Australian startup Lumiant announced this week that it had received undisclosed funding from well-known financial adviser Ric Edelman.
To be clear, the investment came from Edelman the individual, not Edelman Financial Engines, the large national RIA he founded, according to Lumiant’s communications team.
This announcement comes after the company launched in the United States in mid-May following a $3 million investment. capital injection by Savant Wealth Management.
Described by its founders as an “advice engagement and client experience platform,” the technology offering is intended to help advisors from their first encounters with clients through the “life planning” process. “.
While it certainly incorporates financial planning and can use account aggregation to get a view of a prospect’s or client’s assets, the technology is meant to be a more holistic offering that literally helps advisors work with prospects and clients to determine life goals and objectives and what matters most to them.
In May, Wealthmanagement.com received an introductory demo of the platform, which began with the “Your Life Survey” and its high-level goal setting.
This numerical process begins by asking questions on eight different “dimensions” focusing on well-being and life values, starting with financial aspects, followed by intellectual, professional, physical health and fitness, social , environmental, emotional (which affect spending habits and time spent with others), then spiritual (not just religious, but state of mind and ambitions).
Prospects or customers are asked to rank each of the eight dimensions and how important they are to them during the process.
At the end, the participant is asked if they would like to share any additional financial details, which is a subtle way to get more information.
Once the survey is complete, the platform generates a series of color-coordinated scatter and bar charts illustrating the participant’s survey results and weighting the importance of the many dimensions displayed.
“Ideally, we’d like to see their life score improve over time and we’d like to think that people’s lives can improve over time in their journey with the advisor and the advisor can assign themselves one. few deserve it,” said the CEO of Lumiant US. Blake Wood.
“Already, at the end of this process, we like to think that we have a much deeper understanding of the person or couple and the importance of family, their goals, etc. and many other intangibles,” said Santiago, CEO and co-founder of Lumiant Global. Burridge.
In the next part of the process, an individual or couple would be asked to look back (“imagine it’s your 90th birthday”) and focus on three aspects of their life accomplishments. It is at this point that the eight dimensions are reintroduced. The couples will rank individually, then each will see the ranking of the other, the objective being to reach a consensus.
“The goal here is to prevent the construction of a financial plan that isn’t led by an aligned couple,” Wood said.
And the technology is designed and intended to be shared with a couple’s family, involving multiple generations in the process.
“Track goals over time, quantify the value of the advisor, the things we have [advisor and client] done together, which helped me figure out what you guys have been doing for me lately, from questions to advisors,” Burridge said.
The company suggests that customers complete the survey every 12 months.
There are also other modules, all simply arranged on Luminant website and each with short videos describing how to use them, where they fit into the process and platform, and showing how they look and feel.
Advisors can also start the tires and get a feel for the platform with a limited free trial.
Some advisors, those who have worked for United Capital before or who may have used the white label version of the FinLife Partners platform deployed in 2016 might find Lumiant’s platform reminiscent of this approach and tools.
Coming back to Lumiant, the company has completed an integration with Yodlee for account aggregation in the US (Plaid is used in Australia) and is working on several other integrations including with a portfolio accounting provider, a practice management technology and with several CRM vendors, according to Wood.
An integration with MoneyGuidePro is also being developed (Wood spent the past 12+ years prior to Lumiant in senior management positions at Envestnet) for advisors already engaged with this application for their in-depth financial planning.
The company said it currently serves 4,000 families globally – that’s Australia, New Zealand and the US – and works with 150 financial advisers in Australia. He said he was on track to have that many US advisers on board by the end of the year.
In terms of pricing, Lumiant has a Starter plan that starts at $249 per month. The Professional plan costs $499 per month. There is a simple, intuitive and interactive price calculator on the pricing page to help choose between plans and additional modules or features (from adding support staff to white labeling).