Marketing Info

New Wealth Manager Compound comes out of stealth mode

A new wealth management and advisory firm led by Greenox Capital and angel investor Lachey Groom has come out of stealth mode, announcing both its formal launch and $37 million of venture capital funding.

Named Compound, the firm was founded in 2019 by Jordan Gonen and Jacob Shein with a mission to serve the spectrum of technologists – from those beginning their careers in startups to more mature tech companies and entrepreneurs.

“The next generation has a different suite of assets, which traditional wealth management is often struggling to support,” Gonen said.

From stock options to cryptocurrencies and other forms of digital assets, young professionals—particularly in the technology sector—can find it difficult for an existing firm to meet all their needs, he added.

“We strive to be holistic, and we have found that our clients do not consider their assets in silos,” which means that such young and tech-forward clients can move away from their traditional stocks and bonds to their digital assets or stocks. Do not exclude options. portfolio.

Those illiquid assets can also present technical workers with unique tax requirements.

While he declined to provide a specific number in terms of clients or assets under management, Gonen said Compound already employs “hundreds” of technology employees, founders and investors to track assets, obtain financial advice, and more. are counted as customers or users of Compound’s wealth management platform. Invest liquidity, borrow money and file taxes.

The firm, which has 50 employees and offices in San Francisco and New York, is also made up of a 50% remote workforce spread across the United States.

While the client base may skillfully be made up of the technology industry, Compound’s advisory approach is certainly a hybrid with a deliberate mix of technology and human advisors.

In fact, the firm currently has 10 full-time advisors, many of them CFPs that are split between internal units focused on investments and taxes, respectively.

“Most of our consultants are from industry and many with more than 10 years of experience,” Gonen said.

“Our mentors only give advice and our mission is to empower mentors to be the best versions of themselves – we can create “Iron Man” and “Iron Woman” suits for those people to be the very best mentors they can be, ’ he said, referring to his firm. Symbolically the technology platform.

According to Gonen, the cost to customers for Compound’s services is “based on complexity.” Although the firm does not publish a price list, costs can range from a few hundred dollars per year for a client with simple planning or investment needs and to “tens of thousands per year” for those with the most complex needs. . For example, in the field of stock options management from a liquidity event. The firm initially conducts an evaluation, working with each client, to determine the exact level of service.

“What we offer is bespoke and personalized to the customer, and we are creating exclusive solutions for those who have the next generation of funding needs and great thought in supporting them,” said Gonen. .

Other participants in the capital raise included Aegon Durban of Silver Lake, Sam Bankman-Fried of FTX, YCombinator, XYZ, SciFi, Day One Ventures, and founders and executives of Coinbase, Goldman Sachs, Meta, Stripe, Brex, Plaid, Adobe . Perception, AngelList, Eventbrite, Affirm, Polychain, Paradigm, Blend, Quora, Vise, Carta, and Point.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button