Investment News: NestEgg Wealth acquisition brings white-label robo to advisers

Technology platform will combine digital advice tool with customer relationship management and portfolio management systems

Technology platform will combine digital advice tool with customer relationship management and portfolio management systems

By Liz Skinner | Investment News

Online investment advice firm NestEgg Wealth was acquired for an undisclosed sum by a new technology firm, Vanare, which sells an integrated wealth management platform for financial advisers, the firms announced today.

New York-based Vanare's technology platform will combine the NestEgg digital advice tool that advisers can white-label for clients along with a customer relationship management system and a portfolio management system.

“We are integrating all the disconnected wealth management processes into a scalable platform that focuses on both the adviser and client experience,” said Rich Cancro, founder and chief executive of Vanare, which was founded about six months ago.

Following the acquisition of NestEgg, Vanare has $1.5 billion in client assets and more than 20,000 consumer accounts, Mr. Cancro said.

Alexey Sokolin, NestEgg's founder and chief executive, will become chief operating officer and a partner at Vanare, according to the firms.

“We are integrating all the disconnected wealth management processes into a scalable platform that focuses on both the adviser and client experience,” said Rich Cancro, founder and chief executive of Vanare, which was founded about six months ago.

Following the acquisition of NestEgg, Vanare has $1.5 billion in client assets and more than 20,000 consumer accounts, Mr. Cancro said.

Alexey Sokolin, NestEgg's founder and chief executive, will become chief operating officer and a partner at Vanare, according to the firms.