Healthspan Wealth ยท Enterprise thesis

The prize is enterprise. The path is not.

We should sell into scaled operating RIAs before the SEIA track defines the company.

92tight SEIA-neighborhood firms
1,787scaled $5B-$100B firms
4explicit Salesforce FSC signals in our stack scan
June 25, 2026

Argument 1

The market and the economics are the same argument.

The target narrows fast Counts scaled to 16,544 SEC-registered advisers. All advisers 16,544 $5B-$100B 1,787 ADV adjacent 556 Core + tight 196 SEIA-like 92 92 Named shortlist 39
$250k ACV needs a broader market Annual revenue potential by target pool, $M. Named shortlist $9.8M SEIA-like 92 $23.0M Core + tight $49.0M ADV adjacent $139.0M
Read: the SEIA-like pool is useful for requirements, but the economics require a broader operating-RIA motion.

Argument 2

Grimes is the more usable version of the SEIA problem.

FirmScaleMotion
Grimes$6.3B AUM
~69 employees		Operator-led app/discovery motion
SEIA$22.5B ADV / $30B+ AUA
~230-251 employees		Enterprise alignment and procurement
Same class of problem, less enterprise drag Grimes versus SEIA, approximate public scale signals. AUM $6.3B $22.5B+ Employees ~69 ~240 Grimes SEIA
Read: Grimes is not smaller as a compromise. It is smaller as a route into motion.

Argument 3

CRM is a lane. The company has to own action across lanes.

Stack signals are fragmented Firm-count evidence signals; categories overlap. Custody / account access 85 CRM / workflow 52 Reporting / client portal 40 Planning 43 Documents / collaboration 32 Advisor apps / AI 24
FSC is too narrow to define the market CRM/workflow signals in the public stack scan. Salesforce, broad 27 Salesforce FSC, explicit 4 Redtail 4 Practifi / Salesforce 3 Dynamics family 4 Other / unnamed CRM 10
Read: Salesforce matters. Salesforce alone is not enough.

Conclusion

Where Healthspan should sit in the advisor-tech ecosystem