Financial planning is broken.
Traditionally, it takes financial advisors around 20 hours of work to produce a single financial plan, creating scalability problems for smaller practices. As a result, Advizr was born.
Advizr was was founded in 2013 as a tool that allows financial advisors to provide all of their clients with customized financial plans. The platform makes financial planning more collaborative, intuitive, flexible and time efficient, encouraging interactions between advisors and their clients. Ultimately, the software allows advisors to complete more financial plans in a shorter time period while simultaneously engaging their clients, offering a process to financial planning that is both scalable and client-centric.
This week, Advizr announced it raised a $7 million Series A. The round was led by Franklin Templeton Investments, with participation from Fenway Summer Ventures, IA Capital Group and SEI.
“We are very excited to welcome this investment from the top names in the industry to continue to fuel our growth,” said Hussain Zaidi, CEO of Advizr, in a statement. “We are empowering financial advisors with an intuitive, digitized financial planning platform that allows them to scale out the delivery of high-quality advice to more clients. With this fresh capital, we are accelerating the build-out of more sophisticated functionality that is expected from our top customers.”
The company plans on putting the funding toward product development, hiring top talent and iterating on its technology in order to drive adoption of this financial planning process within the industry.
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