sell off and you know the Real Downmarket at the beginning. Um And more recent, more recent days we've seen that temper with expectations a little bit more modest given his recent statements on the interest rate rate hikes in Jackson Hole. But now as ever, you know we advise our clients to invest for the long run. I think that aphorism time in the market rather than timing the market is as true now as it is ever no one has a crystal ball and with cash and bonds in a particularly tough place equities broadly as where we're looking to drive returns for our clients. So taylor how should someone know if, if they do have money to put to work, how do they know that it's the right time for them to turn to a service like yours? Yeah, well, I think that's, that's a great question. One of the, one of the reasons that our clients come to farther is that they're uh, they're often stepping up in there in either the experience they expect from an advisor or from from other more do it yourself services. So when we think about our client base, you know, our clients range from entertainers to entrepreneurs to professionals, from millennials to new families or retirees, pretty much everything in between. But what unites them all is they're seeking ways to amplify the impact that their wealth can have on their families and on the world. So when we think about how we can deliver for for our clients, it's, it's using that technology to uh, provide that transparency and to everything that's happening in their financial life. The access that they need to, products that, you know, both touch on public markets, of course, but also private markets so that they have access to everything that they need to accomplish their goals in the time periods that they would like to and then, you know, finally having more control over over everything that touches your financial life, not just the investment side of things, but the, the documents, the financial products, you know, that, you know, to go beyond just in all in one place. I think that's a that's a really powerful feature that we bring to the table and something that differentiates us from. What I think is more traditional in the wealth management space. Taylor really quickly, is there a minimum to invest to get started with your company? We generally look for, we generally look for clients who are ready to uh, for wealth management and that often, you know, starts to, starts to take place even as, as early as having, you know, $100,000 or so to invest. Our minimums are, I think historically minimums are a reflection of, you know, operational limitations. So we're happy to work with with families and individuals whenever they're ready to start with us. Alright. Taylor Matthews co founder and ceo of farther Taylor congratulations and thanks for coming on the show.