WealthReach announced Thursday that it acquired the intellectual property (IP) assets of Model FA, a provider of coaching, marketing and development services for financial advisors. WealthReach said it will combine its AI-based prospecting tools with Model FA’s resources to launch a consultancy to help advisory firms build an organic growth strategy and use AI to scale it.
The acquisition was completed on April 2, a WealthReach spokesperson told WSR.
“Model FA was built to give advisors the coaching and development resources they need to grow their practices through real relationships and scalable systems,” David DeCelle, Model FA CEO and WealthReach Co-Founder, said in the news release. “WealthReach is taking these proven systems and pairing them with AI tools and hands-on consulting to help firms better identify, reach and attract in-market prospects.”
The company said it is addressing advisory firms’ need for clarity on whic AI tools to prioritize and how to implement the tools in a compliant way. WealthReach’s consulting practice will address SEC and FINRA considerations.
“Most advisory firms have pieces of a growth strategy—a referral program here, some content there, maybe a social media presence—but nothing that connects into a cohesive system for consistently attracting, converting and multiplying ideal clients,” according to Michael Barrasso, CEO and Co-Founder of WealthReach.
“What we’ve built changes that,” he said in the news release, noting WealthReach “can help an advisory firm build a comprehensive organic growth strategy and give them the AI-powered tools to execute it in a compliant, streamlined way.”
WealthReach, which launched in December, is designed to help advisory firms find and engage with “high-intent” prospects through identifying website visitors, finding other data on prospect intent and creating outreach with AI tools.
In March, WealthReach launched Attract, an AI-based agent for search engine and answer engine optimization that it said was developed for advisors.
The firm expects to announce more platform capabilities in the coming weeks, it said.
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jeff.berman@wealthsolutionsreport.com.
