FlexScore, a platform that gamifies financial planning, was purchased by California-based advisory firm United Capital this week. Terms of the deal were not disclosed.
United Capital, which holds $15 billion in assets under management, plans to use FlexScore as a tool to help its advisors engage clients.
The FlexScore platform assesses and scores the user’s financial health and assigns them action steps (as seen below) to improve their score. The goal is to reach a top score of 1000, which signifies financial independence.
United Capital CEO Joe Duran commented to Investment News that FlexScore fits the “missing piece” from the company’s digital suite for clients and advisors. Additionally, Duran stated, “The right intersection is not technology alone, or people alone, but when you have an interactive engaging experience that is powered by people.”
In the future, Duran plans to implement the scoring tool within retirement plans to stimulate engagement. The company is in talks with potential partners for this use case.
United Capital began its relationship with FlexScore in 2014 when it purchased FlexScore’s parent company, Valley Wealth, in a deal that excluded FlexScore.
FlexScore co-founders Jason Gordo and Jeff Burrow launched the startup at FinovateSpring 2013. Since then the San Francisco-based company has raised $4.7 million and created a mobile version of the app (launched at FinovateFall 2014 in New York).
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