Carefull Passes $2 Billion in Transactions Analyzed in 2022, Adds New Marquee Partnerships and Products to Suite of Senior Financial Protections

During National Family Caregivers Month, Carefull recognizes the needs of financial caregivers with a growing product and user portfolio

NEW YORK–(BUSINESS WIRE)–Carefull, the first digital platform built to protect the daily finances of older adults, today announced it has successfully analyzed and protected $2 billion of transactions from fraud and financial threats in 2022. The company milestone comes as the nation recognizes National Family Caregivers Month and Carefull celebrates the sacrifice and support that all caregivers make for their loved ones, especially their critical role in what Carefull calls “financial caregiving,” the daily monitoring and coordination of an aging loved one’s money. In 2022, Carefull’s commitment to caregivers and the financial partners that support them is reinforced by the company’s expanded product suite built to defend seniors’ finances.

“We support those that are caregivers for their loved ones’ finances every day at Carefull and this month we celebrate their commitment. Individuals and their financial advisors need senior-specific solutions across multiple generations and providing dedicated solutions that make financial caregiving smarter, simpler and more holistic is our top priority,” said Todd Rovak, co-founder of Carefull.

Carefull’s expanded product offerings and regional and national partnerships—including agreements with MassMutual, Nationwide, Cetera Financial Group, Citizens & Northern Bank and The Cooperative Bank—have accelerated customer growth, with its user base doubling in 3Q. The company launched dozens of new client protections in 2022, adding features to manage the latest threats to seniors, including identifying digital payment scams, money mule fraud, check washing, potential cognitive decline, cryptocurrency fraud and digital payment app scams.

“In 2023, we will continue to defend our clients from financial threats and mistakes with AI purpose-built for older adult assets,” added co-founder Max Goldman, “making sure advisors are finally equipped to support multigenerational wealth management.”

This year, Carefull also relaunched its advisor product—Carefull Pro. Using state-of-the-art technology, Carefull Pro gives advisors a “PRT” platform, allowing wealth managers and planners greater tools to protect older adult clients, retain assets for longer and bridge to the next generation ahead of wealth transfer.

Carefull was chosen by MassMutual as a 2022 MassChallenge FinTech and successfully engaged with MassMutual firm Coastal Wealth, one of the country’s most prominent wealth managers, following the program’s wrap-up. Early use of Carefull has yielded strong and enthusiastic advisor adoption with the Florida-based firm, with Carefull monitoring more than $60 million in client transactions in that time and assisting in the recovery of hundreds of thousands of dollars from fraudulent transactions.

“It’s important for our business to be able to support clients and their families in this differentiated way,” said Jeremy Straub, CEO at Coastal Wealth. “They are seeing more and more issues like scams and mistakes, so it’s timely to have a new advisor-friendly tool like Carefull.”

In the next two decades, experts predict approximately $84 trillion of wealth transfer between generations, yet 9 out of 10 adult children will forgo relationships with their parents’ advisors. Carefull’s continued partnerships and innovative product portfolio will increase opportunities for advisors to reach younger family members of existing clients before a crisis or consolidation moment.

In a climate of constant financial threats, Carefull continues to develop new products and services to defend its clients from new fraud schemes. In 2023, the company will release even more protections and partnerships to continue building relationships with financial institutions throughout the industry.

To find out more about Carefull’s full suite of services, visit www.getcarefull.com.

About Carefull

Carefull is the first digital platform built to protect the daily finances of older adults, along with the 45 million U.S. adults managing the daily finances of an older loved one, otherwise known as financial caregivers. Carefull’s technology integrates senior-specific financial monitoring, financial management, identity theft protection, password and document management, communication, and how-to content, replacing the ad hoc paper pile, spreadsheets, bill stack and hold music that today greets adults caring for someone else’s money. Founded in 2019, Carefull believes that creating safer, smarter tools for financial caregiving isn’t only about money. It’s about relentlessly simplifying the awkward tangle that happens when money and family come together. For more information, visit www.getcarefull.com.

About Cetera Financial Group®

Cetera Financial Group (Cetera) is a leading financial services firm whose purpose is to enable the delivery of best-in-class financial advice to as many Americans as possible. Cetera empowers its financial professional communities to help clients achieve their version of financial well being through the Advice-Centric Experience®. Cetera proudly serves independent financial professionals, tax professionals, banks and credit unions in providing wide-ranging financial planning and wealth management services.

Cetera oversees approximately $353 billion in assets under administration and $122 billion in assets under management, as of December 31, 2021.

Visit www.cetera.com, and follow Cetera on LinkedIn, Twitter and Facebook.

“Cetera Financial Group” refers to the network of independent retail firms encompassing, among others, Cetera Advisors LLC, Cetera Advisor Networks LLC, Cetera Investment Services LLC (marketed as Cetera Financial Institutions or Cetera Investors), Cetera Financial Specialists LLC, and First Allied Securities, Inc. All firms are members FINRA/SIPC. Located at: 655 W. Broadway, 11th Floor, San Diego, CA 92101.

Individuals affiliated with Cetera firms are either Registered Representatives who offer only brokerage services and receive transaction-based compensation (commissions), Investment Adviser Representatives who offer only investment advisory services and receive fees based on assets, or both Registered Representatives and Investment Adviser Representatives, who can offer both types of services.

Contacts

Callie Neatherlin

Red Fan Communications

[email protected]