Change comes for us all. Even wealthtech firms.

Big changes hit the industry this week when InvestCloud CEO John Wise and a handful of other executives at the California-based fintech provider left the organization, a sudden departure seemingly out of nowhere.

Like an "on the website during breakfast and removed from the website by lunch" kind of out of nowhere. 

No specific reason for the change was given. But Richard Lumb, a director on the InvestCloud board and a 40-year industry veteran, will step in as interim CEO while the firm conducts an expanded search for a permanent CEO. 

There will likely be plenty of eyes on how the search plays out. The company that started as an idea in a garage now serves more than 150 asset managers, 400 wealth managers and 140,000 individual financial advisors supporting $6.5 trillion in assets under management and 27.4 million accounts. 

It also remains unclear what Wise — a serial entrepreneur who is a founding member of six companies, including InvestCloud — is up to next. He's kept silent since the split. Check out the full story, and a recap of other C-Suite leaders making sudden moves throughout financial services in 2023, at Financial Planning. 

Also a reminder that Financial Planning's annual INVEST conference is on the way!. To get advisors prepared for this year's two-day event in New York City, INVEST 2023 advisory council member and financial advisor Samuel Deane talks about how wealthtech has made his decision to build a niche advisory firm both possible and profitable.

Deane is one of the many wealth management veterans, innovators and leaders who will share their experience with tech-minded advisors at Financial Planning's 2023 INVEST conference, scheduled for June 12-13 at Hilton Midtown in New York City. Register today to be a part of the action this summer!

Anything else on your mind? Drop me a line at [email protected]. Have a great rest of the week! 

Regards,
Justin

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