WAYNE, PA & CONSHOHOCKEN, PA, December 5, 2024 — WealthHub Solutions, a leader in client and asset management software for trust companies and family offices, announced it has raised $1.4 million in Series Seed funding led by Rittenhouse Ventures, with participation from Ben Franklin Technology Partners, and CEO Jim Marks. This funding will accelerate WealthHub’s mission to replace outdated manual processes and empower fiduciaries serving ultra-high net worth (UHNW) clients with a modern, integrated customer relationship management (CRM) solution designed for scalable growth.
WealthHub’s enterprise software eliminates paper, improves accuracy, ensures compliance, and enables scalable growth for their customer base. The WealthHub platform makes possible an entirely new operating paradigm for UHNW fiduciaries by transforming CRM into a solution that incorporates ready access to integrated financial and entity data and documents to deliver automated workflows throughout the enterprise across the complete customer life cycle.
Over the past three years, WealthHub has become the preferred CRM solution for UHNW advisors, growing from a dozen clients to over 75 trust companies and family offices, while garnering repeated industry awards. Clients range from de novo trust companies and family offices to the largest single-family offices in the country, multi-family offices, and leading trust companies—including bank-owned, RIA-owned and independent trust companies.
The wealth management platform market is experiencing robust growth, with current estimates forecasting continued 15% CAGR growth to more than $10B by 2029. This is driven by a massive transfer of assets under management as baby boomers start to pass their accumulated wealth to heirs through trusts over the next 30 years. According to The Journal of Gift Planning, we are in the middle of a $41 trillion to $73 trillion (in 1998 dollars) intergenerational transfer of wealth that will not end until 2050.
Existing solutions in the market address individual pain points for trust administrators such as accounting or document management, but none provide the overlay across all of the digital processes customers need to holistically manage their day-to-day workflow of onboarding, administration, and reporting. WealthHub’s solution is replacing work done today typically via spreadsheets, manual data entry, and even paper-based filing systems.
“With such strong underlying secular growth trends, we think WealthHub is ideally positioned to take advantage of the market opportunity created by the wealth transfer dynamics currently underway. In a market characterized by stagnant solutions, WealthHub brings a fully integrated platform, purpose-built for the unique needs of customers who need to work with high volumes of UHNW assets and trusts.” said David Nevas, General Partner of Rittenhouse Ventures. “We’re impressed with WealthHub’s strong business fundamentals, capital efficiency and expansion through organic product-led growth. We’re excited to partner with the management team and enable them to achieve their vision of becoming a market leader.”
“We greatly appreciate the long-time support of both Rittenhouse and Ben Franklin Technology Partners.,” said WealthHub CEO, Jim Marks. “Their confidence in our potential to bring much-needed technological improvements to trust companies and family offices is now translated into new resources we will use continue our rapid growth of the last few years as we stay focused on transforming the efficiency and compliance of UHNW advisors through modern integrated solutions.”
WealthHub continues Rittenhouse Ventures’ long history of investing in Fintech and software solutions for the Financial Services market. Other portfolio companies include Maverick Solutions (acquired by Fiserv NYSE:FI), Miria Systems (acquired by Patriot Financial), and SquareFoot. Since its inception in 2008 Rittenhouse Ventures has invested in over 30 companies and deployed more than $60M in capital.
This project was financed in part by a grant to Ben Franklin Technology Partners of Southeastern Pennsylvania from the Commonwealth of Pennsylvania.
About Rittenhouse Ventures
Rittenhouse Ventures is a leading venture capital firm providing the financial and intellectual capital that CEOs and their executive teams need to grow and scale their companies. The firm’s team brings decades of combined investing, operating and sector experience to each investment, which is tailored to each business’s strategy, stage and operating needs. Rittenhouse targets high-growth vertical SaaS, financial technology, and healthcare IT companies located primarily in the Mid-Atlantic, but also in other under-served regions of the country, with $1 million to $10 million in revenue. Investments also include buyouts, recapitalizations, spinouts, and secondary stock purchases. For more information on Rittenhouse Ventures, please visit RittenhouseVentures.com and follow on LinkedIn.
About WealthHub
WealthHub Solutions provides an administrative operating platform for trust companies, family offices, and other ultra-high net worth fiduciaries. WealthHub allows trust administrators to organize all their information in one digital vault—trust details, documents, account and asset data, activity records. It leverages this digital data foundation into automated workflows for common activities like account or entity onboarding, distribution review and approval, bill payment management, or compliance reviews. Built on Salesforce, WealthHub turns CRM into the tool for UHNW advisors that dramatically improves efficiency and customer service quality while reducing risk and providing greatly enhanced management reporting. For more information, please visit WealthHubSolutions.com.
