The face of Addepar leaves the company amid intrigue about just where it stands with the RIA market
Mike Paulus was company president during its formative time and exemplified its faith in youth
UBS bets its 'wealth' future on ex-Schwabbie Naureen Hassan, a corporate digital A-lister, who analysts give a fighting chance to transcend PaineWebber's ossified culture
Still a $2-billion cash-flow cow, the Swiss bank's 6,000-broker, US-based wirehouse is milking aging broker relationships with aging investors but needs a new kind of human presence, empathy, mindset and smarts to draw in Gen Z.
July 16, 2022 – 1:35 AM
Joe Lonsdale is prepping Lonsdale Investment Technologies for launch 13 years after founding Addepar -- with the new business model too cannibalistic for comfort, some say
The Austin, Texas, serial entrepreneur is still executive chair of, and a big stakeholder in, Addepar but may need a fresh start to manifest his hyped vision of creating high bandwidth financial flow between retail investors and vast private markets.
February 23, 2022 – 12:09 AM
Surfing a $15-billion-a-week asset growth meteor, Addepar CEO Eric Poirier hires an owner as president to achieve 'escape velocity' and keep operations from flaming out
Addepar is fast nearing $3 trillion, it says, after a 50% RIA asset spike in 2020. Now an Addepar owner through Valor Equity Partners is stepping in to safeguard or supercharge his investment depending on the point of view.
April 9, 2021 – 11:03 PM
Addepar hires Advent genius then launches 'Advent Converter' to court the RIAs still on Axys and APX ; PortfolioCenter 'easy button' comes next
The tactic by the Mountain View, Calif. firm and Advent co-founder and code avatar Steve Strand comes a decade after Orion, Black Diamond and Tamarac began feasting on the legacy corpses, but Addepar insists meat remains on the bone.
March 3, 2020 – 5:05 PM
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J. L. Livermore
I like Tim’s “toe dipper” euphemism for “cheap”. This could be the cause of Addepar’s lack of disruptive success, but I think it goes far beyond that. The attitude “we are geniuses and we’re here to help you because we know better” exuded by Addepar is not attractive to a largely conservative industry.
Addepar has failed to identify with the average RIA. The average RIA is over 50 years of age; has a vested interest in not changing things if they are not looking to scale; is fully entrenched with Microsoft technologies; loves Excel; thinks of Outlook as a viable CRM and subscribes to what I will call old-fashioned stereo-type of what a professional services company should look and behave like.
VC may be impressed with the brilliant, free-thinking, undisciplined t-shirt-wearing-20-something skateboarding down the hall while contemplating the next algo. However, this is not what most in our industry would care to know about let alone see. Our industry is conservative by nature, it likes to see stability in its environment as it battles the instability of global markets.
One thing that VC and RIA do share is their view of “the team”. And if the executive, sales & marketing team seems weak or immature it doesn’t matter how great the tech is. While it might be cool that the worker bees are from the top 1% of their graduating class, generally speaking we don’t care. The techies are there to build and keep the machine operating. And while it might be impressive to claim a bull pen of 80 of the nation’s top engineers. That burn rate is not sustainable without a seasoned and savvy executive team out in front leading the charge and building the relationships through trust – not tech-wow.
I believe it is Addepar’s choices of executive, sales and marketing team members will make or break them in the end. I suggest they forget the assumptions regarding this industry and spend some time listening and take heed to the adage that “old age and cunning will overtake youth and vigor” especially in this industry.