I attribute my success to this: I never gave or took any excuse. –Florence Nightingale
Jun 20, 2016, 11:39am MST Updated Jun 20, 2016, 12:14pm MST
Hayley Ringle Reporter Phoenix Business Journal
Longboard Asset Management, a Phoenix financial technology startup, has made big strides since its $5 million Series A funding round in 2011.
“We want to assemble the highest quality level of talent we possibly can, and align that talent to work in a unique culture relevant to the market,” said Wilcox, who grew up in the Valley. “We’ve really created a monopoly in Arizona. We’re the only game in town. We think that’s why we’ve been successful in attracting people here locally.”
Longboard is an alternative asset management company that handles alternative mutual funds and distributes them through financial advisors. It received $5 million in Series A funding five years ago.
“We help financial advisors build higher return and lower risk portfolios for their end consumers,” Wilcox said.
While Longboard sells software attributes without selling actual software, its client communication is similar to a software-as-a-service model.
“We’ve innovated how mutual funds are distributed through financial services,” Wilcox said. “We’ve developed proprietary software and provide management for it.”
Longboard works with 700 financial advisers, with more than half of its assets with independent firms.
Its investment management services are driven by its unique data-drive software platform and sold through UBS, Charles Schwab Corp. and Fidelity Investments.
With Longboard’s founders Wilcox and Eric Crittenden’s background in the hedge fund space, Longboard, which started in 2010, pivoted out of that world after seeing a gap where financial advisors don’t have access.
“We wanted to build a market around an unmet customer need in helping financial advisors get tools to better help them build lower risk for higher performing portfolios,” Wilcox said.
Longboard now has $650 million in assets under management, and generates $18 million of recurring annual revenue in just four years, he said.
To keep up with the growth, Longboard is always hiring and seeking client relationship managers.
This is in line with a trend in the state as more than 8,000 finance jobs have flooded into Arizona in the last year. The state has seen a 6 percent increase in these types of jobs, according to Arizona State University’s W.P. Carey School of Business.
Despite the different market in Arizona, Longboard maintains its headquarters in the Valley because of its commitment to the local market, Wilcox said. He grew up in Phoenix and graduated from North High School before also graduating from Harvard Business School.
“I think there’s a huge competitive market here,” Wilcox said. “Arizona historically is not a very high-paying financial services sector driven economy. We have that here locally, and that has been very attractive to people. Our compensation as a percentage in revenue for customers is comparable to Goldman Sachs and Blackstone. That’s part of our business model. We run a merit-based system.”
Ben Jacobsen, one of two managing directors of sales for Longboard, began in an entry-level sales position with the company in 2014.
“I wanted to join Longboard primarily for the meritocracy,” Jacobsen said in a statement. “It’s very much like a sports team where if you can play, you’re going to get opportunity.”
Hayley Ringle covers technology and startups for the Phoenix Business Journal.
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AZREIA Market Update | March 2016
Walter Unger CCIM – walterunger@ccim.net – 1-520-975-5207 – http://walter-unger.com
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