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Libretto
Libretto was founded in Los Angeles in 2015 by Matt Richmond, a former wealth advisor who set out to modernize the back office for independent RIAs.
Libretto
Libretto was founded in Los Angeles in 2015 by Matt Richmond, a former wealth advisor who set out to modernize the back office for independent RIAs. The firm operates as a registered investment advisor itself, but its primary product is a technology platform that handles portfolio construction, trading, rebalancing, billing, and reporting for other professional advisors. Richmond and CTO Ben Roberts built the system to replicate the infrastructure of a large institutional shop in a self-service model. The firm's platform automates the full investment-management stack: direct indexing, tax-loss harvesting, factor-based portfolio construction, and automated rebalancing across client accounts. Advisors using Libretto can customize model portfolios or select from pre-built strategies, while the software handles execution and compliance. The technology integrates with major custodians including Charles Schwab and Fidelity, positioning Libretto less as a traditional wealth manager and more as middleware between advisors and custodial infrastructure. The service spans US equities, fixed income, and ETF exposures, with a stated emphasis on tax-efficient implementation. Libretto launched publicly in 2021 with approximately $100 million in assets on the platform and a lean, engineering-heavy team based in Los Angeles (per Financial Planning, 2021). The firm prices on a flat subscription model rather than basis-point fees, a structural departure from most RIA platforms. Richmond has structured the firm to serve breakaway advisors and smaller registered investment advisors who need institutional-grade tools without the overhead of an in-house operations team. Structurally, Libretto occupies an unusual niche: it is a registered investment advisor whose primary clientele is other registered investment advisors. This positions the firm as both competitor and service provider to the broader RIA industry. The flat-fee SaaS model, combined with a focus on direct indexing and automated tax management, distinguishes it from both traditional TAMPs and pure-play portfolio accounting software. Governance and succession information is not publicly detailed, though Richmond remains the controlling decision-maker on both product and investment architecture.
General information
Firm type
Bank / Wealth / Trust
Year founded
2015
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Los Angeles
Corporate office
Los Angeles, CA, United States
Principals
Matt Richmond
CEO
Ben Roberts
CTO
Sector focus
Frequently asked questions
Who runs day-to-day operations and investment platform design at Libretto?
Matt Richmond, the founder and CEO, oversees the company's strategic direction and platform architecture. He built Libretto based on his prior experience as a financial advisor at Ameriprise, where he saw the gap between the technology available to large firms and the tools accessible to independents (per Financial Planning, 2021). CTO Ben Roberts leads the engineering team that maintains the core portfolio-automation system.
How does Libretto price its platform compared to traditional TAMPs or RIA custodians?
Libretto charges a flat subscription fee rather than a basis-point levy on assets. This differentiates the firm from turnkey asset management programs that typically charge 25–50 basis points on AUA. The subscription model is designed to let advisors scale their book without escalating technology costs tied to asset growth.
What custodians does the platform integrate with?
Public record indicates integrations with Charles Schwab and Fidelity, the two largest custodians serving the independent RIA market. The platform sits between the advisor and the custodian, executing trades and managing portfolios within the advisor's existing custodial accounts rather than requiring assets to be held at Libretto directly.
Is Libretto a registered investment advisor or a pure software vendor?
Libretto is a registered investment advisor with the SEC, which means it maintains a fiduciary obligation on the portfolios it manages. However, the firm markets its technology platform primarily to other RIAs who then serve end clients. This dual structure — RIA and software provider — gives Libretto regulatory standing to manage assets directly while selling its infrastructure to peers.
Does the platform support direct indexing and tax-loss harvesting?
Yes. Automated direct indexing and tax-loss harvesting are core features of the platform, per the firm's official communications. The system constructs separately managed accounts that replicate index exposure while harvesting losses at the individual-security level, a capability typically associated with large wealth managers and increasingly demanded by independent advisors.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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