Aquilance Secures $16 Million Growth Investment to Enhance Services
Aquilance, a leading technology-enabled provider of personal financial administration services, has announced a significant $16 million growth investment. This investment, led by Ten Coves Capital, allows Aquilance to further develop its offerings to meet the increasing demand from financial advisors and high-net-worth clients across various wealth management firms.
Meeting the Needs of Wealth Management Firms
The new capital will play a crucial role in enabling Aquilance to respond to the rapid growth in demand for family office-style solutions among financial advisors. For many wealth management firms, meeting the intricate needs of their clients—especially those with assets exceeding $10 million—has traditionally presented a challenge. Aquilance aims to fill this gap by providing solutions that can scale effectively, allowing advisors to focus on delivering superior client service.
Investment Initiatives to Propel Development
Aquilance, with a rich legacy of 39 years in the industry, is poised to use this investment to enhance its bookkeeping, bill payment, and multi-entity accounting capabilities. By deepening integrations with wealth management firms and expanding their support for enterprise partnerships, Aquilance is set to redefine the way personal financial administration services are provided.
CEO John Carey emphasizes the importance of this initiative, stating, "Financial advisors have struggled with limited options to provide essential services like bookkeeping and bill payment. Our goal is to alleviate this burden, allowing advisors to offer seamless and compliant solutions to their clients."
Transforming Financial Administration for High-Net-Worth Clients
Aquilance’s innovative approach promises to act as an extension of financial advisors’ teams. By combining automation with expertise, Aquilance ensures that clients receive tailored financial administration services, thus enhancing the overall client experience. This model not only simplifies tasks for advisors but also enriches the advising process, allowing for more meaningful interactions with their clients.
Strategic Insights from Ten Coves Capital
Ten Coves Capital brings extensive experience in investing in technology-driven financial solutions. The firm is known for its early investment in Bill.com, a platform that revolutionized bill payment services. Their support for Aquilance illustrates their belief in the company's ability to innovate within the wealth management landscape.
Ned May, Managing Partner at Ten Coves Capital, remarked on the significance of Aquilance's services. "High-net-worth families lead complex financial lives that require specialized solutions. Aquilance stands ready to meet these challenges head-on, providing a tech-enabled operational platform that helps advisors serve their clients efficiently and profitably."
Future Directions for Aquilance
With the infusion of new capital, Aquilance is set to accelerate its product development initiatives significantly. The firm aims to expand its national delivery capabilities, solidifying its position as a go-to operational partner for wealth management firms looking to modernize their personal financial administration services. This investment marks a pivotal moment for both Aquilance and the broader financial advising community, setting the stage for a new era of operational excellence.
About Aquilance
Founded in 1987, Aquilance specializes in technology-enabled personal financial administration tailored for affluent families and their advisors. Its innovative services include bill payment, personal bookkeeping, multi-entity accounting, document management, and comprehensive financial reporting. Aquilance serves hundreds of families nationwide, positioning itself as an essential operational support system for wealth advisors, delivering precise and timely data that enhances informed decision-making and effective legacy planning.
Media Contact
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R.J. Walker & Co.
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Frequently Asked Questions
What is the purpose of Aquilance's recent investment?
The $16 million investment will enhance Aquilance's service offerings to better meet the needs of financial advisors and high-net-worth clients.
How does Aquilance support financial advisors?
Aquilance acts as an operational extension of advisors' teams, providing administrative support like bookkeeping and billing services.
What makes Aquilance different from traditional options?
Aquilance combines advanced technology with personal expertise to streamline financial administration, unlike traditional methods that can be cumbersome and inefficient.
Who leads the investment in Aquilance?
The investment is led by Ten Coves Capital, a firm with a strong track record of supporting innovative financial technology companies.
What are the future plans for Aquilance?
Aquilance plans to accelerate product development and expand its service delivery to maintain its position as a leader in personal financial administration.
