Estate planning vendor Luminary raises a funding round

Estate planning software provider Luminary raised $22 million, InvestmentNews reported on Nov. 12. Terms of the round were not disclosed.

The $22 million round gives advisors who need more than a simple will or revocable trust a funded specialist option alongside their main planning platform. InvestmentNews said broad platforms can outline simpler plans but may not handle complex irrevocable trust situations. It named Luminary and FP Alpha as providers filling that gap.

InvestmentNews said specialized planning software is a hard business because vendors must reach profitable scale before comprehensive platforms add the same features.