Life-centred advice platform, Lumiant, has extended its successful $1.17M Seed Equity Crowdfunding round with Equitise. The company intends to raise a further $2M to meet the high demand for its services, investing in its ability to scale and increase its distribution throughout Australia.
Built for Financial Advisers by Financial Advisers, Lumiant is transforming the financial advice industry by providing a software supported advice process that places the client at the heart of the experience. Using a unique combination of psychographic data and financial data, Advisers can help their clients shape and sustain extraordinary lives.
When I founded Lumiant, I wanted to change the industry so that it delivers on the promise of advice. Building Australia’s first mass-personalised scaled advice platform to allow Advisers to control their client experience. An experience that brings to life the rich conversations they have with their clients. Where clients can log on and see how they are tracking against their life ambitions, through our fully integrated whole of life digital platform” said Santiago Burridge, CEO at Lumiant.
Since launching in February 2021, Lumiant has already seen significant growth. Over 1,000 households are now on the platform, and demand only continues to increase as Advisers transition towards ‘Above the Line’ value propositions, where the focus shifts from money to meaning.
“I am delighted with how far we have come in such a short space of time, but it has not surprised me. For too long, the industry has focused on product and meaningless benchmarks. But these don’t offer real value to people’s lives. What we care about are the life outcomes that our Advisers help us to achieve, and this is exactly what Lumiant helps them to do,” said Burridge.
Co-founder of Australia’s leading Equity Crowdfunding platform Equitise, Jonny Wilkinson, says that “Lumiant is really addressing a significant issue in the financial advice industry. That’s why we supported their initial raise and were keen to back an extended Seed Round.”
“Its business is growing at a rapid rate and it makes sense to raise further capital to meet the demand and capture market share to become the leader in client-centric software supported advice.”
A further driver for Lumiant’s rapid success is that it is compliant by design. According to recent research from Deakin University, 73 per cent of Advisers are experiencing high levels of stress, driven by regulatory and compliance demands. This distracts them from the high levels of meaning and purpose in their role, as they are constrained from multiple sides.
“As a former financial adviser, I understand the pressures Advisers face. For too long, they have been the punching bag in an environment where they had little control. Lumiant frees them from regulatory and product constraints. Each module has been carefully mapped against the FASEA code of ethics, as well as ensuring Advisers can easily adhere to Know Your Customer and Best Interest Duty requirements by letting the customer scope their advice,” said Burridge.
“This is a game-changer for the industry. When you invest in Lumiant, you are not just investing in technology, you are investing in a new way of life for Financial Advisers. One which is augmented with a platform built to partner with Advisers to drive higher engagement and supports them in deeply understanding their clients to help them live their best life.”
Since launching its capital raise to the public on 29th May, the company has already raised over $600,000, surpassing its minimum investment target of $500,000. The round is due to be closed before 22nd June 2021. For more information or to invest in Lumiant, visit www.equitise.com/offer/lumiant-offer2