Personal Capital, a digital wealth management company with over $4 billion in assets, has a new CEO. He's Jay Shah, who until recently was the firm's COO. Shah replaces Bill Harris, who founded the company in September 2011 following two years of development, but remains chairman.
"I'm taking this post at an exciting time," said Shah, in a statement. "The company's assets under management have doubled in the last year and just crossed $4.2 billion."
"Jay has been the person who brings the technology and people together," said Harris in a separate statement on the firm's web site. "His new role will mean even greater innovation in the services we offer to users and clients."
Harris told ThinkAdvisor that he'll now be focusing on strategy for the firm, developing new product areas and expanding the business. He didn't provide any details.
The firm he founded after having served as CEO at Intuit, PayPal and PassMark Security uses a hybrid wealth management model, which incorporates both digital and personal wealth management services, and is growing in popularity.
Betterment, which started out as strictly a robo-advisor, now offers services from human advisors, as do more traditional financial firms like Merrill Lynch, Fidelity, Schwab, BlackRock and Vanguard.
"We have believed in this model since day one," said Harris.