A boutique advisory targeting Indonesia’s active investors

This article is a part of Startup Spotlight, a series that features young, up-and-coming startups.

Image credit: Timmy Loen

During the retail trading boom of 2021, Toby Limanto and Budi Ryan noticed many investors making decisions based on market sentiment rather than following disciplined frameworks.

The founders pivoted from their earlier platform to build Recompound. This structured advisory service acts as a personal chief investment officer for busy professionals.

😟 Problem

Indonesia recorded 21 million capital market investors by early 2026, with retail traders driving heavy exchange activity. Many professionals lack the time to thoroughly analyze annual reports.

These individuals often park capital in underperforming mutual funds or unregulated proxy schemes. This exposes them to unnecessary risk and lagging returns.

💡 Solution

The platform helps users build long-term stock portfolios. Recompound offers three main features to differentiate itself from traditional wealth management options, including:

• Funds remain completely in the client’s own brokerage account.
• Clients receive a dedicated dashboard and personalized communication channels.
• Licensed advisors provide clear explanations for every stock selection.

Image credit: Recompound

📊 Market size

The serviceable market for boutique wealth advisory in Indonesia spans 50,000 to 100,000 affluent professionals. The company targets capturing 10% of this segment over time. Converting 5,000 users would yield US$235 million in assets under advisory and US$9 million in annual revenue.

🤝 Team

• Toby Limanto. Co-founder. He previously worked as an analyst at Goldman Sachs and has experience in data-driven investment research.
• Budi Ryan. Co-founder and licensed investment advisor. He has more than a decade of experience as a software engineer and data scientist.
• Wilson Wongso. VP of product and operations. He previously worked as a business intelligence analyst at Shopee and focuses on the intersection of technology and operations.

🚀 Traction

• Maintained average annual portfolio growth of 15% to 20%.
• Consistently outperformed the Indonesian stock market average and the LQ45 index.

🏆 Competition

The startup competes with traditional wealth advisory firms such as Rivan Kurniawan Advisory which typically serve higher-net-worth clients and often charge fixed advisory or management fees.

💰 Financials

🚩 Risks