Farther more than doubles AUM to $1.6B in just six months

investmentnews.com:

The team at technology-centric wealth management firm Farther is celebrating strong growth despite challenging conditions.

Assets under management increased 2.4x between April and September 2023 to a total of $1.6 billion. It says that the rapid growth makes it one of the fastest venture-backed wealthtech firms to surpass $1 Billion in AUM.

The New York headquartered firm was founded in 2019 and recently secured a $131 million valuation with Lightspeed Venture Partners leading an oversubscribed Series B funding round which attracted $31 million in just four days.

“Since founding Farther, we’ve focused our efforts on building proprietary technology that removes administrative burdens and frees advisors to spend their time where it counts most: directly with their clients,” said Farther co-founder and CEO Taylor Matthews. “We are proud to see rapid growth and momentum, despite challenging market and funding conditions, putting Farther on an unprecedented path in the wealth management industry.”

The high-net-worth focused firm says its technology offering allows advisors to spend 90% of their time meeting with clients and on business development which results in a book of business three times the industry average. It believes this will reshape the future of wealth management by empowering advisors to focus more time on generating returns.

Along with AUM, Farther has also boosted its head count to 120 employees, double its year-ago figure.