Covet Aims to Revolutionize Estate Planning with Digital-First Platform
Covet Aims to Revolutionize Estate Planning with Digital-First Platform
The estate planning industry is experiencing a significant transformation, driven by technological advancements and evolving customer needs. Covet, a company launched in 2021, is positioning itself at the forefront of this disruption by offering a comprehensive digital platform designed to simplify and modernize estate asset management.
Addressing the Gaps in Traditional Estate Planning
Traditional estate planning methods are often cumbersome, and next-generation customers are seeking self-directed, digital-first solutions. Covet differentiates itself from existing options in the market by providing a single destination for managing all estate assets, including financial accounts, digital assets, and personal property.
Key Features and Innovations
Covet's platform offers several unique features:
Personal Property Inventory with Valuations: Covet makes it convenient for users to inventory their personal possessions using a photo-capture feature on their mobile devices. The platform then uses AI to generate fair market value ranges for those items.
Consolidated Asset View: Covet provides a consolidated view of all estate assets, which can be actively managed with automated estate documents.
Dynamic Beneficiary Balance Sheets: This feature provides grantors with clear visibility into each beneficiary's specific asset inheritances, promoting transparency and facilitating healthy family conversations.
Growth and Vision
Covet has been in development since 2021, with early prototypes developed and iterated in 2022 and a beta phase in 2023. The company is now officially launching publicly and opening its services directly to consumers.
Covet's vision is to help people take control of their personal asset management by creating a dynamic record of their lives. The platform is designed for digital-first customers and aims to be the go-to destination for active management of all estate assets.
Business Model and Future Plans
Covet operates on a subscription-based model, with a $299 annual subscription fee. The company also plans to generate revenue through sales to advisors and future features that will offer additional revenue growth opportunities.
Covet has ambitious growth projections, aiming to reach 17,000 users by the end of 2025. The company is also preparing for a Series A fundraise in Q2 2025.
Leadership and Expertise
Covet's founding team brings a strong mix of experience in enterprise security, B2C growth, and finance. CEO and Founder Brett Robinson has a background in enterprise security and compliance, while COO and Founder Michael Larsen has experience in B2C and direct-to-consumer growth. VP of Business Development & Client Success Christy Wong is a former financial advisor with expertise in estate planning and wealth management.
Navigating the Regulatory Landscape
Covet is focused on leveraging its users' Constitutional right to self-representation in legal matters by facilitating the self-creation of estate planning documents. The company is also adhering to compliance standards, including SOC2 Type II (in progress), to ensure the security and privacy of user data.
The Future of Estate Planning
Covet's innovative platform has the potential to significantly impact the estate planning industry. By providing a user-friendly, comprehensive, and digital-first solution, Covet is well-positioned to meet the evolving needs of individuals and families seeking to manage their assets and plan for the future. With its focus on continuous innovation and expansion, Covet is a company to watch in the fintech space.