Creating a Wealth-Management Tool Inspired by Her Grandmother’s Preferences

Driven by frustration, Mical Jeanlys-White founded WealthMore.

Her tenure on Wall Street, including roles at American Express and as a Managing Director at JPMorgan Chase, exposed her to the finance industry’s gaps in aiding individuals with wealth accumulation and comprehension.

“The reality that 70% of Americans are unsupported by wealth advisers due to prohibitive fees and account minimums struck me, especially as those with advisers tend to double their wealth,” she shared with TechCrunch. “My own search for a wealth adviser mirrored this discouraging and flawed system.”

This led her to create WealthMore, an accessible investment platform with a low entry threshold of $5,000, linking clients to portfolios managed by advisors, certified financial planners, and wealth management services.

The notion struck her amidst a Peloton session.

“WealthMore is akin to a fusion of Peloton and wealth management,” she suggests. “Our mission is to democratize access to financial advisory services for the broader population, understanding that societal and economic benefits multiply when more individuals achieve financial stability.”

Two years of development later, WealthMore softly debuted its beta version in June and is today officially unveiled on TechCrunch.

For Jeanlys-White, founding the company has been a venture close to her heart. Her grandmother’s migration from Haiti and role as the familial financial mentor, despite her savings not maximizing their potential in low-yield accounts, outlined the importance of informed financial guidance for achieving substantial wealth and bridging generational wealth disparities.

Jeanlys-White laments the stagnant progress in narrowing the racial wealth gap, corroborated by federal statistics showing a persistent disparity among different racial groups in the US. This gap underscores the criticality of financial advice and investment in effectuating wealth equality.

Additionally, she highlights the economic implications of the gender pay gap and its resultant effect on women’s retirement savings and overall wealth, particularly concerning Black women.

Engaging Future Users & Crafting the Brand Identity

Prior to platform development, Jeanlys-White sought insights from over 300 potential users to define what services they valued and their willingness to pay, which informed the subscription tiers and website design. Apex Clearing Corporation has been engaged to facilitate brokerage services.

In brand building efforts, the firm introduced themed merchandise and initiated wealth-centric discussions in community spaces, ensuring representation within its cadre of wealth advisors to reflect the diversity of its prospective client base.

The platform fosters user communities, such as #firstgenwealth and #newinvestors, facilitating events and discussions aimed at empowering members through investment education and sound financial planning, noted Jeanlys-White.

Undeterred by a challenging fundraising landscape, Jeanlys-White embarked on a funding initiative in late 2023, concluding with a significantly oversubscribed pre-seed round. This investment is pivotal for advancing the platform’s narrative and broadening its impact.

With a team of 10, the company’s first pivotal hire was the head of engineering, acknowledging Jeanlys-White’s non-technical founding background but emphasizing the importance of user access to the platform.

Aspirations for the platform include moving beyond beta by year’s end to align with individuals’ financial resolutions. Reflecting on her grandmother’s legacy, Jeanlys-White believes WealthMore would have profoundly resonated with her, particularly its community-focused approach to overcoming financial market apprehensions.