Compound's Path to Private Banking

The upside comes from Compound starting with a software problem, then expanding into a private bank style relationship. The first job is to show startup employees and founders one live balance sheet across Carta, Shareworks, bank accounts, funds, crypto, and legal documents. Once that record exists, Compound can sell higher value work like tax filing, liquidity planning, private investments, estate planning, and diversification, which become more valuable as a client moves from a few million dollars to tens of millions.

• Savvy targets the same $1M to $20M customer band, but its engine is advisor acquisition. It buys or recruits RIAs with existing books, then helps them prospect better and manage held away assets. That model scales advisor productivity, but it does not naturally turn one client record into a broader ultra high net worth product bundle the way Compound can.
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• Compound already does the hard part of upmarket wealth management. It tracks illiquid assets, monitors things like 409A changes and QSBS timelines, stores documents like 83(b) forms and K-1s, and helps clients model secondaries, taxes, and concentrated stock risk. Those are exactly the messy workflows that get more painful, not less, as wealth compounds.
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• This is the opposite of Mint and classic robo economics. Mint monetized referrals at roughly $2 to $3 ARPU. Robo advisors charged 20 to 25 bps and needed huge AUM to matter. Compound starts with richer clients, charges far more per relationship, and can add services each time a client has a new liquidity event, trust question, or private deal opportunity.
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The likely next step is a climb from startup focused advisor into a modern private bank for tech wealth. If Compound keeps owning the source of truth for private assets and the moments when clients need to act, it can keep moving from planning into execution, and each step upmarket should raise revenue per client faster than headcount.