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BrightPlan

brightplan.com

Founded Year

2015

Stage

Series C | Alive

Total Raised

$46.5M

Last Raised

$9.5M | 2 yrs ago

Mosaic Score
The Mosaic Score is an algorithm that measures the overall financial health and market potential of private companies.

+60 points in the past 30 days

About BrightPlan

BrightPlan partners with employers to help employees achieve financial wellness through digital goals-based planning, tailored education, and access to fiduciary advisors. BrightPlan guides each employee to identify their unique financial goals and create a plan to achieve them. Personalized recommendations, supported by digital and human advice, set employees up to become and stay financially well. With tailored financial education, employees better understand and maximize corporate benefits, increasing employee engagement and retention.

Headquarters Location

75 East Santa Clara Suite 05-144

San Jose, California, 95113,

United States

408-933 6188

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BrightPlan's Products & Differentiators

    BrightPlan Total Financial Wellness

    • The solution is organized around 4 key pillars: o LEARN: Comprehensive library of content packaged in a simple and intuitive way, such as live & on-demand videos. o PLAN: Goals-based comprehensive financial planning, including retirement, debt payoff, education planning, insurance, tax, and estate planning. o INVEST: Easy-to-understand investment analysis & advice, BrightPlan-managed auto investment account o MANAGE: Comprehensive tools to make day-to-day money management easy, includes a Financial Wellness Score and a dashboard that shows each employee’s net worth and all financial accounts in one place. o Experienced financial advisors: CEFEX certified advisors can spot gaps in a financial plan, give valuable validation and answer personal questions about an employee’s finances. BrightPlan has these advisers on staff

Expert Collections containing BrightPlan

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

BrightPlan is included in 4 Expert Collections, including HR Tech.

H

HR Tech

4,016 items

HR tech startups are helping companies manage critical pain points in HR processes such as recruitment, automation, career development, compensation, and benefits management, through a mix of software and services.

W

Wealth Tech

1,882 items

A category of financial technology that is digitizing & streamlining the delivery of wealth management. Included: Startups that offer technology-enabled tools for active and passive wealth management for retail investors and advisors.

F

Financial Wellness

245 items

Track startups and capture company information and workflow.

F

Fintech

7,565 items

US-based companies

BrightPlan Patents

BrightPlan has filed 1 patent.

The 3 most popular patent topics include:

  • Cryptographic protocols
  • Instant messaging clients
  • Distributed computing architecture
patents chart

Application Date

Grant Date

Title

Related Topics

Status

6/18/2020

11/22/2022

Instant messaging clients, Free instant messaging clients, Windows instant messaging clients, Videotelephony, Cryptographic protocols

Grant

Application Date

6/18/2020

Grant Date

11/22/2022

Title

Related Topics

Instant messaging clients, Free instant messaging clients, Windows instant messaging clients, Videotelephony, Cryptographic protocols

Status

Grant

Latest BrightPlan News

LUMINARIES 2022 Finalists: Executive Leadership — Firms

Nov 1, 2022

X X Start Slideshow The LUMINARIES Class of 2022 Finalists are being recognized by Investment Advisor for the many dynamic and inclusive ways they are driving the wealth, investment and retirement industry forward. In our November issue, we present the finalists — who were selected from hundreds of stellar nominations by our editorial team — in Executive Leadership. (The finalists in Diversity, Equity & Inclusion and Thought Leadership were showcased in September.) An evolution of our Broker-Dealers of the Year awards, the LUMINARIES program is now in its second year. It aims to highlight how top-performing industry participants — both firms and individuals — produce meaningful results through efforts that matter most to advisors. The LUMINARIES Class of 2022 Finalists have been reviewed by a diverse panel of judges from across the advice industry, and a select group of winners will be announced on stage at the program’s second-annual awards dinner and gala — set to take place Nov. 17 in New York. The achievements of the Class of 2022 Finalists are described in their own words, which have been taken from materials submitted as part of the nominating process. Their efforts and accomplishments are highly empowering and inspiring; we hope you find that they demonstrate the tremendous impact both firms and individuals can have. Start Slideshow You Can Now Swipe to Move Between Your Slides Exit Advisor Group In 2021, the executive leadership at Advisor Group established the Advisor Engagement Initiative to boost its ability to “drive greater awareness and adoption of its … programs and platforms,” according to the firm. For continuous improvement, for instance, it formed the National Advisory Board and National Operations Excellence Council, chaired by a member of NAB and including a dozen advisors selected from 160 nominations. It also has added “innovative and forward-thinking leaders to the firm to promote a new standard of personalized service, combined with the benefits of industry-leading scale and resources,” the firm explained. The Advisor Engagement team matches the best resources and solutions with each advisor’s specific business model, it added — “whether they are a super-OSJ looking for enhanced recruiting support, a mid-sized practice looking for effective marketing tools, or an ensemble practice looking to drive more operational efficiencies and higher margins.” Exit AdvisorEngine The AdvisorEngine team recently reintroduced the client relationship management software Junxture after four years of focus on transformation, it said: “We were the first CRM to offer digital account opening integration with Schwab Advisor Services.” The firm explains that it developed its CRM via a “low code” and “no-code” approach. “Advisors can customize their CRM without needing any technical expertise, … and firms reap massive cost savings as a result, since no technologists on staff or high-priced consultants are needed.” Overall, its technical support team earns a 98% approval rating on a monthly basis, and emphasizes client feedback through design sprint sessions, it adds. Exit American Portfolios Financial Services, Inc. American Portfolios has moved to give its advisors “easier online account access, simplifying the process of registering end-clients” in its AP Client Access portal, it said. Plus, end-clients can register for online accounts on their own, “removing the administrative burden on financial advisors.” Since the new feature was launched, the number of AP Client Access users who have gone paperless has grown to more than 95%. The firm also upgraded its advisory platform, so its advisors can better build investment models and run proposals using one or more third-party managers. According to AP, the firm has had “a reduction in trading errors and an improvement in the timing of model updates and portfolio rebalances, which equates to a reduction in the amount of staffing … and/or time needed to handle … requests, for instance.” Plus, due diligence conducted on third-party managers has risen, while the firm has seen a decrease in the number of accounts needed by RIAs for regulatory mailings and by clients. “Alternatives models help affiliated investment advisor representatives meet the risk objectives of extremely conservative or aggressive clients in a turnkey fashion; reduce tax consequences, create custom allocations; and add alpha and diversification,” it explained. Exit Atria Wealth Solutions Since 2017, Atria’s leadership team has launched two business channels, grown to over $100 billion in assets under administration, acquired six broker-dealers, hit a milestone of having some 450 employees in its home-office locations, developed ties to 183 financial institutions, and supported its technology platform for nearly 2,500 financial professionals. It also says that about 100,000 accounts were opened using its Unio New Account Opening platform. The firm adds that it has one of the industry’s highest first-call resolution rates and a large number of on-platform account openings. Using its Unio new account opening system, advisors can save time and improve efficiencies: brokerage accounts, for instance, can be opened in as little as five minutes and advisory accounts in as few as 10, it says. Plus, the team has rolled out several credit union and bank affiliation approaches, which means banks can keep their own brands while taking advantage of Atria’s mobile-friendly technology platform, for example. Advertisement BrightPlan BrightPlan says its Total Financial Wellness platform is certified for fiduciary excellence and integrated with employer benefits programs to help workers “achieve financial success.” This platform includes financial education, planning, investing and day-to-day money management information. On average in its first year, BrightPlan clients see about 43% of their employees engage with its information. Since the launch of its platform, the firm has added about 100,000 U.S. employees under contract and $3.3 billion in assets under advisement (as of April 2022). BrightPlan’ financial education is put together by a team of CFPs, who are trained in benefit programs. The BrightPlan Academy includes articles, planning guides and resources for various life events, such as getting married, having a child, income tax planning, buying a home and estate planning, as well as issues like inflation and investing during market volatility, it says. One of its key clients is Bread Financial, which has 6,500 employees — many of whom work in call centers; Bread Financial recently introduced an employee wellness program to help those feeling financial stress and took advantage of BrightPlan services, like unlimited advisor calls. Exit Cambridge Investment Research, Inc. Cambridge Investment Research says its leaders have worked to reconstruct its digital technology framework over the past 18 months. Some of the firm’s key initiatives have been enhancements to CLIC, the firm’s digital workstation, including a cloud-based experience that features a dashboard designed around the client and household rather than the account level. It also recently worked with AdvicePay to allow more “non-traditional forms of payment,” services bundling, the ability to separate financial planning, retirement and consulting engagements, and to offer subscription services. The firm added a new multi-factor authentication process to its financial professional portal — which it also redesigned and relaunched a year ago, so its resources could be accessed with greater ease and efficiency. Its website, JoinCambridge.com, was relaunched this year. Exit Cetera Financial Group The firm expanded by about $50 billion last year, including some $37 billion via an acquisition of some assets from Voya Financial Advisors and $10 billion in recruiting; roughly $1.2 billion of these assets are managed by female financial professionals and female-led teams, it says. The team also rolled out its Growth360 program in late 2021, which 1,000-plus advisors — representing about 12.5% of its advisor force — have participated in. The program gives advisors an initial assessment, so they can “benchmark themselves against their fastest-growing peers.” It also identifies several top areas of high impact, “aligns them with a Growth Officer to serve as an accountability partner, creates a step-by-step roadmap for success, and connects advisors with … tools, technology and subject matter experts,” according to the firm. Exit ComplySci Over the past 18 months, the firm built a suite of governance, risk and compliance (GRC) consulting, technology, managed services, analytics, education, and outsourcing solutions. It also acquired RIA in a Box, National Regulatory Services and Illumis, and rolled out its Control Room and Conflict Check solutions, which reconfigure how compliance teams manage data, check for conflicts and report to stakeholders. ComplySci’s headcount more than tripled over the past year or so to over 300, and its client base expanded 400% from to more than 7,000. At the same time, the firm says, it “prioritized diversity, equity and inclusion initiatives … and increased gender diversity by more than 20%, with female leaders making up almost 40% of the company’s executive team.” Advertisement Envestnet In 2021, co-founder and CEO Bill Crager published “The Intelligent Financial Life,” a whitepaper outlining his vision of the future of finance in which “every aspect of a client’s financial life” is incorporated into a single viewpoint,” the firm said. To make this happen, Envestnet says it works to build its services, tools and technology to help advisors “expand the advice they can offer beyond traditional portfolio management.” Its Insights Engine, for instance, reviews consumer and industry data to provide recommendations for advisors and clients. Also, Envestnet integrated with Healthpilot for simpler Medicare-plan selection via the merger of health insurance coverage and cost estimates. Its Insights Engine provides actionable information on how clients may benefit from annuities, while its Trust Services Exchange gives advisors the ability to use trust accounts for transferring of wealth across generations. Also, the Credit Exchange provides clients access to residential real estate and unsecured consumer loans. Exit F2 Strategy F2 Strategy saw that some firms were finding it difficult to hire chief investment and technology officers in a timely manner and moved to provide them with an outsourced CTO option. Its retainer-based OCTO program aims to give small to mid-sized firms C-level oversight and management via fractional-share access and consulting services. Over the past year, the firm has increased the size of the team working with OCTO clients to 23 from eight. These clients collectively managed over $65 billion in assets under management and served over 30,000 investors as of this summer. In addition, F2 Strategy runs a proprietary research division that delivers intellectual and advisory-based research on technology and business issues impacting the registered investment advisor, wealth, bank/trust and family office industries aimed at illuminating industry gaps and delivering insights to empower clients for better decision making, it says. F2 Strategy also leads a peer-to-peer community of over 70 global wealthtech decision-makers. Armed with data, insights, and experience, this group of leaders is working to drive the evolution of the industry. Exit FiComm Partners The firm launched AmpliFi to help advisors create podcasts and other content that appeal to clients and prospects, and to increase the impact of this content via “micro-content” for social media channels and related strategies; AmpliFi also aims to help advisors who lack in-house expertise or resources. As part of these efforts, FiComm formed partnerships with Qwoted to boost media contacts and coverage and with the social-science research firm RDCL to better understand how the agency can best support a specific tier of advisors looking to push out their messages and content across different media channels. FiComm also offers clients an advisor education program that includes 12 months of coaching in video work, podcasting and related content. Exit FP ALPHA FP Alpha’s platform lets advisors upload client documents like wills, trusts, tax returns and insurance policies, quickly summarizes data and identifies specific planning issues, as well as how to address them. The platform, which leverages AI learning and some 40 experts across 16 financial planning disciplines, is integrated with CRM providers such as RedTail, Salesforce, Microsoft Dynamix and Wealthbox, along with MoneyGuide Pro and Riskalyze. The firm says it rolled out Tax Snapshot, which gives advisors a look at a client’s current tax return and “complements the planning opportunities identified” by its platform, about a year ago. This “saves advisors hours of time through the automation of reading financial documents including tax returns and then identifying actionable insights from them,” it explained. Plus, its Tax Snapshot reports highlight details on key tax areas, such as state-specific information, Roth IRA conversions, charitable deductions and qualified business income analysis. Exit iCapital The firm recently integrated two acquisitions: AI Insight, an online alternative investment education and compliance platform, and Axio Financial, a service provider to the U.S. structured notes market. Last year, it also partnered with CAIA Association to launch AltsEdge, an educational initiative to help advisors better understand alternative investments. In addition, iCapital moved to lead a consortium focused on developing a distributed ledger-based solution for the alternative investment field. The firm says it boosted assets by $45 billion last year via organic growth and has some 10,000 network users who are financial advisors. Advertisement IncomeConductor (WealthConductor LLC) IncomeConductor says it has “continued to innovate in response to the changing needs of the retirement market.” In 2022, it launched Health+ in partnership with HealthView Services to address rising healthcare expenses and the risk that retirees may run out of savings before they die. Health+ gives advisors “a comprehensive retirement data set, which now includes customized longevity projections based on a client’s health profile, projected healthcare expenses including both Medicare and out of pocket, and Social Security claiming and optimization strategies to ensure that all facets of retirement are … integrated into a financial plan.” As a result, advisors can quickly see the impact this information has on their clients’ plans, build more reliable customized income plans and improve clients’ “understanding of and confidence in achieving a financially secure and happy retirement,” it adds. Exit Invent.us The firm focuses on innovation in the wealthtech space through its work as software as a service and as a technology consulting firm for enterprise organizations and large RIAs. It aims to help firms keep up with the rapid pace of technological change and does so by facilitating upgrades to advisor technology stacks — and open architecture platforms — that feature a unified display of solutions made by their own development teams and different vendors. Its newest initiative is iDEaaS, or Integrated Digital Ecosystem as a Service, which allows for “the integration of B2B practices, enterprise applications and data within the ecosystem,” so organizations can control both new and old technologies while building automated processes around them. Its iDEaaS offering facilitates advisors’ and firms’ digital transformation of legacy proprietary applications, antiquated integrations and complex business process through a cloud-native platform and user interface/user experience, micro frontend framework, its says. Exit Laserfiche Laserfiche provides content management and business process automation for firms in wealth management, banking and insurance — including workflows, electronic forms, document management and analytics. Today, the firm says its “cloud-first development approach incorporates innovations in machine learning and AI to enable organizations … to transform into digital businesses.” The firm’s Solution Marketplace has been used by over 250 organizations “in their efforts to listen and adapt to the needs of their employees and those they serve, while aligning digital transformation initiatives with overall business growth and efficiency goals,” the firm said. It currently has 125-plus solution templates, which encompass back-office operations, human resources, information technology and other industry-specific needs. Exit LPL Financial To help its advisors work effectively as business owners, LPL’s Business Strategy Services unit gives them access to “a skilled business strategist to deliver personalized, executive insights,” so advisors run their businesses more efficiently and profitably, the firm says. The strategists serve as business coaches and CFOs, “becoming an extension of the advisor’s team and contributing to real results.” The firm also works to “help advisors identify and implement cost-savings and revenue-generating opportunities; understand key drivers to maximize their business valuation; and ensure meaningful progress in the pursuit of achieving business objectives,” it explained. Staff involved have experience as CFAs, CFPs, CPAs, Certified Valuation Analysts, Certified Treasury Professionals, corporate finance leaders and small-business owners. Exit Merit Financial Advisors The firm says it closed five transactions that resulted in $1.3 billion in new assets and grew the number of staff by 45% last year. This growth strategy is tied to a partnership with Wealth Partners Capital Group, a “hub and spokes” business model, a B2B marketing plan that includes speaking engagements and events, social media, thought leadership and content marketing for financial advisors. To date, Merit has completed 14 transactions. Last year, it added $10.3 million in annualized revenue, a 30% increase from the prior year, and increased its profit margin by 35%. It also expanded into market niches such as those that include widows, divorcees and corporate executives in specific business segments. To increase the number of female employees, the firm built a leadership training program, revised its compensation plans and added flexible working hours; today, 57% of Merit employees are women. Exit MyVest The firm has worked to address a common challenge with discretionary portfolio management programs (also known as “rep as PM”) for advisors who want more flexibility and autonomy when customizing portfolios and for firms concerned with oversight and efficiency. Such efforts entail risks like security concentrations, portfolio drift, performance inconsistencies, error-prone manual work and compliance issues, it explains. Through this initiative, the firm says it has “significantly enhanced advisor-managed sleeves in [the] MyVest Strategic Portfolio System and extended the configuration of shared discretion between the home office and advisors.” As a result, advisors and their team members can customize portfolios more easily, maintain guardrails, configure a spectrum of discretion and work with specialists within a role-based system (like chief investment officers), it explains. Exit Northwestern Mutual Northwestern Mutual has introduced a proprietary planning platform — PX — to combine permanent life insurance with investments and annuities. Using the PX platform, advisors can model the accumulated value of risk-based products as part of a client’s projected net worth in retirement, the firm says. “With PX’s retirement planning capability, advisors can run multiple scenarios to compare different paths toward clients’ goals,” it explains. Over the past year, the firm says it has added enhancements to the PX platform, including: modeling long-term care, permanent disabilities and education savings alternatives; advanced probability analysis; transfers including Roth conversions; and blended withdrawals in retirement. Exit Peak Reps LLC Peak Reps, the holding company for Peak Brokerage Services, Blackridge Asset Management and Top Advisors Group, recently developed and introduced its Comprehensive Online Marketing Program. Part of the initiative involved expanding its capabilities and security features to accommodate website hosting at low to no costs and with nominal hosting fees, offering new themes and templates for website layouts and functionality options, and investing in a well-equipped production studio for advisors to record training videos, podcasts and online education. Other measures have focused on helping advisors optimize their social-media pages, take advantage of its content library in their social-media marketing, build landing pages to capture lead-gen information and metrics, create content calendars and better understand metrics reporting. Exit Sanctuary Wealth Sanctuary Wealth has recently moved to “add experience, expertise and an extensive knowledge base to its executive team,” it says. New leaders include Jeff Kilburg, the founder of KKM Financial, who is serving as its chief investment officer and portfolio manager and is expanding Sanctuary’s Investment Solutions group, which provides outsourced chief investment officer services and other services. Rodolfo “Rudy” Rake, formerly a managing director at Morgan Stanley, joined as head of Middle Market, and Bohn Vergari came on board from Brownstone Investment Group to serve as the firm’s director of Capital Markets Sales & Trading. Paul Sullivan, who spent 34 years with Merrill Lynch, is supporting the firm’s advisors and teams on the East Coast as a regional managing director. From April 2021 through April 2022, the firm added more than 15 advisor teams with close to $10 billion in client assets. Exit Snowden Lane Partners The firm, a hybrid RIA, added over 35 employees, 25 of whom are financial advisors, across 13 new advisory teams, since 2020. It says it also added $2.5 billion of new client assets in 2021 to push its current total client assets over $9 billion. Its employee boutique model provides “ownership, and freedom for advisors to demonstrate their expertise and manage their practice,” the firm explains. Snowden Lane decided to geographically diversify its senior leadership team in the past year and moved two senior partners and managing directors, Alison Burkett and Joe Raieta, to its offices in San Diego, California, and Coral Gables, Florida, respectively. Burkett heads Enterprise Development, while Raieta leads Investment Solutions. Burkett and Raieta are part of the firm’s seven-person executive committee. Exit SS&C Black Diamond The SS&C Black Diamond Wealth Platform team recently released the Client View command center to consolidate the platform’s tools. This means advisors have “a single application to quickly switch between client relationships, see insights, take action and provide timely, proactive communication full of meaningful information,” the firm says. Client View includes investments, reporting, billing, rebalancing, financial plans and communications. It gives advisors access to commission-free insurance products, tools and annuity-specific data; a customizable dashboard; the ability to share reports directly with client timeline; and integration with the DocuSign workflow. Exit Wealth Enhancement Group After doubling assets to $26 billion in 2020, the RIA firm says it recently did it again — to its current $55 billion. Meanwhile, CEO Jeff Dekko has grown the size of its senior management team to facilitate further expansion. For instance, Chief Growth Officer Eric Weiss joined this year, and A. Charles Thomas of Meta and Morningstar CEO Kunal Kapoor became WEG board members. WEG’s executive team leads more than 900 employees. The firm has grown to have more than 300 financial advisors in 72 locations across 20 states. Last year it moved into the New York Tri-State area, Florida, Northern California and the Carolinas. Choose your next slideshow ...

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BrightPlan Frequently Asked Questions (FAQ)

  • When was BrightPlan founded?

    BrightPlan was founded in 2015.

  • Where is BrightPlan's headquarters?

    BrightPlan's headquarters is located at 75 East Santa Clara, San Jose.

  • What is BrightPlan's latest funding round?

    BrightPlan's latest funding round is Series C.

  • How much did BrightPlan raise?

    BrightPlan raised a total of $46.5M.

  • Who are the investors of BrightPlan?

    Investors of BrightPlan include Fremont Group, The Cynosure Group, Still Valley Capital Partners and HawkPartners.

  • Who are BrightPlan's competitors?

    Competitors of BrightPlan include NewRetirement and 7 more.

  • What products does BrightPlan offer?

    BrightPlan's products include BrightPlan Total Financial Wellness .

  • Who are BrightPlan's customers?

    Customers of BrightPlan include Synopsys and Ellucian.

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