Axios
Axios Exclusive: Estate planning startup Vanilla raises $35 million
Vanilla, which provides estate planning software for financial advisers and wealth management firms, has raised $35 million, CEO Gene Farrell tells Axios exclusively.
Why it matters: More than $80 trillion in assets will be handed down through the great wealth transfer, but only about a third of Americans have an estate plan.
How it works: Vanilla’s platform enables financial advisers to create new estate plans for clients who don’t have them, review and update existing plans, and analyze and optimize taxes for those with more complex needs.
It uses AI to ingest existing client documents and extract information related to beneficiaries, fiduciaries, and key provisions.
The software can then create summaries and visualizations of estate plans, helping clients identify opportunities to improve them. “What we’ve done is built this platform to enable and empower advisers, and it starts with understanding where the client is today and then being able to guide them,” Farrell says.
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Read more: Exclusive: Estate planning startup Vanilla raises $35 million
[Axios, Ryan Lawler]
Published: Oct 16, 2024
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