Matt Fellowes
{{short description|American businessman (born 1975)}}
{{Infobox person
| birth_date = {{Birth date and age|1975|2|27}}
| alma_mater = St. Lawrence University (B.A.)
Georgetown University (M.A.)
University of North Carolina at Chapel Hill (Ph.D.)
| occupation = Businessman
| known_for = United Income
}}
Matt Fellowes (born February 27, 1975) is an American financial technology entrepreneur. He is the founder and CEO of United Income, a retirement-focused online investment management, and financial planning company based in Washington, D.C.{{Cite news|url=https://www.forbes.com/sites/janetnovack/2016/06/28/fintech-startup-aims-to-help-boomers-manage-retirement-income/#72b6ae6e12e3|title=Fintech Startup Aims To Help Boomers Manage Retirement Income|last=Novack|first=Janet|work=Forbes|access-date=2018-01-16|language=en}} He previously founded financial planning technology company HelloWallet, which was acquired by Morningstar, Inc. in 2014 for $52.5 million.{{Cite news|url=https://www.washingtonpost.com/business/on-it/morningstar-to-acquire-hellowallet-for-525-m/2014/05/30/32bc8892-e828-11e3-8f90-73e071f3d637_story.html|title=HelloWallet says goodbye to independence in deal to be bought by Morningstar|last=Ravindranath|first=Mohana|date=2014-05-30|newspaper=Washington Post|access-date=2018-01-16|language=en-US|issn=0190-8286}}
Education
Fellowes holds a Ph.D. from the University of North Carolina, Chapel Hill, a Master's in Public Policy from Georgetown University, and a B.A. from St. Lawrence University.{{Cite web|url=http://longevity.stanford.edu/matt-fellowes/|title=Matt Fellowes – Stanford Center on Longevity|website=longevity.stanford.edu|language=en-US|access-date=2018-01-16}}
Career
Fellowes was a Brookings Institution fellow from April 2004 to April 2008. His academic research focused on consumer finance, particularly poverty, household debt, and retirement planning.{{Cite news|url=https://www.brookings.edu/experts/matt-fellowes/|title=Matt Fellowes|work=Brookings Institution|access-date=2018-01-16|language=en-US}} In 2008, he left Brookings to found financial planning technology company HelloWallet with a $1 million grant from the Rockefeller Foundation.{{Cite news|url=https://www.forbes.com/sites/samanthasharf/2015/12/09/hellowallet-proving-that-electronic-nagging-is-an-important-employee-benefit/#4fac33092cc0|title=HelloWallet: Proving That Electronic Nagging Is An Important Employee Benefit|last=Sharf|first=Samantha|work=Forbes|access-date=2018-01-16|language=en}} Following the acquisition of HelloWallet by Morningstar, Inc. in 2014, Fellowes served as Chief Innovation Officer at Morningstar.{{Cite news|url=http://www.workforce.com/2015/10/19/this-fellows-furthering-financial-wellness/|title=This Fellow's Furthering Financial Wellness – Workforce Magazine|date=2015-10-19|work=Workforce Magazine|access-date=2018-01-16|language=en-US}} In 2016, with $5 million in seed funding from his own resources, Morningstar, and eBay founder Pierre Omidyar's Omidyar Network, Fellowes founded online financial planning and investment management company United Income.{{Cite web|url=https://www.bizjournals.com/washington/blog/techflash/2016/06/he-sold-his-first-local-financial-startup-for-52.html|title=He sold his first local financial startup for $52.5M. Now he's launching another in D.C.|website=www.bizjournals.com|access-date=2018-01-16}}{{Cite news|url=https://www.wsj.com/articles/this-is-not-your-childs-robo-new-service-targets-older-investors-1505131201|title=This Is Not Your Child's Robo: New Service Targets Older Investors|last=Tergesen|first=Anne|date=2017-09-11|work=Wall Street Journal|access-date=2018-01-16|language=en-US|issn=0099-9660}}{{Cite web|url=https://www.americaninno.com/dc/first-look/dc-tech-hellowallet-founder-new-financial-service-startup/|title=HelloWallet Founder Matt Fellowes Has a New Financial Services Startup|website=www.americaninno.com|access-date=2018-01-16}} United Income was acquired by Capital One Financial in August 2019.{{Cite web|url=https://unitedincome.com/library/capital-one-acquires-united-income-to-help-consumers-plan-for-their-financial-future/|title = Capital One Investing}}
=United Income=
Fellowes founded United Income in September 2016. United Income is an investment firm that offers a "hybrid service" with access to human advisors who rely on financial software in their decision-making process.{{cite news |url= https://www.forbes.com/sites/janetnovack/2016/06/28/fintech-startup-aims-to-help-boomers-manage-retirement-income/#2d0d27f012e3 |newspaper= CNBC |title= Fintech Startup Aims To Help Boomers Manage Retirement Income |date= 19 October 2017}} The company deploys sets of statistics on investment performance, retiree spending, longevity, and other factors to simulate potential financial outcomes.{{cite news |url= https://www.cnbc.com/2017/09/11/this-advisor-wants-to-help-with-spending-not-saving.html |newspaper= CNBC |title= This advisor wants to help with spending, not saving |date= 11 September 2017 }}{{cite news |url= https://www.bizjournals.com/washington/blog/techflash/2016/06/he-sold-his-first-local-financial-startup-for-52.html |newspaper= Washington Business Journal |title= He sold his first local financial startup for $52.5M. Now he's launching another in D.C. |date= 29 June 2016 }} Its "unified consumer finance system" recommends a retirement strategy based on millions of simulations for each individual. Its purpose is to offer retirees financial advice different from traditional financial planning software.{{cite news |url= https://www.wsj.com/articles/this-is-not-your-childs-robo-new-service-targets-older-investors-1505131201 |newspaper= The Wall Street Journal |title= This Is Not Your Child's Robo: New Service Targets Older Investors |date= 11 September 2017 }}{{cite web |url= https://www.bloomberg.com/news/articles/2017-09-11/this-retirement-calculator-helps-you-invest-your-money-profitably |title= Finally, a Retirement Calculator That Might Help You Retire |accessdate= |publisher= Bloomberg News |date=2017-09-11 }}
United Income's team of policy experts includes former U.S. Social Security Administration Director of the Office of Policy Evaluation and Modeling (OPEM) Howard Iams; former Bureau of Labor Statistics (BLS) commissioner Erica Groshen; former Deputy Assistant Secretary of the Treasury, Office of Tax Policy Adam Looney; former Deputy Assistant Secretary of the Treasury, Office of Retirement and Health Policy Mark Iwry; and Steve Utkus, Head of the Vanguard Center for Investor Research.
The company attracted $200 million in assets under management during its beta stage.
United Income raised $5.8 million in seed funding in 2016. According to the U.S. Securities and Exchange Commission (SEC) filings, Morningstar, Inc. and Fellowes each own between 25% and 50% of United Income. A smaller stake is owned by the Omidyar Network, funded by billionaire eBay founder Pierre Omidyar.{{cite news |url= https://www.forbes.com/sites/janetnovack/2017/09/11/baby-boomers-get-their-own-retirement-robo-advisor-and-a-pitch-to-spend-more/#73a858d169e1 |newspaper= Forbes |title= Baby Boomers Get Their Own Retirement Robo Advisor -- And A Pitch To Spend More |date= 11 September 2017 }} On July 31, 2019, Capital One acquired United Income.
Awards
- Named a "Top 100 Business Game Changer" by the Huffington Post in 2010.{{Cite news|url=https://www.huffingtonpost.com/2010/09/15/who-is-the-ultimate-game-_10_n_703656.html|title=Who Is The Ultimate Game Changer In Business?|last=Leo|first=Alex|date=2010-09-15|work=Huffington Post|access-date=2018-01-16|language=en-US}}
- Named a "2013 Tech Titan" by The Washingtonian.{{Cite news|url=https://www.washingtonian.com/projects/tech-titans/titans.html|title=Tech Titans 2013|work=Washingtonian|access-date=2018-01-16}}
References
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