Black Diamond founder Reed Colley and veteran Advent Software executive Anthony Sperling launch a new platform to enable RIAs to create their own private tech stack via today’s latest technologies
Summit Wealth Systems (“Summit”), a cloud software company focused on wealth managers and their clients, has announced the launch of their new WealthOS powered by Summit’s “Abundance” engine. Summit’s modern approach to scaling wealth management elevates the advisor-client experience and will transform how advisors work with clients by creating a platform that truly reflects each firm’s values and approach.
Summit leverages the latest cloud-native technologies to enable advisors to design their own personalized, modern, mobile, and desktop applications by creating each firm’s own private tech stack. Summit integrates personalized wealth modeling, financial planning, and advisor-client collaboration tools along with robust portfolio management and performance reporting capabilities to deliver a significantly more humanized wealth experience for advisors and their clients. Additionally, through advanced data management technologies, advisors will own, control and manage their own data that is secure, private, and not commingled with other advisors’ data – addressing a significant issue common to today’s legacy systems.
“The reason I came back to the wealth management space is that I love partnering with great advisors to innovate and deliver transformational solutions to unlock and accelerate their businesses,” said Reed Colley, co-founder and CEO of Summit. “In the last 10-20 years, wealth management has changed dramatically, as clients want more personalized solutions to better align their wealth with their values and purpose. Advisors are supplementing with manual or homegrown tools and need better solutions to keep pace with the change, powering them now and in the future. We’ve built WealthOS to deliver a truly modern experience that is tailored for advisors and their clients to help them both achieve their goals.”
“We interviewed over 100 leading RIA executives to gather their feedback for what they wanted in a technology solution to address their clients’ changing expectations and how they can better manage their businesses”, said Summit COO and co-founder Anthony Sperling. “They told us the existing systems are feature-bloated, have lacked real innovation, and were built to solve the problems of two decades ago that don’t reflect their clients’ current personalized needs. Summit’s WealthOS not only helps deliver personalized solutions, but it also brings back Reed’s original focus to help advisors ‘be great’ by delivering simple elegant solutions to finally scale wealth management.”
Summit’s WealthOS also introduces, via a mobile-forward design, comprehensive client wealth journey mapping, holistic visual balance sheet perspective for a human-based total wealth view, the elevation of CRM capabilities, intuitive document management, robust billing and revenue projection, along with key custodian and 3rd party integrations. Under the hood of all this is Summit’s Abundance engine, the metadata-driven system that leverages “Atomic Design”, and enables advisors to personalize and implement their own private tech stacks through a highly intuitive, visually compelling, and configurable interface.
“As we’ve studied the behavioral and wealth psychology of clients, we found that many clients are coming to their advisors with the question of ‘Are we okay?’” noted Colley. “Most of these clients are fortunate to have plenty but are entering with a scarcity mindset versus one of abundance. Abundance is a collection of things for each of us, including wealth, experiences, impact, and how we spend our time. By focusing on great human outcomes that are based on the client’s values, Summit delivers solutions that help advisors shift their clients’ mindset to one of abundance. As we exit Beta, I’m so grateful to be part of such an aligned, diverse, and talented team that partners with great advisors to, together, reframe wealth management.”
Strengthening their commitment to their clients, Summit has partnered with permanent capital investors Arena Holdings and Filbert Holdings who recently led Summit’s Series A $20 million funding round.
“While advancements in cloud software have driven profound change in most other industries, there has been very little disruptive change in RIA core systems since Reed founded Black Diamond over a decade ago,” said Eli Weinberg of Filbert Holdings. “Summit has built a modern and intuitive new operating system for RIAs that is poised to become the industry standard for advisors who want deeper and more profound relationships with their clients. We are delighted to partner with them in this journey.”
Also joining the Series A investment was Jackson Square Ventures, an initial investor in Summit, increasing their existing investment. The proceeds of the funding will be invested to significantly grow Summit’s development and service teams, as well as for expanding sales and marketing resources.
To learn more about Summit’s offering and approach, visit www.summitwealth.io
About Summit Wealth Systems
Founded by industry veterans Reed Colley, founder and former CEO of Black Diamond, and Anthony Sperling, Summit Wealth Systems is a modern and innovative enterprise software company focused on wealth managers and their clients. Their simple and elegant approach to scaling wealth management elevates the advisor-client relationship and will transform how advisors work with clients.