Update #11 – June 2023

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Update #11 – June 2023

Sup sup,

June felt kinda good. We expected a slow af summer – but given our otherwise low expectations, numbers for the month were decent.

It’s a seasonally quiet period for our Solo 401k product (turns out people don’t think about retirement accounts unless around deadlines), but our updated offering of creating a custom financial plan for people is resonating. This drove the majority of our sales for the month, and more promisingly, customers are investing dollars where their planner tells them to.

Our mission is to help people make better financial decisions, and it’s increasingly looking like the best way of doing that is with a combination of technology + education + humans to guide them.

MRR: $11,253 (+27%)
Customers: 492 (+12%)
AUM: <redacted>
Runway: 23 months

June Updates

  • Our no-fee roboadvisor is in beta! This will initially be for our Solo401k product, soon expanding to IRA’s, but eventually will even work for traditional accounts. We’re trying to make it ridiculously simple for people to get started – and the combination of setting up a recurring deposit + roboadvisor creates a very straightforward path for a first time user.
  • A big focus for the coming months will be making our financial plan + access to an advisor feature rock solid. It “works” right now, and customers are happy with it – but that’s largely because the planner has been excellent vs any technology we’ve built. But making this really good is our #1 priority.
  • We launched a weekly newsletter – Independent Money. Money stories, expert answers to personal finance questions & tips to navigate being a business owner or working professional. Drops every Monday, subscribe here.

What’s Happening This Month

  • Two priorities on the product front – no-fee roboadvisor + making our financial plan product better.
  • Doubling down on free, live workshops as they seem to be working well for acquisition. One workshop that could be relevant for most people on this list is Personal Finance 101 for Professionals and it’s something we’re going to do monthly. Next one is on July 25 if you wanna check it out.
  • Can’t wait for Julia to start as our founding designer. This list came through big time for recruiting, shoutout to main man TJ Mahony for sourcing this.

How You Can Help

  • Try our financial plan product and give us feedback – it entails an intake survey and a conversation with a financial planner who then drafts a customized financial plan tailored to your situation. For some of the recommendations, you should be able to set up the entire experience on Carry (i.e. make a recurring contribution of $X into your IRA) – and our goal is eventually to handle most of it. Use this link and choose the Pro plan (should be $499 vs $999 regularly).
  • Sign up for our weekly newsletter.