IDEAS

Over the next few decades, one of the largest wealth transfers in history will take place with women taking over more than $80 trillion in assets — that’s more than 3x U.S. GDP. Women’s accession to wealth will come from multiple channels including baby boomer wives outliving their husbands, baby boomer children (including many “alpha daughters”) inheriting their parents’ assets, and women increasingly earning the same or more than their husbands in heterosexual married couples.

While women have long been known to control over 80% of a household’s spending, traditionally, men have been the primary financial decision-makers on the subject of their savings and investments. However, this trend is rapidly changing as women from various generations start to take control of their own money and their household’s wealth. We believe there will be significant cascading effects throughout the wealth management industry and the broader economy, as it’s well-documented that women have different preferences and priorities vs men when it comes to investing and financial planning. We were actively looking for amazing founders seeking to capitalize on these trends, and that’s why we were so excited to meet Libby Leffler and hear about her vision for First: a next-gen digital legal platform for consumers that provides fast, seamless, and more affordable legal agreements beginning with prenups.

Unsurprisingly, demand for prenuptial agreements is rising. A Harris Poll of millennials in the United States found that 47% of those engaged or previously married had signed a prenup. Approximately 40% of couples aged 18 to 34, whether married or engaged, have strongly considered a prenup. A survey of US lawyers revealed that there was a 46% increase in the number of women initiating requests for prenuptial agreements. What’s changing is prenup demand is not just about protecting assets, it’s also about insulating yourself from a partner’s debt or making sure you get the dog as couples marry later than ever. But today, these agreements are expensive and cumbersome to put in place and largely serve only the most affluent.

First is creating a seamless, self-serve platform with top family law attorneys and building a network of pre-vetted lawyers to guide couples through the creation of a prenup. And unlike other should-do legal agreements like wills or life insurance, prenups have a real deadline: the wedding. But after the honeymoon is over, First also has the potential to evolve with couples as they enter family and asset-building years with other legal needs. Libby has 15 years of experience in general management, revenue scaling, marketing and business development and partnerships. She’s held BD, partnerships and GM roles at Meta, SoFi and Compass. She decided to incubate her company at Expa to surround herself with operating advisors including top family law attorneys, mediators, academics and AI experts.

We’re thrilled for First’s launch and very excited to continue on the journey with Libby and the team!

‍