Matt Fellowes

Last updated
Matt Fellowes
Born (1975-02-27) February 27, 1975 (age 49)
Alma mater St. Lawrence University (B.A.)
Georgetown University (M.A.)
University of North Carolina at Chapel Hill (Ph.D.)
OccupationBusinessman
Known for United Income

Matt Fellowes (born February 27, 1975) is an American financial technology entrepreneur. He is the founder and CEO of United Income, a retirement-focused online investment management, and financial planning company based in Washington, D.C. [1] He previously founded financial planning technology company HelloWallet, which was acquired by Morningstar, Inc. in 2014 for $52.5 million. [2]

Contents

Education

Fellowes holds a Ph.D. from the University of North Carolina, Chapel Hill, a Master's in Public Policy from Georgetown University, and a B.A. from St. Lawrence University. [3]

Career

Fellowes was a Brookings Institution fellow from April 2004 to April 2008. His academic research focused on consumer finance, particularly poverty, household debt, and retirement planning. [4] In 2008, he left Brookings to found financial planning technology company HelloWallet with a $1 million grant from the Rockefeller Foundation. [5] Following the acquisition of HelloWallet by Morningstar, Inc. in 2014, Fellowes served as Chief Innovation Officer at Morningstar. [6] In 2016, with $5 million in seed funding from his own resources, Morningstar, and eBay founder Pierre Omidyar's Omidyar Network, Fellowes founded online financial planning and investment management company United Income. [7] [8] [9] United Income was acquired by Capital One Financial in August 2019. [10]

United Income

Fellowes founded United Income in September 2016. United Income is an investment firm that offers a "hybrid service" with access to human advisors who rely on financial software in their decision-making process. [11] The company deploys sets of statistics on investment performance, retiree spending, longevity, and other factors to simulate potential financial outcomes. [12] [13] Its "unified consumer finance system" recommends a retirement strategy based on millions of simulations for each individual. Its purpose is to offer retirees financial advice different from traditional financial planning software. [14] [15]

United Income's team of policy experts includes former U.S. Social Security Administration Director of the Office of Policy Evaluation and Modeling (OPEM) Howard Iams; former Bureau of Labor Statistics (BLS) commissioner Erica Groshen; former Deputy Assistant Secretary of the Treasury, Office of Tax Policy Adam Looney; former Deputy Assistant Secretary of the Treasury, Office of Retirement and Health Policy Mark Iwry; and Steve Utkus, Head of the Vanguard Center for Investor Research. [14]

The company attracted $200 million in assets under management during its beta stage. [16] [14] United Income raised $5.8 million in seed funding in 2016. According to the U.S. Securities and Exchange Commission (SEC) filings, Morningstar, Inc. and Fellowes each own between 25% and 50% of United Income. A smaller stake is owned by the Omidyar Network, funded by billionaire eBay founder Pierre Omidyar. [16] On July 31, 2019, Capital One acquired United Income.

Awards

Related Research Articles

Morningstar, Inc. is an American financial services firm headquartered in Chicago, Illinois, and was founded by Joe Mansueto in 1984. It provides an array of investment research and investment management services.

Longevity insurance, describes the process of mitigating longevity risk. In the United States, such risk mitigation is often achieved using a longevity annuity or Tontine, qualifying longevity annuity contract (QLAC), deferred income annuity, an annuity contract designed to provide a regular income for life starting at a pre-established future age, e.g. 85, and purchased many years before reaching that age.

<span class="mw-page-title-main">Retirement spend-down</span>

At retirement, individuals stop working and no longer get employment earnings, and enter a phase of their lives, where they rely on the assets they have accumulated, to supply money for their spending needs for the rest of their lives. Retirement spend-down, or withdrawal rate, is the strategy a retiree follows to spend, decumulate or withdraw assets during retirement.

HelloWallet is an online and mobile application for employees founded by former Brookings Institution scholar Matt Fellowes and based in Washington, DC. It provides personalized financial guidance to members and relies on behavioral economics to incentivize workers to implement its advice.

NerdWallet is an American personal finance company, founded in 2009 by Tim Chen and Jacob Gibson. It has a website and app that earns money by promoting financial products to its users.

Tige Savage is an American investor, co-founder of Revolution LLC, a principal investment firm based in Washington, D.C., and a managing partner at Revolution Ventures, which has investments in companies such as Bloomscape, BrightCellars, Casted GoodBuy Gear, Mint House, Policygenius, Sila and Wagmo. He was a key investor in LivingSocial in its founding years.

SoFi Technologies, Inc. is an American personal finance and financial technology company. Founded in 2011 at Stanford University, it operates as a direct bank and supports other financial institutions through its technology platform. As of 2024, SoFi serves 8.8 million customers and 158 million platform accounts.

<span class="mw-page-title-main">Robo-advisor</span>

Robo-advisors or robo-advisers are financial advisers that provide financial advice and investment management online with moderate to minimal human intervention. A robo-advisor provides digital financial advice based on mathematical rules or algorithms. These algorithms are designed by human financial advisors, investment managers and data scientists, and coded in software by programmers. These algorithms are executed by software and do not require a human advisor to impart financial advice to a client. The software utilizes its algorithms to automatically allocate, manage and optimize clients' assets for either short-run or long-run investment.

Fintech, a portmanteau of "financial technology", refers to the application of innovative technologies to products and services in the financial industry. This broad term encompasses a wide array of technological advancements in financial services, including mobile banking, online lending platforms, digital payment systems, robo-advisors, and blockchain-based applications such as cryptocurrencies. Fintech companies include both startups and established technology and financial firms that aim to improve, complement, or replace traditional financial services.

Hedgeable, Inc. is a U.S. based financial services company and digital wealth management platform headquartered in New York City. Hedgeable doesn't follow set allocations, but actively manages accounts in response to market movements.

Wealthsimple Inc. is a Canadian online investment management service. The firm was founded in September 2014 by Michael Katchen, Brett Huneycutt, Som Seif, and Rudy Adler and is based in Toronto. As of September 18, 2024, the firm holds over C$50 billion in assets under management. It is primarily owned by Power Corporation indirectly at 55.1% through investments made through their holdings in Power Financial, IGM Financial and Portag3.

<span class="mw-page-title-main">Fintech Valley Vizag</span>

Fintech Valley Vizag is an initiative of the Government of Andhra Pradesh to promote business infrastructure in the state, and attract investors and multinational corporations to set up offices. Fintech Valley was founded by N. Chandrababu Naidu then Chief Minister of the Andhra Pradesh state in December 2016 with the goal of enhancing Visakhapatnam City as a financial technology capital in Andhra Pradesh.

<span class="mw-page-title-main">Cadre (company)</span> American financial technology company

RealCadre LLC, commonly Cadre, is an American financial technology company that provides individuals and institutions direct access to real estate investment properties, including commercial properties based in New York. The business and financial press describe it as a platform that "makes the real estate market more like the stock market" by allowing investors to select the individual transactions in which they participate, while investing a smaller amount than would be required to fully fund a transaction. For example, 12 institutional investors participated in a $60 million office building purchase. The firm was named to Forbes' "FinTech50" for 7 years in a row starting in 2016. In 2019, Cadre was the cover story of the Forbes "FinTech 50" issue. In 2018, a partnership with Goldman Sachs was announced through which Goldman Sachs' private wealth clients committed at least $250 million (USD) real estate investments through Cadre. In 2020, Cadre announced its "Direct Access" fund intended to include smaller investors with a $400 million target raise. The company also offers a managed portfolio service and a real estate secondary market, as well as a cash holdings account called "Cadre Cash". The company has announced plans to address racial injustice in the United States by investing at least 10% of its Direct Access fund investments with minority-owned operators and increasing its cash held in black-owned banks.

<span class="mw-page-title-main">Curve (payment card)</span> Payment card

Curve is a payment card that aggregates multiple payment cards through its accompanying mobile app, allowing a user to make payments and withdrawals from a single card. It lets you "switch the bank card you paid with after each transaction is complete." Curve named this feature "Back in time".

Wahed is an American financial technology and services company based in New York City, New York. In July 2019, the company launched the first exchange-traded fund in the United States that was compliant with Sharia law. Wahed operates in 130 countries and has offices in Washington D.C, New York, London and Dubai. According to Bloomberg, it has a valuation of $300 million.

<span class="mw-page-title-main">Riskalyze</span>

Riskalyze is a financial technology company that provides software as a service to financial advisors in the United States. Riskalyze's platform provides tools for analyzing investment risk, delivering 401(k) plans, and building and implementing investment portfolios.

<span class="mw-page-title-main">Scripbox</span>

Scripbox is a Bengaluru-based digital wealth management service founded in 2012.

Steady is a web and mobile application that lets users access a platform listing part-time, hourly and on-demand work opportunities. Listings are customized according to a user's geographical location and skills.

Acorns is an American financial technology and financial services company based in Irvine, California, that specializes in micro-investing and robo advice. According to Fortune's Impact 20 list for the year 2020, Acorns had 8.2 million customers. In 2022, their total assets under management exceeded $6.2 billion.

<span class="mw-page-title-main">Kuvera.in</span> Indian Financial Services company

Kuvera is an Indian online wealth management platform for mutual funds, digital gold, fixed deposits, cryptocurrency exchange, insurance & US ETF investment. It is operated by Arevuk Advisory Services Pvt. Ltd., a company headquartered in Bangalore.

References

  1. ↑ Novack, Janet. "Fintech Startup Aims To Help Boomers Manage Retirement Income". Forbes. Retrieved 2018-01-16.
  2. ↑ Ravindranath, Mohana (2014-05-30). "HelloWallet says goodbye to independence in deal to be bought by Morningstar". Washington Post. ISSN   0190-8286 . Retrieved 2018-01-16.
  3. ↑ "Matt Fellowes – Stanford Center on Longevity". longevity.stanford.edu. Retrieved 2018-01-16.
  4. ↑ "Matt Fellowes". Brookings Institution. Retrieved 2018-01-16.
  5. ↑ Sharf, Samantha. "HelloWallet: Proving That Electronic Nagging Is An Important Employee Benefit". Forbes. Retrieved 2018-01-16.
  6. ↑ "This Fellow's Furthering Financial Wellness – Workforce Magazine". Workforce Magazine. 2015-10-19. Retrieved 2018-01-16.
  7. ↑ "He sold his first local financial startup for $52.5M. Now he's launching another in D.C." www.bizjournals.com. Retrieved 2018-01-16.
  8. ↑ Tergesen, Anne (2017-09-11). "This Is Not Your Child's Robo: New Service Targets Older Investors". Wall Street Journal. ISSN   0099-9660 . Retrieved 2018-01-16.
  9. ↑ "HelloWallet Founder Matt Fellowes Has a New Financial Services Startup". www.americaninno.com. Retrieved 2018-01-16.
  10. ↑ "Capital One Investing".
  11. ↑ "Fintech Startup Aims To Help Boomers Manage Retirement Income". CNBC . 19 October 2017.
  12. ↑ "This advisor wants to help with spending, not saving". CNBC . 11 September 2017.
  13. ↑ "He sold his first local financial startup for $52.5M. Now he's launching another in D.C." Washington Business Journal. 29 June 2016.
  14. 1 2 3 "This Is Not Your Child's Robo: New Service Targets Older Investors". The Wall Street Journal . 11 September 2017.
  15. ↑ "Finally, a Retirement Calculator That Might Help You Retire". Bloomberg News. 2017-09-11.
  16. 1 2 "Baby Boomers Get Their Own Retirement Robo Advisor -- And A Pitch To Spend More". Forbes . 11 September 2017.
  17. ↑ Leo, Alex (2010-09-15). "Who Is The Ultimate Game Changer In Business?". Huffington Post. Retrieved 2018-01-16.
  18. ↑ "Tech Titans 2013". Washingtonian. Retrieved 2018-01-16.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.