Bill Harris has been synonymous with Personal Capital, having founded the digital advice firm after helming PayPal and Intuit.

On Tuesday, the Silicon Valley-based firm announced Harris was stepping down from the CEO role. Taking over is Jay Shah, who has been its chief operating officer.

"I've worked with Jay since the early days of the company seven years ago, and I couldn't be more pleased to see him take on the role of CEO," said Harris in a statement. "In that time, he has occupied roles of successively increased responsibility and has always delivered.”

Harris will remain as the firm’s board chair, and will continue to advise Shah.

Previous investors were happy to let the Canadian firm be the sole investor in this round, says Bill Harris, CEO of Personal Capital. Image: Kiem Vu
Bill Harris founded Personal Capital in 2009, after heading up Intuit and PayPal.

Shah is a 20-year industry veteran whose previous experience includes online lender E-Loan.

"I'm taking this post at an exciting time – the company's assets under management have doubled in the last year and just crossed $4.2 billion," Shah said in a statement.

The hybrid advice provider recently raised its account minimum back to $100,000. It charges 89 basis points on the first $1 million under management.

Personal Capital faces much deeper competition than when it launched in 2009; digital wealth platforms have proliferated, with most of the major institutions now offering their own.

Still, the firm has experienced steady growth since a $75 million cash infusion from Canadian mutual fund firm IGM Financial last May.

Harris's move is the latest high-profile shuffle in the digital wealth space. Earlier this month, Betterment's co-founder Eli Broverman announced he was stepping down, while Wealthfront's ex-CEO Adam Nash joined the board at Acorns.

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Suleman Din

Suleman Din

Suleman Din is technology editor of American Banker and Financial Planning. Follow him on Twitter at @sulemandn.