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Former financial advisor Akshay Singh launches testimonial fintech

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As financial advisors aim to tap into opportunities afforded under the SEC’s recent update to its rules about client testimonials, a new fintech company launched to help them do so.

Indyfin, a Dallas-based firm founded by ex-Merrill Lynch advisor Akshay Singh, opened its Investor Experience Platform on March 3 after venture capital firm Leo Capital led a seed capital raise of $2.2 million. That represents the fintech’s first institutional round of funding.

After the SEC adopted its “modernized” marketing rule in December 2020 that opened the door to practices making use of client reviews in advertising, Singh huddled with securities attorneys to build a compliant service for independent advisors that squares with the guidelines.

The service acts as a mixture of a matchmaking and referral network for clients and the host of an online profile resembling those of Yelp and Airbnb for advisors. Neither pay Indyfin any fees initially; only advisors will pay an amount that’s comparable to the RIA referral networks of Charles Schwab and Fidelity once the client hires them, Singh…

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