FindBob announced today the close of the seed round at over $1.25 million. The capital will allow FindBob to grow its sales and marketing teams, expand into additional U.S. markets, and execute on its multi-generational product roadmap.
FindBob is the leading provider of transition management platforms for the financial services industry. It supports both the financial industry and consumers by helping practice owners safely discover opportunities to buy, sell, merge, partner, or address succession and to be confident in their plan for the business they worked so hard for.
“We have an incredible opportunity to make a meaningful impact on one of the industry’s biggest threats which is the lack of continuity within financial services,” said Roland Chan, FindBob founder and CEO. “Insurance and financial advice matter, and by aligning the interests of advisors, agents, and their companies through the effective use of digital transition management platforms, we’re helping orchestrate growth and perpetuation like never before.”
Des Moines-based Grinnell Mutual lead the investment, along with MaRS Investment Accelerator Fund and Ames Seed Capital, with follow-on investment from the Global Insurance Accelerator and Canadian and U.S.-based angels.
“There is a large market for transition assistance in many personal services industries,” said Dave Wingert, Grinnell Mutual executive vice president, chief operating officer, and acting president. “Because of an impending generational shift of wealth coming — the largest ever — providing business and transition advice and networking opportunities to those personal service businesses will fill a critical need and help them stay viable. Grinnell Mutual is excited to have the chance to support that kind of initiative in a rapidly expanding market.”
Information provided in a press release said the average age of the North American independent producer is 59 years old, with over $2.5 trillion in AUM (Assets Under Management) controlled by producers in their sixties. 80% don’t have transition plans and no next-generation talent to take the reins.
“As a successor to a life insurance agency in Canada, I founded FindBob to address a massive industry problem: the lack of perpetuation in insurance and financial services industry,” said Chan. “I’ve witnessed first hand the effects leaving transition to an event like death, disability, retirement or loss of license can have not only on the practitioner but to their firm, their families, and above all else to consumers.”
Chan launched the company in 2015, combining his knowledge of the industry with his technical acumen as a former software architect.
“We have a responsibility to uphold the promise to consumers that we’re building practices of endurance that will survive their principal’s career and be there when the consumer’s business or family needs them most,” says Chan. “FindBob is the innovation that allows firms and advisors to collaborate to ensure continuity and growth in an industry that we love so dearly.”