Praxent Supports alooola in Launching Digital-First Financial Advisory Platform Geared Toward Millennials

Praxent, a fintech design and engineering partner to financial companies, today announced that it has supported the launch of alooola, an education-based wealth management and investment advisory platform.

Founded by Glen Eagle (RIA Glen Eagle Advisors/Broker-Dealer Glen Eagle Wealth), alooola was designed to satisfy the unmet wealth management needs of younger generation investors through specialized education and financial advisory services. Initially partnering with organizations and universities to provide education and resources, the investment firm immediately recognized the need for a digital-first solution to effectively serve its clients. Glen Eagle needed to automate the onboarding process and create an intuitive mobile application with robust functionality in order to improve the user experience and scale.

Glen Eagle selected Praxent because of its deep financial services expertise, including regulatory and compliance nuances, its mobile app design and development prowess, and its experience completing complex integrations with major industry players. Praxent helped the RIA transform its proof of concept into a fully automated wealth management platform and executed strategic integrations with key digital institutions Plaid and DriveWealth following a thorough custodian analysis. The result is a modern, digitally optimized option for younger investors to better manage their finances.

“As Millennials continue to accumulate greater wealth, we recognized that there wasn’t a solution in the market that addressed this generation’s unique needs and digital affinities,” said Rob Michel, Chief Investment Officer, Glen Eagle Advisors, and Head of Investments, alooola. “Working with Praxent, we were able to quickly and cost effectively create a seamless, intuitive mobile app that allows modern investors to better prepare for their financial futures while allowing our business to remain relevant with the next generation.”

The technical and implementation strategies created by Praxent saved alooola $70,000 in unnecessary feature builds, expedited time to market, and resulted in critical new capabilities, such as real-time customer onboarding and automated portfolio rebalancing. alooola launched in March and has already received overwhelming positive feedback, enabling them to help meet the needs of the next generation of investors.

“alooola is empowering the next generation of investors with the tools, technology and guidance needed to make smarter financial decisions,” said Tim Hamilton, CEO of Praxent. “With our design and development expertise and integration guidance, Glen Eagle has been able to turn their vision into reality, all with a shortened development cycle and reduced total cost of ownership. We are proud to have supported alooola through this launch, positioning them for seamless growth and success.”