WealthTech Today

Aug 30, 2024

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The $59 Trillion Question: How Vanilla Plans to Leverage New Funding Round to Revolutionize Estate Planning

The wealth management industry faces a seismic shift. A staggering $59 trillion wealth transfer looms on the horizon, promising to reshape the landscape of estate planning. Meanwhile, technology stands ready to modernize this traditionally paper-heavy process.

Enter Vanilla.

 

This newcomer to the estate planning software arena has just secured a significant round of funding. Their move underscores a growing appetite for innovation in a sector long dominated by conventional methods.

 

I recently sat down with Gene Farrell, CEO of Vanilla, to discuss the company’s latest fundraising efforts and their vision for the future. Our conversation painted a picture of a company with bold ambitions, operating in an industry primed for change.

The Farrell Factor

 

Vanilla’s story began in 2019 with its founding by Steve Lockshin. Although it wasn’t until early 2023 that they launched their first product.

 

Farrell was brought on board as CEO in 2021 and his background is noteworthy since he came from outside of wealth management. His journey started with two decades at Coca-Cola where he led the development of their groundbreaking Coke Freestyle Dispenser that has become ubiquitous in fast food restaurants and movie theaters.

 

This hands on experience building a new product led him to leave the beverage business and take a job at Amazon Web Services (AWS) during its early growth phase. When he joined AWS, their revenue was less than $3 billion. By the time he left in 2017, it was over $17 billion.

 

Farrell then joined Smartsheet, a SaaS project management application in the role of Chief Strategy and Product Officer.  Smartsheet grew from less than $100 million in revenue to over $600 million by end of his time there. They reached $1 billion in annualized recurring revenue (ARR) in Q4 2023.

 

His experience at AWS and scaling Smartsheet from a tiny private company to a mid-sized public company have given him insights that should prove valuable in navigating Vanilla’s growth trajectory.

 

Despite their product only being on the market for a year and a half, Vanilla has been making waves. The company has gained particular traction among enterprise wealth management firms. While Farrell kept most client names under wraps, he did reveal one marquee customer: Vanguard, which is known more for their asset management group but also has quietly built up a large wealth management business that serves HNW clients called Vanguard Personal Advisor.

 

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Read more: The $59 Trillion Question: How Vanilla Plans to Leverage New Funding Round to Revolutionize Estate Planning

[WealthTech Today, Craig Iskowitz]