Planswell

About Planswell

Planswell operates as a financial technology company focused on providing accessible financial planning services. The firm was established in 2015 by co-founders Eric Arnold, Scott Wetton, and Vlad Sherbatov. Eric Arnold, serving as the CEO, brings a background in financial services, having previously worked as a financial advisor, which provided him with firsthand insight into the complexities individuals face when trying to secure their financial future.

The company's core offering is a proprietary platform that creates personalized financial plans for its users. This service is delivered online, targeting individuals who may not have access to or cannot afford traditional financial advisors. The platform's methodology revolves around three key pillars of financial health: maximizing investment returns, minimizing borrowing costs, and protecting assets through appropriate insurance coverage. Users are guided through a series of questions, and the platform's algorithms then generate a comprehensive plan, a process that can be completed in a few minutes.

Planswell's business model has evolved. Initially operating on a direct-to-consumer model, the company has transitioned to a partnership model. It now collaborates with financial advisors, planners, and mortgage professionals, providing them with its technology to better serve their own clients. These professional partners pay a subscription fee to utilize the Planswell platform, which helps them build trust and deliver holistic financial advice efficiently. This strategic shift allows the company to scale by empowering existing financial professionals rather than competing with them directly.

The firm has experienced significant events throughout its history. In 2019, Planswell entered and then emerged from bankruptcy protection, a period that prompted a significant restructuring of its operations and business strategy. Following this, the company was acquired by the holding company Banyan in 2023, signaling a new phase of stability and growth. The platform aims to create the most actionable financial plans in the world, addressing a market need for straightforward and holistic financial guidance.