Announcement: Prumentum Group Raises $25M Series A

We marked an exciting milestone for Prumentum Group as we announced the close of a $25 Million Series A funding round and the acquisition of a significant equity stake in Plancorp LLC, a fee-only financial planning firm based in St. Louis, MO. Raising this funding and cementing our partnership with Plancorp represents a huge step forward in our mission to enable more people to realize their dreams and aspirations. The news was well received, and I wanted to add some personal reflections on how and why we chose to partner with Plancorp.

When Robert Wallace and I set out to build a next-generation life planning and wealth management company we knew a hybrid advisory approach would be best. We would combine the artificial intelligence, automation, and efficiency that technology can offer, backed by the tested strategies and personal touch of experienced human advisors.

During the past year I’ve had the pleasure of leading a world class team of technologists to build the BrightPlan platform from the ground up. Technology? Check. However, a question remained: which Registered Investment Advisor (RIA) should we partner with, and how would we find them?

Over the course of months we established a set of criteria, identified about 30 RIA firms across the country who met those criteria, and engaged with the top five. Plancorp immediately stood out from the rest. Forbes ranks Plancorp among the top independent RIAs in the United States with 99% client retention and $3.6 Billion in assets under management. We were impressed.

After preliminary conversations we traveled to St. Louis to meet with the Plancorp team to see if they could possibly be “the one.” I’ll never forget when the President, Chris Kerkhoff, showed me the inverted org chart for the company. It placed the clients at the top, supported by advisors, with the senior leadership down at the bottom!

They practice what they preach. Through independent audits over the past decade Plancorp has annually achieved CEFEX certification, demonstrating their commitment to the highest standards of fiduciary care. We are excited to help them continue to innovatively serve their clients with BrightPlan’s technology.

Chris addressed the benefits the Prumentum Group will bring to clients, “You’re not just getting an offering from a new, exciting technology firm. You’re also getting the benefit of over 30 years of experience of an independent fiduciary, client-centric based financial planning firm. I’m really excited for our knowledge and expertise to provide further guidance to even more people as they work toward achieving their financial goals.”

The Hybrid-Robo model is redefining the Wealth Management industry. We are excited to be a part of driving innovation and industry transformation that should greatly benefit clients for many years to come.