Note from the Publisher: We certainly don’t want to gloat at any entrepreneur’s misfortune, as we appreciate all the work it takes to launch and grow a new endeavor. However, the robo formerly known as SheCapital only managed to gain $1.3M AUM during its short life, and with compressed fees, that would have netted about 10 cents in annual income for its founder (we exaggerate, but I think our RIA readership gets the point). Robos are a fantastic new wealth management vehicle, but just building them doesn’t ensure “they will come”.
“Woman-focused robo-advisor SheCapital has ceased operations.
‘We did not have the profits I hoped to have had,’ said founder Tina Powell in an interview with ThinkAdvisor. ‘The fact that other platforms have launched is very positive,’ she said. “They have significant backing and an existing community to build on. This doesn’t guarantee success, but could give them a running start that SheCapital could have benefited from.
Powell helped launch SheCapital about a year ago. Its roughly $1.3 million of client assets are being moved to Beacon Wealth Management, where she is director of business management.