Dallas-based fintech Indyfin has been acquired by WiserAdvisor, a leading investor referral generation platform for financial advisors and advisory firms.

Akshay Singh, founder and CEO of Indyfin

Fairfax, Virginia-based WiserAdvisor said the transaction will build on its existing product suite and create a comprehensive growth platform for financial advisors. Financial details of the transaction were not disclosed.

According to WiserAdvisor, the acquisition will boost its position in the marketplace by giving financial advisers an online software product to help them gather reviews to earn trust from prospects and more effectively acquire clients.

“Over the past 20 years, WiserAdvisor has utilized its deep understanding of consumer and wealth manager needs to build invaluable marketplace solutions that result in qualified referrals valued at more than $15B assets each year,” Indyfin founder and CEO Akshay Singh said in a statement. “By combining our platforms, we become the first in the industry to offer growth through referrals and significantly increase online visibility, all while fostering consumer trust.”

‘A game-changer for the wealth management industry’

Founded in 2018, Indyfin launched its investor experience platform in March 2022. The startup says its platform has “redefined how consumers discover, research, and connect with financial advisors.”

Indyfin was a finalist at The Innovation Awards 2023 from Dallas Innovates and D CEO in the category of Innovation in Finance.

Via Indyfin, financial advisers can gather valuable client feedback, ratings, and reviews, building credibility and trust online.

WiserAdviser noted that beginning in November 2022, a new SEC marketing rule allowed financial advisers to use client testimonials to market their businesses. Individual data-rich adviser profiles informed by client feedback provide investors trust and confidence by offering complete transparency into the qualities that make each adviser unique, the company said.

“For over two decades, we’ve been directing investors to financial advisors online,” WiserAdvisor CEO Rishi Bharathan said in a statement. “Indyfin’s review platform is a game-changer for the wealth management industry. Verified client reviews offer social proof that disrupts the industry, much like it has done for attorneys and physicians.”

Indyfin’s platform

In addition to promoting online growth, Indyfin’s platform also helps financial advisers gather feedback from their clients and improve their practice with data-driven decision making, WiserAdviser said. That helps advisers better serve their clients, grow their share of assets under management, and earn organic referrals within their existing client base, the company said.

WiserAdvisor said it plans to integrate these benefits quickly into its existing platform offerings.

“As wealth management firms become more sophisticated, Indyfin’s data driven approach to measuring client satisfaction and referrals provide invaluable insights,” Bharathan said. “The platform’s client feedback tools make it easy to identify the practice’s Net Promoter Score, a likely indicator of how strong the advisor’s internal referral flywheel is performing.”

WiserAdvisor COO/CMO Lotia Mitter said the company is committed to operating Indyfin’s platform as an independent entity while continuing to serve its current clients.

“The combined resources and collaborative efforts of the two companies and their teams will expedite the development of new API’s and deep integrations with advisor CRM’s and other industry partners,” Mitter said.

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