Fintech Impact

In this 96th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host welcomes Laurence Cooke, founder of nanopay, a payment platform that allows vendors to settle payments faster than traditional banking infrastructure. 

Episode Highlights: 

● 00:31: – Laurence founded nanopay in 2013 with the goal of creating digital cash as opposed to a cryptocurrency. 

● 01:30: – At his former job in telecommunications, Laurence proposed offering free access to a SIM card so they could control all transactions and monetize it later, but the company wanted to determine how to monetize it first. 

● 01:57: – Jason agrees, using Facebook as an example of a company that got millions of people in their network for free and monetized later once they had a foundation. 

● 02:25: – Infrastructure used to require huge upfront costs for hardware, but now infrastructure is software and is much easier and cheaper to implement. 

● 03:00: – Jason points out that paying with a credit card is like a game of roulette, where you don’t know if it will be chip and PIN, swipe, contactless pay, Apple Pay, whether you will be asked for a signature, etc. 

● 04:08: – Laurence says that in Canada, there are about $50 billion in payment friction. 

● 04:57: – The poorest people end up paying the most for basic services. 

● 05:15: – nanopay’s goal is to make their money from the wealthiest people so they can offer free transactions to the poorest people. 

● 05:50: – Most improvements in payments have been in user interface and user experience, rather than the underlying infrastructure. 

● 06:32: – nanopay uses centralized blockchain technology rather than distributed. 

● 07:29: – Their infrastructure can do 60,000 transactions per second on a laptop, as compared to current infrastructure that can’t do 50,000 transactions per second. 

● 08:04: – nanopay’s cost per transaction per second is almost 100,000x cheaper. 

● 09:40: – Payments should work 100% of the time, like cash in a digital format. 

● 10:38: – nanopay focuses on solutions for banks and accounting firms rather than individual businesses, although a business can sign up using their SaaS platform. 

● 12:30: – To be a competitive business today, you need good telecom infrastructure and a good and thriving payment ecosystem. 

● 14:50: – For banks to compete against cryptocurrency to maintain the sovereignty of their currency, they have to digitize their currency. 

● 18:20: – You always have to be investing in cybersecurity in order to stay competitive. 

● 18:48: – They want to eventually open source all of their user interfaces. 

● 19:30: – nanopay allows for cloud deployment, and most of their business is in the cloud because it’s a much faster and easier way to innovate. 

● 20:39: – Major banks dealing with hundreds of billions of dollars of transactions and needing to manage cash flow and liquidity implement the infrastructure on premise and not in the cloud. 

● 22:00: – We have to get away from the mindset that we can’t innovate without permission. 

● 23:39: – Their biggest challenge has been wanting to move quickly, but have been delayed by regulatory issues in dealing with people’s money. 

● 24:18: – Most of their opportunities are abroad and not in Canada. 

● 26:08: – Laurance is most passionate about making a difference on a global scale. 

3 Key Points 

1. Building a base for free and monetizing later sounds backwards but often has much 

longer-lasting effects, like with Facebook. 

2. Most improvements to payment technology has happened at the user experience level 

and not the underlying infrastructure where innovation is more sorely needed. 

3. Not being competitive in this market will lead to a devaluation of currency in favor of cryptocurrencies or other options with better, more trustworthy, faster infrastructure. 

Tweetable Quotes: 

● “It’s absurd that you can send a wire and not know where it is for days on end, and that can be a $16 million wire, but you know where your pizza is, which is only 16 bucks, to the second.” –Laurence Cook 

● “We are passionate about making a difference at a global scale. Every morning I wake up excited and challenged to try and take this business globally. There are not many Canadian companies that are global, but I think we can achieve that.” –Laurence Cook 

Resources Mentioned: 

● Facebook – Jason Pereira’s Facebook 

● LinkedIn – Jason Pereira’s LinkedIn 

● FintechImpact.co – Website for Fintech Impact 

● nanopay: Website, Twitter 

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Summary:

In this 95th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host welcomes Thomas William Deans, founder of the Willing Wisdom Index and author of Every Family’s Business, about how his tool helps both clients and advisors improve outcomes. 

Episode Highlights: 

● 00:43: – The Willing Wisdom Index is a client advising tool used as a conversation starter. 

● 01:34: – 80% of inherited money is taken to a new financial advisor because no one reaches out to the surviving family. 

● 03:00: – His main message in his book Every Family’s Business is that you shouldn’t gift your family business to your kids; they should have to risk their own financial capital to buy it. 

● 03:42: – Family business owners are less likely to have a will. 

● 05:48: – Leaving your estate in disarray when you die can create so much future resentment from surviving family. 

● 06:22: – Half of all financial advisors don’t have their own will, or financial succession planners without their own financial succession plan. 

● 08:13: – Using the Willing Wisdom Index gives you a checklist to go through, and then provides you with your to-do list to work on with your financial advisor and takes about 8 minutes. 

● 11:09: – The advisor should have copies of all the documents so that when a client gives instruction, you can make sure it isn’t conflicting or nullifying other documents. 

● 11:53: – The risk of problems arising increases with older clients who may have some level of dementia, so not only do the clients need to be protected, but there are obvious business liability issues as well. 

● 13:41: – Advisors get better results when there is transparency with the clients and they share their report from the Willing Wisdom Index with their clients. 

● 14:30: – Using the tool isn’t about getting a perfect will immediately but about gaining confidence and comfort with the subject in order to be able to revisit it each year. 

● 16:20: – The Index makes recommendations to increase your score, like ensuring the client has a lawyer, power of attorney documents, a healthcare directive, etc. 

● 17:15: – Advisors should be having family meetings so they get to know the spouses and children money is being left to in wills. 

● 18:02: – Even the children with average wealth who are seen as unprofitable clients are the future big ticket clients because they are the ones who will end up with the inherited wealth. 

● 19:30: – The Index serves as a prospecting tool as well because you can simply share the link for those who are curious. 

● 20:50: – When advisors say they’re looking for clients with high net worth, Tom asks what they’re doing to attract families. 

● 23:06: – It is much harder to disregard someone’s wishes when they have told you directly, face-to-face, in a family meeting, than it is to ignore a piece of paper. 

● 24:58: – Tom wishes more advisors had the confidence to do their own estate planning. 

● 28:26: – Tom suspects that people with a will tend to live longer because of reduced stress, contradicting the superstition that it hastens death. 

● 30:56: – Success in the industry tends to be measured by production not client outcome or retention. 

3 Key Points 

1. Client retention is achieved through referring family members, which will happen 

organically through the process of estate planning. 

2. Advisors can improve client relations through transparency and personal stories of 

following their own advice. 

3. Having difficult conversations now has massive payoff later when you’re dealing with the 

death of a loved one. 

Tweetable Quotes: 

● “I love the advisors who are in the business of succession planning with their clients yet they have no succession plan of their own. It’s like, do you go to a chef who doesn’t eat his own cooking?” –Tom Deans 

● “It’s one thing to hear it on a piece of paper from a lawyer, it’s something else entirely for us to sit down and for them to hear from mom and dad directly. It’s a lot harder to disregard that wish when it’s told to you.” –Tom Deans 

Resources Mentioned: 

● Facebook – Jason Pereira’s Facebook 

● LinkedIn – Jason Pereira’s LinkedIn 

● FintechImpact.co – Website for Fintech Impact 

● https://willingwisdom.com/ 

● Tom Deans: Twitter, Linkedin, YouTube

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Summary:

In this 94th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host interviews Samantha Ettus, Founder and CEO of Park Place Payments, a company that markets and distributes payment solutions to small businesses around America. Samantha explains her background in media and as an author, how and why she built Park Place Payments, and the ways she has enabled a work staff that has needed opportunities. 

Episode Highlights: 

● 00:26: – Samantha Ettus explains Park Place Payments. 

● 01:35: – What is Samantha’s career history? 

● 06:42: – Samantha explains what is involved in payment processing. 

● 11:12: – What is involved on the tech side of Park Place Payments? 

● 13:08: – How has Samantha established such incredible growth in her business? 

● 15:47: – What type of work-life balance has Park Park Payments provided its work staff? 

● 19:37: – What has been the feedback from people Park Park Payments has hired? 

● 22:18: – If there is one thing she could change about her industry, what would it be? 

● 23:00: – What has been the biggest challenge to get where she is at? 

● 24:30: – What gets Samantha excited and in a rush to wake up in the morning? 

3 Key Points 

1. Park Place Payments has a sales force of about 100 account executives that sell to their local communities. This sales force will expand to 1000 by next year. 

2. Park Place Payments aims to keep clients for 10-20 years. The industry average is turning over payment processors every three years. 

3. Park Place Payments uses Elavon on the backend tech side of their business. Elavon also powers Costco. 

Tweetable Quotes: 

● “I launched a payment process company that offers a rate card, which, hard to believe in this industry is rare. We have one rate card. We don’t negotiate. We offer fair rates, the first time.” – Samantha Ettus 

● “One of the things that makes us super unique is our sales force, which is made up of people who typically have not been in the payments industry before. So, I have called them from other industries.” – Samantha Ettus 

● “The worst thing in the world when you run a business is to have something that falls apart or goes wrong and there is no one there to fix it.” – Samantha Ettus 

Resources Mentioned: 

● Facebook – Jason Pereira’s 

● LinkedIn – Jason Pereira’s 

● FintechImpact.co – Website 

● samanthaettus.com - Website 

● Samantha Ettus: Linkedin Instagram Twitter Facebook 

● parkplacepayments.com - Website

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In this 93rd episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host speaks at the IPC Technology Panel with moderator Adam Felesky and fellow panelists Dave Nugent, Daniel Eberhard, & Zack Brown. 

Episode Highlights: 

● 01:10: – Jason Pereira introduces himself as a technophile and host of this podcast. 

● 02:18: – Dave Nugent introduces himself as part of the founding team of Wealthsimple. 

● 04:04: – Daniel Eberhard introduces himself as the founder and CEO of KOHO, a competitor bank. 

● 05:07: – Zack Brown introduces himself as part of the Dialogue team, a service that works with employers to provide their services to employees. 

● 07:30: – Discussing how they use technology to improve marketing efforts and how small, incremental technological improvements have a cumulatively big impact. 

● 10:20: – There’s a common misconception that technology is only used by people in their 20s, but many of these platforms have users in their 80s. 

● 11:30: – Parents are now relying on their millennial children to do the research and influence their choices instead of the other way around. 

● 13:10: – Zack Brown talks about how Dialogue has expanded from being about physical health towards mental health and overall wellness. 

● 18:20: – The evolution in the financial services industry is a consolidation of services into one account, where in 20 years there will no longer be any need for separate Chequing and Savings accounts. 

● 23:00: – Clients are going to choose the solution that’s best for them, so companies have to leverage technology to make their products scalable to attract the largest number of customers possible. 

● 26:08: – The thing that most often derails a financial plan is unanticipated health issues. 

● 28:58: – Fintech is moving towards helping people spend less time on the “stuff” of what they do and more time on developing the human relationships. 

● 33:50: – Audience questions begin. 

● 36:35: – Companies that survive see their value in more than just the heavy lifting and logistics, because clients could just go to a robo-advisor for that. 

● 41:35: – Most fintech companies won’t be profitable for a period of time at the beginning, so investors are looking at what pain point they are looking to solve. 

3 Key Points 

1. Age has less to do with the adoption of fintech than one might expect. 

2. Financial services seem to be moving towards consolidation and simplification. 

3. There is a significant intersection between health and financial services. 

Tweetable Quotes: 

● “Know your value. Be confident in your value.” 

● “We’re not just selling technology, we’re selling a human service. And if we can use technology to make humans more efficient which I think is ultimately what you all are trying to do here, then we’ve succeeded.” –Zack Brown 

Resources Mentioned: 

● Facebook – Jason Pereira 

● LinkedIn – Jason Pereira

● FintechImpact.co – Website for Fintech Impact 

● https://www.wealthsimple.com/en-us/ 

● https://www.koho.ca/ 

● https://www.dialogue.co/en 

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In this 92nd episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host welcomes back Randy Cass (Nest Wealth) and David Faulkner (RazorPlan) about their company’s merger and how fintech can be used to holistically improve clients’ lives. 

Episode Highlights: 

● 00:58: – Nest Wealth was one of the earliest robo-advisor platforms. 

● 01:35: – Razor Plan offers financial planning software and has become the number one platform of independent financial advisors. 

● 02:21: – Their merger felt destined to happen. 

● 04:04: – The Razor team was brought into Nest to combine their different expertise. 

● 08:35: – The ultimate goal for the partnership between Nest and Razor is to create a holistic approach to financial planning that’s adaptable and reflects assets in real time. 

● 09:58: – Financial advisors spend their time accumulating data, planning, and on the implementation of that plan. 

● 10:16: – Their goal is to decrease the amount of time it takes to generate the plan and to automate and scale the implementation. 

● 12:17: – Data shows that where human financial advisors add value over robo-advisors is in human interaction. 

● 19:05: – Even if you create a so-called “easy button” for generating a plan, the human advisor on the other end still needs to understand all the factors going into the plan being generated and how that plan will hold up for the client in future years. 

● 22:00: – No small thing is just that small thing, because it doesn’t exist in isolation, it interacts with all the other financial factors going on. 

● 24:09: – They want to invest in Advisor Intelligence, which breaks down the most prevalent advisor rules of thumb and automates them. 

● 26:12: – Doing this doesn’t standardize the advice given to people, but it does help to eliminate some of the most common errors that come up. 

● 28:40: – Siloed information and lack of communication is what has impeded the growth of the financial planning industry. 

● 29:19: – What they most want to see in the industry is the aggregation of data and the ability, using advisor intelligence platforms, to ensure that people are getting the appropriate advice for the moment they’re in. 

3 Key Points 

1. Automating the planning and implementation of financial advising will never replace the 

value of human interaction. 

2. Technology supplements the human intelligence beyond what it’s capable of, and the 

human judgment and understanding of context and the nuances of each client supplement the technology. 

3. Great financial advising, when paired with fintech, can provide flexibility and freedom to 

millions of people. 

Tweetable Quotes: 

● “We want to make sure that the right advice gets right person at the right time, and the right person is every Canadian that has a vested interest in their financial outcome.” –Randy Cass 

● “What we're doing can have such a meaningful material difference when we execute well on it, when we see distribution of the solution; it's really the most exciting thing I've ever worked on in my career.” –Randy Cass 

Resources Mentioned: 

● Facebook – Jason Pereira

● LinkedIn – Jason Pereira

● FintechImpact.co – Website 

● https://www.nestwealth.com/ 

● https://razorplan.com/ 

● Randy Cass: Twitter, Linkedin 

● David Faulkner: Twitter, Linkedin 

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In this 91st episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host speaks at the IAFP Conference on Fintech & The Future of Finance.

Episode Highlights:

• 02:35: – What is Fintetch? Two words: financial technology.
• 04:20: – There are more than 48 Fintech “unicorns,” or private companies worth over $1 billion.
• 05:00: – Digital banking is being challenged by startups.
• 06:42: – The biggest global giant companies have also been making moves into financial services.
• 10:10: – Companies are re-engineering their systems to build compliance into their process.
• 11:20: – Companies are discovering new ways to leverage and monetize data with AI to detect fraud.
• 17:00: – Lending Circle collected enough data on loan payback based on FICO scores that they were able to take it and build their own risk scoring system.
• 19:51: – An insurance company in China that has existed for 3 years has over 400 million customers, 53% under the age of 35, by existing entirely in the cloud and on platforms millennials frequent, like WeChat.
• 21:30: – There is a fourth industrial revolution coming, that will blur the lines between the physical, digital, and biological.
• 23:00: – Engineers at Google have supposedly achieved quantum superiority, using a quantum computer to solve in 3 minutes and 20 seconds a problem that a current supercomputer would have taken 10,000 years to finish.
• 24:06: – CRISPR technology allows scientists to go inside your DNA and make genetic alterations to cure diseases.
• 24:50: – Other examples of fourth industrial revolution technologies are 3D printing, the Internet of Things, and power generation.
• 26:33: – Facebook created their own cryptocurrency which threatens countries’ abilities to control their own currency.
• 29:50: – Domino’s Pizza reinvented themselves by removing all friction from their purchase path and overall experience, and they now see themselves more as a tech company than a food franchise.
• 35:02: – Technology can do the work of multiple people, saving you money and increasing your efficiency, but there is a learning curve to using it.
• 39:36: – After implementing an automated appointment scheduling system at his company, he saved his assistant enough time that he could instead have her invest time in social media marketing, which made up for the cost of the calendar software in new business.
• 43:12: – The most effective way to implement technology into your business processes is to identify where you and your employees are spending time on things that are not client-facing and find ways to automate.
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3 Key Points

1. We are approaching a fourth industrial revolution that will once again change our technological infrastructure in ways we can’t predict.
2. Investing in technology not only helps you with efficiency in the short term but it puts you ahead of your competitors for future developments.
3. You can accomplish massive changes and increase your company’s productivity by taking small steps.

Tweetable Quotes:

• “Facebook, the company that’s proven we can’t trust them with pictures of our dogs, wants us to trust them with our money. And they have created their own cryptocurrency called Libra.” –Jason Pereira
• “In the future there will only be two types of companies: Tech companies and dead companies. If you fail to leverage technology, everyone else will have an advantage over you.” –Jason Pereira 
• “We have a lot of challenges coming our way & failing to adapt is only going to put you behind the 8-ball more every year. You don't need to reinvent your practice overnight. Take small, incremental steps that will one day have a very large impact on your firm.” –Jason Pereira

Resources Mentioned:

• Facebook – Jason Pereira’s Facebook
• LinkedIn – Jason Pereira’s LinkedIn
• FintechImpact.co – Website for Fintech Impact
• The Big Nine – book on artificial intelligence
• Capterra – Website to find business software
• Fiverr – Digital freelancer platform
• Zapier – API database for tools you already use

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Summary:

In this 90th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host interviews Andrée Simon, President and CEO of FINCA Impact Finance. FINCA provides microfinance loans in developing communities across 20 countries, merging financial services with social impact. Andrée discusses the unique challenges FINCA faces in the developing economies they serve, how technology affects their business model, and why an emphasis on social impact is important to her. 

Episode Highlights: 

● 00:48: – FINCA Impact Finance operates across 20 countries, providing financial services to individuals who don’t have access to traditional banking resources. 

● 03:58: – Maintaining a sense of community encourages positive financial behaviors and gives FINCA a high rate of return and success on the loans they distribute. 

● 04:50: – Most of their over 10,000 employees are on the frontlines, interacting with clients directly in areas where traditional banks won’t invest in new branches. 

● 06:50: – They are able to make credit decisions on the spot for many clients with the aid of technology like tablets replacing analog paperwork. 

● 08:10: – FINCA’s return is lower than a purely commercial, profit-driven player because they focus on social impact. 

● 11:30: – The risk in this kind of lending comes primarily from natural disasters and other instability that these communities don’t have the support to navigate through. 

● 15:10: – We still don’t have the kind of data that would allow us to have a complete picture of a lender’s potential relationship with an individual. 

● 16:55: – FINCA is operating in economies where cash is still king, and the cost of data is really high because these communities don’t live in a digitized economy. 

● 21:30: – If Andree had one wish, it would be to know exactly which technological investments FINCA should be making. 

● 23:11: – The biggest challenge is changing people’s minds about how to operate the business. 

3 Key Points 

1. Operating as a hybrid of financial performance and social impact has allowed them to 

evolve and make changes to benefit the clients more quickly. 

2. It’s difficult to predict the shocks that can hit developing communities and affect clients’ 

abilities to pay back in the short term. 

3. It’s very difficult to know where to invest in tech because there are so many options that 

take years and a ton of money to implement. 

Tweetable Quotes: 

● “We are sitting here in this challenging space with our clients because we want to build a better boat.” –Andrée Simon 

● “Digital is great for certain things for us today, but in the absence of an ATM network and in the absence of bank branches, mobile is not the answer.” –Andrée Simon 

● “When you bring people along and you’re all running in the same direction, it’s really exciting, but you’ve got to keep on laying the rails out there and encouraging everyone to go down the path.” 

Resources Mentioned: 

● Facebook – Jason Pereira’s Facebook 

● LinkedIn – Jason Pereira’s LinkedIn 

● FintechImpact.co – Website for Fintech Impact 

● www.fincaimpact.com – FINCA Website 

● https://twitter.com/andreesimon – Andrée Simon’s Twitter 

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Summary:

In this 89th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host interviews Erin Bury, CEO of Willful. Willful allows people to create their personal wills, online for a fraction of the cost of working with an attorney. Erin and Jason discuss the need for a will and power of attorney documents, the psychological reasons behind the majority of people not having a will, and how Willful is working to make that easier for people to deal with. 

Episode Highlights: 

● 00:30: – Erin Bury explains her company Willful. 

● 01:00: – How Erin became interested in the issue after her husband’s family member died unexpectedly. 

● 01:50: – Jason and Erin discuss the necessity to streamline the process because things like burial wishes and end-of-life plans are taboo subjects no one likes to discuss. 

● 03:17: – How and why Erin and her husband pivoted their original startup into the area of online wills. 

● 03:43: – Erin’s background is mostly in marketing/communications, but she had worked with fintech startups in her past work so starting a fintech company was the new challenge she was looking for. 

● 05:00: – Jason acknowledges that it must be helpful for the company that their consumer market is 100% of the population because everyone needs a will. 

● 08:13: – Willful gives you a PDF of all of your documents with an instructions page on how to sign it to make it legally valid, and then lets you go back in and make updates if you’ve had life changes like the birth of a new child. 

● 10:11: – Willful’s main value proposition is its low cost. 

● 10:52: – Erin and Jason discuss use cases for Willful and the reality that people with more complex estates and situations will not be able to use Willful’s platform. 

● 16:30: – There are people whose situations are so simple and with so few assets that they don’t need a will, but everyone truly needs a power of attorney. 

● 19:22: – Erin suggests making a checkup of your will and estate planning documents part of your new year’s routine. 

● 21:05: – Erin discusses the reasons people come to Willful. 

● 23:00: – Willful partners with an American competitor to send each other customers who end up on the wrong country’s platform. 

● 26:27: – Erin talks about the biggest challenge Willful faces, in getting people to think about their mortality. 

● 28:48: – Erin is most excited by the idea of shaping our culture around entrepreneurship and startups. 

3 Key Points 

1. Every living person needs a will and power of attorney documents, but the traditional cost of a will for a simple estate holds people back. 

2. Your estate planning documents require routine revisiting to make sure changes in your life circumstances don’t require changes in your will. 

3. We’re in an in-between period where there is so much technological 

capability to make estate planning easier but the law has not caught up yet. 

Tweetable Quotes: 

● “Willful is an online platform that makes it simple, easy, and convenient to create an online will and power of attorney documents from the comfort of your own home for a fraction of the price of visiting a lawyer.” –Erin Bury 

● “Amongst parents with minor children, which I would assume would be the group most likely to have wills, 65%, so two thirds of them, don’t have a will.” –Erin Bury 

● “We’re not trying to replace lawyers. We recognize that there’s always going to be those complexities and we’re also probably not going to be right for people after 5 or 10 years using our platform. They’re probably going to grow out of using Willful.” –Erin Bury 

Resources Mentioned: 

● Facebook –Jason’s Facebook 

● LinkedIn –Jason’s LinkedIn 

● FintechImpact.co – Website

● Linkedin –Erin Bury 

● www.erinbury.com – Erin’s website 

● www.willful.co – Website 

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Summary:

In this 88th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host discusses Suitability Pro with special returning guest, Shawn Brayman, Founder of Plan Plus. With over twenty-five years of experience, Brayman is an expert in providing investment and financial planning solutions to financial advisors. His newest product, Suitability Pro, aims to improve the lives of advisors and their clients by helping them provide better recommendations almost by default. 

Episode Highlights: 

● 00:42: – What is Suitability Pro? 

● 02:53: – What is the entire experience for an advisor using this tool? 

● 03:51: – Brayman describes the Suitability Pro dashboard. 

● 05:49: – They give an overview of bi-direction communication capabilities within the dashboard. 

● 08:53: – Suitability Pro introduces new mechanisms that allow advisors to frame their own professional judgment. 

● 10:09: – A key part of Suitability Pro is maintaining suitability. 

● 12:38: – Suitability Pro provides value by enabling triggers that help advisors know when to coach clients. 

● 14:40: – They discuss caring about client goals over the rate of return. 

● 16:22: – Brayman explores how to help advisors provide value without realizing they’re providing value. 

● 17:39: – What are possible integrations for the product? 

● 23:06: – This product’s new infrastructure will help to avoid conflict that comes when advisors are using different methodologies. 

● 25:14: – They review the five University of Georgia case studies and follow up research. 

● 25:56: – What biases and traps am I falling into as an advisor? 

● 28:08: – Discussion of the challenges of maintaining your own consistency as a professional. 

● 28:49: – Pereira reflects on the value of checklists and standardization of procedures. 

● 30:55: – “We made things complicated to pretend that they had value.” – Shawn Brayman. 

● 33:19: – If he had one wish, what would Brayman change in his industry? 

● 34:42: – What was the biggest challenge in building this product? 

● 37:05: – What excites you most about what you’re working on? 

3 Key Points 

1. Suitability Pro introduces new mechanisms that allow advisors to frame their own professional judgment while standardizing their approach. 

2. One of the goals in developing Suitability Pro is to help advisors provide better financial advice almost by default. 

3. Suitability Pro builds on a legacy of academic excellence as well as the culture that is oriented to best practices in every instance. 

Tweetable Quotes: 

● “Pro is taking the very best that we've learned in goal-based investing, risk profiling, at every level, tolerance for risk, and so on, and all of the pieces around tracking suitability over time." – Shawn Brayman. 

● “A planner should know their client better than anyone else in the world.” – Shawn Brayman. 

● “It's not only what you do, it's that you articulate how you're doing it and you maintain your own consistency.” – Shawn Brayman. 

Resources Mentioned: 

● Episode 6: Plan Plus with Shawn Brayman 

● The LegacyGroup 

●FinaMetrica 

●Redtail 

●Orion 

●MoneyGuidePro 

● The Checklist Manifesto 

● SuitabilityPro 

● Shawn BraymanLinkedIn,Twitter 

Hosted on Acast. See acast.com/privacy for more information.

Summary: 

In this 87th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host interviews Jordan Atin, Founder of E-State Planner. E-State Planner is an online platform that allows for the collaboration and creation of estate plans and estate planning documents for advisors and lawyers. Jordan talks about the platform's AI-based guide for advisors and how this planning software allows the advisor to focus on advising and less on technicalities. 

Episode Highlights: 

● 00:31– Jordan Atin explains the E-State Planner platform. 

● 01:24 – Jordan shares the history of how E-State Planner got started. 

● 01:47 – The foundational problems in the traditional system 

● 02:34 – From Whiteboard scribble to a digital program. 

● 04:20 – The initial experience of using E-State Planner. 

● 05:15 – The advantage of visualizing the data on the fly. 

● 06:27 – Defining the 3:2:3 Model of estate planning 

● 08:26 – The planning process in E-State Planner 

● 10:37 – The advantage of the AI helping adisor through the process. 

● 14:40 – What E-State Planner generates to benefit the client. 

● 16:35 – The future of E-State Planner and integration. 

● 17:53 – The advantage of customizing macros. 

● 20:01 – The bigger picture for E-State Planner 

● 21:35 – How to combat the fear of technology. 

● 25:34 – What would Jordan change in his business or in his industry? 

● 26:39 – What has been the biggest challenge in his business? 

● 28:48 – The ease of use and updating what the platform allows. 

● 30:33 - What excites Jordan about what he is doing right now. 

3 Key Points 

1. E-State Planner takes the traditional system and automates the key processes to make the process incredible. 

2. The ability to allow clients to visualize their estate planning and understand it more completely is invaluable. 

3. E-State Planner allows the advisor to focus their attention on the client and not as much on the technicalities of drafting the will. 

Tweetable Quotes: 

● “We are collecting all this data, why not turn this into a digitized format.” – Jordan Atin 

● “The value that we add is on the advice side. It's the experience, it's the emotional connection, it's the communication. That's where advisors add value.” – Jordan Atin 

● “It's so cool for me to take what I do and be able to do in such an efficient manner.” – Jordan Atin 

Resources Mentioned: 

● Facebook – Jason Pereira’s 

● LinkedIn – Jason Pereira’s 

● FintechImpact.co – Website 

● e-stateplanner.com – Website 

Hosted on Acast. See acast.com/privacy for more information.