Richr Launches Wealth Management Advisory Service: Richr Money New platform allows Richr’s customers to invest the proceeds of their home sales
MIAMI
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January 11, 2023 06:00 AM Eastern Standard Time
Richr today announced the launch of Richr Money, a wealth management advisory service that empowers home sellers to invest the capital proceeds of their home sale at closing, directly out of escrow into stocks, bonds and other financial products.
Richr Money, in partnership with DriveWealth, will help sellers who are not ready to purchase another property turn the proceeds of their home sale into a wealth-building engine. The combination of Richr’s services allows customers to sell their home, close the transaction, and invest all in one place.
“For the first time ever in the U.S., consumers selling their homes, who aren’t intending on re-purchasing, have a wealth management solution to reinvest their capital while inflation is at its highest,” said Glenn Orgin, Richr CEO. “We are excited to launch Richr Money in partnership with DriveWealth to provide a home investing solution to home sellers. At closing, consumers selling their home receive the largest amount of capital they will ever receive in one lump sum, and Richr allows them to invest their capital directly out of escrow into a variety of investments without having to involve a third-party.”
DriveWealth is a global fintech investment rail and pioneer of fractional equities trading. The technology company will work with Richr Money to empower home sellers to take control of their finances by offering unique investment opportunities. Home sellers will have alternative options to invest their money if they are not ready to purchase their next home.
"As we continue building out new and innovative solutions for our partners and their customers, we're thrilled to partner with Richr and provide homeowners with powerful investing tools to help reinvest their capital for the first time in the U.S.," said Gayathri Rajan, Chief Product Officer at DriveWealth. "Our mission at DriveWealth is to empower millions to take control of their financial futures, and the launch of a unique platform like Richr Money provides homeowners with the ability to build their wealth as they make one of the most important financial decisions of their lives."
Richr Money joins Richr’s platform including:
Richr Homes: allows home sellers to sell their homes for 1% NET, saving sellers 2% that they can invest in with Richr Money while providing full real estate agent services, including marketing, contract review, negotiations, and closing services without incurring the traditional 6% expense of real estate agents.
Richr Title: provides sellers with an unparalleled one-stop-shop experience designed to provide a frictionless and remote closing experience for home sellers.
Since 2019, Richr has offered innovative money-saving tools for people selling and buying homes across Florida, transforming the experience for individuals on both sides of the transaction. Today, Richr is a wealth-generation vehicle, helping people sell their homes with less expense, while simultaneously offering sellers, who aren’t buying right away, access to wealth management tools. Richr helps individuals turn the proceeds of their home sales into a variety of stocks and bonds that can sustain them in the long term.
Richr empowers people to control their finances and build more wealth by making homeownership easier to attain. It is the first and only platform to unify real estate brokerage and title settlement services for a low fee of 1% . That means sellers control the sales process and don't need to pay disproportionate agent fees.
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Jennifer Mirabile
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