Downtown financial management firm launches ‘do-it-for-me’ investment app

Taylor Hoffman in Richmond launches investing app

Richmond expenditure organization Taylor Hoffman recently launched an application-centered investing service identified as Avidus. (Shots courtesy of Taylor Hoffman)

In the age of Robinhood and robo-advisers, a downtown economical management firm is obtaining in on the investment decision app fray.

Taylor Hoffman launched its new stock-trading application identified as Avidus last thirty day period. The firm hopes to carve out a specialized niche that pairs the investment app notion with in-household professionals who deal with users’ investments.

Founded in 2017 and with $325 million beneath management for high net-truly worth clientele, Taylor Hoffman is banking that it can leverage that experience to convey users to its app amid high-profile opponents like Robinhood.

Brandon Taylor

Company co-founder Brandon Taylor explained Avidus sets alone aside because the company’s workers tackle the grunt operate of investing in stocks — as opposed to Robinhood, in which buyers deal with their investments by themselves.

“We’re one particular of the number of ‘do-it-for-me’ apps. If you want to make investments in stocks but you want an individual to do it for you, that’s us,” Taylor claimed.

Users can make investments a minimum amount of $100 in Avidus. The organization presently presents a single investment tactic crafted on stocks from 30 American businesses across unique sectors. Added tactics are anticipated in the future, likely to involve substitute investments these kinds of as wine or art.

The firm generates revenue off the app with a 1 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} administration rate for every account. Taylor, talking last 7 days, explained the application had 60 end users as a result significantly.

The enterprise financed the improvement of the app with $1.4 million in capital that was elevated in a mates-and-family spherical in 2021.

Taylor mentioned the business utilized the pandemic months to plan for the long run and landed on the app as a new giving for existing shoppers even though also opening the enterprise up to new consumers.

“We invested a great deal of time through the pandemic pondering as a result of our culture and the route where we needed to go,” he reported. “I think we felt like we wanted to do additional than we have been undertaking and open up up specialist money management to persons who are more youthful and communities not historically focused by Wall Road.”

Taylor stated about fifty percent of the firm’s consumers are in the Richmond space, while the other 50 percent are somewhere else in the nation although they also have some type of Richmond connection. The hope is that the Avidus application will let the corporation to split out beyond its typical networks to discover a wider countrywide customer base.

“‘Achieve scale’ is defined to us as bringing on people none of us know,” Taylor explained.

The app is obtainable on Apple’s Application Store. Taylor Hoffman officially introduced the application to the wider general public in January following a delicate start in October.

The business has 11 personnel out of its 6,400-square-foot workplace in Two James Middle.

Taylor, who has more than 20 a long time of practical experience in prosperity administration, started the organization with Gabe Hoffman quite a few a long time after Taylor hired Hoffman at a significant Wall Avenue investment company around 2013.

Taylor is a VCU alum and Hoffman graduated from Campbell University in North Carolina.

As for the Avidus moniker, the company had some issues in obtaining an unclaimed identify for the application, and ultimately hired a consultant to assist the research.

That expert met with the group and came up with 20 options. Avidus, a portmanteau of “avid” and “us,” rose to the prime due to the fact it suggested enthusiasm and community, Taylor stated.

“We understood it was actually difficult,” Taylor claimed. “Every great identify you can believe of had been taken.”

Minnie Arwood

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