InvestCloud, the global software-as-a-service (SaaS) leader in digital transformation for the wealth management industry, today announced that Chief Executive Officer John Wise has left the Company. Richard Lumb, a current director on the InvestCloud Board of Directors and experienced leader in the financial services industry, has been appointed interim Chief Executive Officer. The Board also has initiated a comprehensive search for a permanent Chief Executive Officer.
“As a SaaS platform built for the financial services industry, InvestCloud has a unique and compelling value proposition in solving the persistent and complex digital challenges across the industry. We believe that now is the time to set the company up for its next stage of growth,” said Rob Heyvaert, Chairman of InvestCloud’s Board of Directors. “Richard’s extensive knowledge of InvestCloud’s business, people, and customers, along with his deep industry expertise, make him the right leader during this transition.”
“I am excited to step into this role at a key moment for InvestCloud,” said Mr. Lumb. “We believe the company is the SaaS leader in digital transformation and is changing how the world’s banks, wealth and asset managers work. The InvestCloud product, technology and team are world class, and I could not be more excited about the growth opportunity facing the company.”
Richard Lumb has been a member of InvestCloud’s Board of Directors since February 2021, and brings four decades of experience within financial services to the role. Richard was Group Chief Executive - Financial Services and a member of the Executive Leadership team at Accenture. He led the acquisition of Duck Creek Technologies, now the SaaS leader in the insurance industry, and served on its Board from 2011 to 2019, including as Chairman from 2011 to 2016.
Richard has been an Industry Partner at specialist fintech private equity firm Motive Partners since 2019. He also sits on the Board of Directors at Bakkt and was previously on the Board of Finastra. Richard’s prior experience leading technology-focused and SaaS firms provides him a strong foundation for launching InvestCloud into its next growth chapter, given his deep understanding of the financial services industry and customer needs.
In the 13 years since its founding, InvestCloud’s platform has proven itself as a global leader in digital transformation, with clients including more than 150 asset managers, more than 400 wealth managers and more than 140,000 individual financial advisers supporting $6.5 trillion in assets under management and 27.4 million accounts. Most recently, the Company launched InvestCloud X – its largest innovation to date. With three revolutionary products in one, InvestCloud X combines: a Digital Communication platform transforming the way advisors interact with clients, a Digital Planning platform designed to cover the simplest to the most sophisticated needs of all investors, as well as a Digital Shopping platform for financial products called the Financial Supermarket.
About InvestCloud
InvestCloud is a global company specializing in digital platforms that enable the development of financial solutions, pre-integrated into the cloud. The company offers on-demand client experiences and intuitive operations solutions using an ever-expanding suite of modular apps, resulting in powerful products including Communication (client portals, advisor portals, mobility and more), Planning (goal-based, cashflow, digital advice, proposals and more), Shopping & Selling (digital marketplace for financial products) and the App Library (IBOR, ABOR, performance and more). Headquartered in Los Angeles, InvestCloud has over 20 global offices including New York, London, Geneva, Singapore, Tokyo, and Sydney, supporting trillions in assets across hundreds of diverse clients – from the largest banks in the world to wealth managers, asset managers and asset services companies.
InvestCloud’s clients today include over 150 asset managers, over 400 wealth managers and over 140,000 individual financial advisers. In North America alone, InvestCloud has eight of the top 10 US banks and seven of the top 10 US managed account sponsors.
For more information, visit InvestCloud.com.
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