venture capital market may be drying up, the money has not completely stopped flowing. The latest to raise funding is 1-800-Adviser.com
, a marketplace for financial advisers and consumers operated by the Independent Adviser Corp.
The company said it raised $500,000 in its first round of funding from MS Web Ventures and the company's management. The company's management team includes: Michael D. Porcelain, president; Jay McConie, vice president of business development; Adrian Frankum, director of operations; and Kirk A. Block.
The Independent Adviser Corp. also operates The-Adviser.com, which provides independent, fee-based financial advisers that service individuals, families, and businesses.
Earlier this month the company sent an fax offer inviting 3,000 advisers to register on its site. Based on the model of 1-800-Flowers, the company is attempting to build a referral network for individuals seeking a financial advisor. For a $200 monthly membership fee, advisors will receive their own phone extension and, if needed, voice mailbox with the toll-free number, according to the company. Advisors also will receive email referrals and a Web link to their firmís site. The company is currently offering the first three months of their annual membership for free. Charter members will pay 50% of the normal $200 monthly fee for the remaining nine months of the membership. Advisers also will pay 20 cents a minute for each toll call to their extension.
Once the national network is built, the company will begin an advertising campaign this fall in several consumer-oriented financial publications.
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