Tilly’s founders, Bobby Martin and Maui Vang, both wanted the same thing: to drive down the cost for financial advice that is in the client’s best interest. By driving down the cost, we would also make it accessible to the average American. The fancy word for this type of advice is “fiduciary advice”.
Up until Tilly, this client-first advice was mainly reserved for those with enough money to justify the cost. Fees were mainly calculated through a percentage (i.e. 1%) of “assets under management” so if you didn’t have lots of investments under management (typically $200,000+), you didn’t qualify. As an alternative, most Americans could consult a broker who isn’t looking out for their best interests but is focused instead on selling financial products to earn large commissions. These brokers call themselves financial advisors but their advice is often not fiduciary advice.
Maui and Bobby wanted to change this model by making one-on-one advice accessible to everyone. Maui, a CERTIFIED FINANCIAL PLANNER™, was exploring how to leverage technology and streamlined processes to drive down the cost. Bobby, an entrepreneur, was using virtual meetings to accomplish the same thing.
So they joined forces to form Tilly.