Savvy Wealth, an AI-native registered investment advisor, has launched a proprietary private markets program.
The multi-vintage program will feature a variety of asset classes with an initial focus on a select group of venture and growth managers. Advisors on Savvy’s platform will be able to bring qualified purchaser clients into pre-IPO investments through a single commitment.
Savvy partnered with Allocate, a $5.8 billion private markets technology platform that works with more than 400 advisor firms, to build the program. (Dynasty Financial Partners also partnered with Allocate to launch a similar program earlier this year.)
Through the platform, advisors can offer eligible clients pre-vetted managers selected through a research and due diligence process overseen by Savvy’s investment team. It also provides access to multiple managers across asset classes and vintages, and consolidated subscription, reporting and tax documents, integrated with the rest of the client’s portfolio on the Savvy platform.
Savvy teased the move earlier this year.
“There’s more than enough [alternative] solutions out there now,” Savvy Chief Investment Officer Anshul Sharma told Wealth Management at the Wealth Management Edge conference in June. “The problem is navigation. How do you take a marketplace of 400 individual solutions as an advisor, right? The first step is curating to simplify for advisors. … We’ll shoulder that responsibility.”
Sharma joined Savvy last August from Bank of America, where he was a managing director and senior portfolio manager at Merrill Lynch.