Two executives are leaving and a new one is joining the board of directors at Riskalyze, a software company that helps financial advisors measure clients’ risk tolerance and build investment portfolios.
Andy Swan, the co-founder of LikeFolio, a company that uses social media to develop insights into consumer behavior, and Ryan Shanks, the co-founder and CEO of advisor recruiting company FA Match, are leaving the Riskalyze board. Both executives were members of the board from 2014 to 2020 and will remain advisors to the company, Riskalyze said in a statement.
Shanks told RIA Intel “I love the company and the people” but his term as a Riskalyze board member was ending and leaving will allow him to dedicate all of his time to FA Match, which he founded in 2019. Swan did not comment specifically about his departure.
Riskalyze CEO Aaron Klein was happy with their six-year stints, which he told RIA Intel were longer than normal and that his company was “incredibly grateful” for their efforts. The private software company’s shareholders annually elect board members mid-year who typically serve two years.
Filling one of the empty board seats is Brian McLaughlin, the co-founder of Redtail Technology, a client relationship management (CRM) system, Riskalyze announced Tuesday.
McLaughlin founded Sacramento-based Redtail in 2003 and he is currently the CEO and chief technology officer at the company. Now, thousands of advisors across different organizations use the software to help manage and optimize their communication with clients and McLaughlin is viewed as an authority on technology for advisors. (Although, competing software companies are still popping up.)
Vacating a board seat also provided a “perfect opportunity” for Riskalyze to recruit McLaughlin, for whom Shanks has “tremendous respect.” Swan said McLaughlin will be an “extremely valuable addition to the board.”
It is unclear whether Riskalyze plans to fill the second board seat that has opened. When asked if it did, the company said it has no other announcements to make about its board. In addition to McLaughlin, the board includes Klein, Michael McDaniel, co-founder and chief investment officer at Riskalyze, Abhay Puskoor, a principal at FTV Capital, and Chairwoman Lori Hardwick.
Hardwick, the CEO of WealthTech practice at RedRock Strategic Partners, a consultancy, said in a statement that changes to executive boards “bring new perspectives to the table’ and that McLaughlin’s “unique insights will be particularly valuable.”
“Board transitions are a normal part of a company's growth, and we're excited to welcome Brian McLaughlin as we open this next chapter," Klein told RIA Intel in a statement.