What potential future products and services can Savvy offer their clients?

Advice, planning, and investment management are our core focus in the short term, and that’s through the acquisition and accumulation of clients and AUM. When we have a strong base of clients with trusted advisors, we can help them whittle down the ancillary service providers and financial providers that they may have to go to. 

We asked ourselves, “What are the typical financial products these high net worth individuals need for which they might have to go out of their RIA?” One is risk management—umbrella insurance, life insurance, disability, home, and so on—but for the RIA it's less about “Can we be an insurance company?” and more about “Can we be the broker?”

Another is mortgages. Mortgage requirements are different if you're a high net worth individual. Your assets are probably more valuable to underwrite than your income, or you might have retired early. Typical mortgage brokers don’t see that nuance, though—they just look at W2 income. That’s why we saw a potentially interesting underwriting opportunity there.

A third is margin lines of credit on large assets. Instead of liquidating and paying taxes on that liquidation, you could actually just draw down a very cheap line of credit instead. 

Those are three that we’re thinking about, but  there's plenty more out there. We consider this our Phase 2 of offering financial products. Phase 3 is the point where you vertically integrate the entire stack and actually become a custodian brokerage house and banking operator for these clients, because then they don't have to go to another platform like a Schwab at all. Obviously that’s a super-difficult problem, but that's how we think about it in terms of a long-term, five-plus-year roadmap.