Elements is making its financial planning and prospecting tools free for advisors in the earliest stages of their career.
A mobile-first digital platform, Elements offers financial health assessment and monitoring based on 11 “vital signs,” generating scorecards along with actionable insights, prospecting capabilities and one-page financial plans.
Under the “three for free” program, registered investment advisors and broker/dealers with no more than three clients on their ADV will be able to access the digital service free of cost. It’s the latest move by the company to support developing independent advisory firms.
In late October, Elements announced the creation of a co-branded app meant to help RIAs capture and develop fledgling investors. Earlier this year, a training program for advisors seeking to implement subscription-based services was introduced.
Launched in 2020, Elements has billed itself as both a democratizer of financial advice (reducing the time spent on low-revenue accounts) and facilitator of conducive conversations (identifying and simplifying compelling trends), that is well suited to advisors with clients still in the accumulation phase. But the company says its services are suited to investors at any stage or tax bracket.
“By providing our platform free of charge to startup advisors, we're not just offering a resource; we're investing in the future of the industry and in the success of tomorrow's financial leaders,” CEO Reese Harper said in a statement. “It's about fostering a community of well-equipped, confident advisors.”
According to Director of Advisor Success Jordan Haines, helping advisors at the commencement of their careers to gain more clients is a smart move for Elements’ own growth.
“It just makes sense to give younger firm owners a greater chance to succeed,” he said. “If they succeed, so do we.”
Since launching, Elements has raised more than $9 million in venture capital funds, including a $5 million seed extension announced in early 2023. The company has subsequently more than doubled the number of firms using its service to over 500.
“Funding will go toward ongoing growth initiatives and product enhancements,” COO Wade Anderson said at the time. “We’re adding more integrations to the Elements platform and building some soon-to-be-announced features we think will really change the industry.”
Some of those will be designed for mobile application first, per Haines, but only where it makes the most sense.
With 10,000 end investors, the split between iOS and Android users is pretty even, he noted, with slightly more logging in on Apple devices.
