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The New Definition of 'Wealthy'

The barometer for being wealthy has changed, Advizr raises $7 million, and a Morgan Stanley team in Seattle joins Raymond James.

$1 million isn't considered wealthy anymore. According to a new survey from Charles Schwab, the new barometer for wealth sits at $2.4 million. The survey of 1,000 Americans ages 21 to 75 found that being wealthy could also be defined in a variety of ways, including enjoying life's experiences and being able to afford what you want. Still, $2.4 million is 30 times more than the $80,000 net worth of the typical U.S. household, reports. “Wealth is often thought of as a lofty, unattainable number that doesn’t apply to most of us, but that’s an old-fashioned notion that needs to be retired,” Terri Kallsen, head of Schwab Investor Services, said in a statement.

Advizr Raises $7 Million

Advizr announced Thursday that it raised $7 million in Series A funding, led by Franklin Templeton. The financial planning technology company plans to use the money on developing new products and hiring “top talent” in the tech world. “With this fresh capital, we are accelerating the build-out of more sophisticated functionality that is expected from our top customers,” said Advize CEO Hussain Zaidi. The investment group also included IA Capital, Fenway Summer and SEI, which has incorporated Advizr into its advisor workflows on the SEI Wealth Platform. Wayne Withrow, executive vice president and head of SEI Advisor Network, said, "In order to assist Advizr in bringing their new financial planning technology to market, SEI has also made a small equity investment in the firm.”

Raymond James Swipes Morgan Stanley Team

Raymond James, the Florida-based brokerage, continued its expansion westward and recruited a veteran advisor from Morgan Stanley. Kathleen Hobart will be joining Raymond James & Associates, the firm's traditional broker/dealer in Seattle, and heading The Hobart Group of Raymond James. Previously at Morgan Stanley, she oversaw more than $165 million in client assets and had production of approximately $1.6 million. Senior Financial Planning Associate Denise Leong and Senior Registered Client Service Associate Kristin Carr have joined Hobart at the new group.

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