FutureAdvisor, a Seattle, WA-based online investment advisor, has raised $5m in Series A funding from Sequoia Capital.
Founded in 2010 by Bo Lu, FutureAdvisor is a free Web service that provides everyday investors with personalized recommendations to reduce fees, maximize tax efficiency, and select the right assets in their portfolios. It is built on research-backed algorithms. It has also launched personalized 401(k) fee analysis and recommendation features designed to help people save on fees in their 401(k) portfolio after new fee regulations went into effect.
These new features are available for free at www.futureadvisor.com/401k.
The service currently connects and analyzes $4 billion in assets supporting recommendations for 401(k) plans of over 11 million Americans.