Client advisory tech platform Lumiant turbocharges US push with $5.2m seed round

Client advisory tech platform Lumiant turbocharges US push with $5.2m seed round

L-R: Invest Blue managing director David Stephen and Lumiant founder and CEO Santiago Burridge.

Sydney-founded Lumiant has locked in US$3.5 million ($5.2 million) of seed funds in order to bolster its pursuit of the US market and develop a mobile version of its advice and client engagement platform.

Funding for the seed round came from Australian financial planning firm Invest Blue and returning investor US-based wealth management group Savant Wealth Management, and boosts the group’s capital raised to date to approximately $12 million.

Securing the funding comes shortly after Lumiant received an investment in January from legendary financial advisor Ric Edelman who founded investment advisory giant Edelman Financial Engines. The terms of that financial support were undisclosed.

Founded in Sydney by CEO Santiago Burridge in 2020 and launched in the US last May, Lumiant offers its users a platform that assists advisors in connecting with clients, giving them access to cloud-based solutions and tools to transform client conversations into quantifiable outcomes.

These tools will soon make their way to a new mobile app for Android and iOS devices ‘in the coming months’ post-seed round, according to Lumiant.

The raise will also support the growth of the business in the US, following a strong growth year for the company which increased the number of clients on its platform by approximately 44 per cent in 2022.

Currently, the tech company says more than 60 advisory firms use Lumiant’s advice tools to deepen their relationships with existing and prospective clients.

“Lumiant is committed to helping individuals and their families live their best lives,” Burridge says.

“By meeting clients where they are—on their mobile devices—we can enhance their ability to track progress toward their goals.

“We’re thrilled to have backers who understand the wide-reaching appeal of our advice engagement technology and its ability to transform the advisor-client relationship.”

Savant Wealth CEO and founder Brent Brodeski, whose company invested US$3 million into the Australian tech play last June, said Lumiant had ‘myriad benefits for advisors’.

“As such, we’re pleased to double down on our investment and help bring this next-gen experience to mobile,” Brodeksi says.

“We’re confident that our clients will benefit from the ability to monitor progress toward their life and financial goals in real time and on the go.”

Invest Blue managing director David Stephen describes the Lumiant platform as ‘the future of our business and the industry’.

“As we were considering ways to better serve our clients, with a focus on empowering them to live their best possible life, we had initially considered developing our own client engagement tool in-house,” Stephen says.

“When we discovered Lumiant’s digital platform, which focuses on assisting advisers to allow them to have more meaningful, values-based conversations with their clients, we realised we were looking at the future of our business and the industry.

“We are subsequently proud to lend our financial backing and look forward to partnering with Lumiant to empower more families around the world to live their best possible life”

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