ECHELON Partners has extended its investment banking capabilities to the wealth technology sector by launching WealthTECH investment banking platform.
The firm has been providing investment banking to wealth advisors for more than a decade. It has already worked with several firms, such as Laserfiche, FolioDynamix and Total Rebalance Expert.
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ECHELON CEO Dan Seivert said that the move is in response to the significant increase in private equity, venture capital and corporate investments being made in technology firms servicing the wealth management industry.
"[WealthTECH companies are] undergoing an incredible amount of change. They need a lot of help with strategy," he added.
Seivert noted that there are five key areas where WealthTECH firms need help: competitive strategies, product focus, mergers and acquisitions, financing, and product strategy.
The company added that it is also planning to provide new research reports that will help WealthTECH executives understand industry trends and who the top players are in various spaces. It also developed a proprietary mapping system that organizes 1,000 firms into eight WealthTECH sectors and 42 sub-sectors.
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By GlobalDataAdditionally, the company has appointed three senior investment banking professionals to support the new platform.
Michael Wunderli has been appointed as the managing director, who worked with Lehman Brothers and UBS for 13 years. Other two new hires are Lucas Barash-David from Fisher Investments and Adam Johnston from Goldman Sachs.
Seivert said: "I think it’s important to understand that we read a lot of the headlines about what’s going on in the technology world and that fintech is a really important part of the overall technology space. But fintech is to technology as WealthTECH is to fintech. [WealthTECH is] often overlooked; it has its own dynamics. It really is one of the brightest spots of all of the technology space."
