Aquilance, which offers private monetary administration for ultra-high-net-worth households and household places of work, has employed Kevin Reed as the corporate’s first chief income officer. He joins from Morningstar, the place he served as international head of channels and partnerships, constructing the enterprise partnerships follow and launching integrations with such tech corporations as iCapital, Broadridge and Luma.
Reed’s addition is a component of a bigger effort by Aquilance to construct out its C-Suite workforce. In June, the corporate employed John Carey, the previous head of client experiences for Envestnet, as CEO. Carey took over for Kenneth Eyler, who moved to Cresset as managing director of household workplace providers.
Craig Setera, a former vice chairman of engineering at Envestnet, additionally joined Aquilance this 12 months as its first chief know-how officer. Setera is presently constructing a extra scalable tech platform that may permit the corporate to go down market. Aquilance’s present common shopper has about $100 million in web price, Reed mentioned.
“To have the ability to deliver our answer down market, in a approach that shoppers in perhaps the high-net-worth area see the worth in paying for the providers we’re providing is basically interesting to us and interesting to the corporations we work with,” Reed mentioned.
The corporate created Reed’s place with a watch towards progress. Whereas the corporate’s clients are the ultra-high-net-worth, plenty of its enterprise is referred by monetary advisors at wirehouses, RIAs and multi-family places of work. Aquilance works by means of its advisors to help with bookkeeping, invoice pay, funding and entity accounting.
“From an advisor perspective, that is actually beneficial as a result of we’re truly taking that info, and we’re producing private monetary statements, multi-entity monetary stories, cash-flow evaluation—all this stuff the advisor actually wants to have the ability to ship on monetary planning and reporting and all of the belief and property planning work that they do,” Reed mentioned.
Reed can be liable for the branding, advertising and marketing and schooling of monetary advisors.
“Many instances advisors have turn out to be an unintentional invoice pay service, but it surely’s not scalable. Their shopper service affiliate is just doing this for 2, three or 4 shoppers,” he mentioned.
“Our know-how platform permits us to sort of professionalize the complete expertise.”
Reed may even work on getting advisors to refer the service extra proactively.
“What you’ve usually seen from advisors is that they carry in a service supplier like Aquilance when there’s an issue. The shopper has a really clear occasion, they usually’ve recognized it that they now not wish to pay their payments.”
The corporate sees an enormous progress alternative there.
“Not very many advisors are proactively speaking about this with their shoppers,” Reed mentioned. “If all of us imagine that advisors wish to provide a extra holistic service, you wish to be extra proactive in providing issues like this to your shoppers.”
Aquilance rebranded in 2021 from its authentic identify, My Accountant. At the moment, it additionally went by means of a recapitalization, executed with a gaggle of personal particular person buyers, together with some clients of the agency. My Accountant was based in 1987 by Invoice Farren and Norb Janis as an outsourced invoice pay and accounting agency.
During the last three years, the corporate has tripled its income and doubled the variety of shoppers.