Online registered investment advisor Personal Capital recently surpassed $10 billion in assets under management, according to the firm. The increase in assets represents growth of more than $2 billion since the final quarter of last year, the company said in a statement.
The AUM milestone follows the introduction of a private equity offering for clients with at least $5 million invested at the firm and it comes after the firm launched its FDIC-insured high-yield cash management solution, Personal Capital Cash. Launched last month, Personal Capital Cash continues a trend seen across wealthtech, with firms like Betterment, Wealthfront and Robinhood either launching, or trying to launch, cash management solutions. M1 Finance also indicated it will offer a cash solution at some point this year and human advisors, too, have been drawn to cash management advising opportunities as rates move off of their historic lows.
Meanwhile, Personal Capital has been raising capital, to the tune of $64 million this year. The vast majority of that fundraising had been completed by the beginning of February.
A pair of new hires, with marketing experience at Virgin America and Lyft, respectively, have joined the firm’s push for growth. Porter Gale is now the chief marketing officer and Kira Wampler has been named to the board of directors. They will be helping in the firm’s branding updates.
Personal Capital’s expansion means the firm now has offices in San Francisco, Denver, Dallas and Atlanta. It is headquartered south of San Francisco in Redwood Shores, Calif., and it now has almost 400 employees—with financial advisors representing more than one-third of its workforce, or "just over 130 financial advisors,” according to a spokesperson for the firm.
