By Julie Earle-Levine | New York Post
A tech platform that integrates robo financial advice and traditional wealth management handholding is launching just as the market is hitting all-time highs.
New York-based Vanare just snapped up NestEgg Wealth last week in a private deal said to have a valuation in the tens of millions.
The merger plan is to deliver a platform that supports both millennials, who say they tend to prefer digital online financial advice over human contact, as well as baby boomers who rely on financial advisers.
The combined company will capture millennials, says Vanare CEO Rich Cancro, a 20-year Wall Street veteran who launched with the company’s first investment adviser client last summer.
Alexey Sokolin, 30, who founded NestEgg in 2010, will now be a partner and COO.
Sokolin says he launched NestEgg to help millennials invest online and get financial advice — and ultimately discovered $14 trillion in assets in that market, $3 trillion of which is managed by independent financial advisers.
“We are not trying to spend lots of money to position ourselves as separate. We are working in partnership with financial advisers, ” Sokolin told our Julie Earle-Levine.