Jason talks to John Lenker, founder and Chief Vision Officer of the marketing firm and Kevin deLaplante Partner & Chief Knowledge Officer. Lenker is a growth consulting firm that specializes in assisting early-stage startups in achieving product-market fit and establishing a recognizable brand before their launch. They emphasize on the challenges startups encounter, including a lack of market analysis and a tendency to prioritize technical development over other critical aspects of their business. Linker aims to help startups navigate these challenges and achieve their growth goals.

Episode Highlights 

• 02:12: John provides insight into the company's evolution and its decision to become a holistic management consulting firm.
• 07:42: John talks about the importance of early-stage analysis and planning in the fintech industry to avoid common pitfalls and challenges faced by startups.
• 08:41: John explains that they sophisticated tools and financial models, including customer lifetime value simulation engines, to guide early-stage decision-making for fintech startups.
• 11:13: John elaborates on the importance of being a known and respected figure in your industry or community. He mentions that it's crucial to establish connections, contribute to the success of others, and become a valued member of the community.
• 21:01: John and Kevin underscore the significance of investing in relationships, effective branding, and strategic leadership roles like the CRO to drive success in the fintech startup space.
• 22:35: Host and guest highlights the importance of careful planning, addressing any weaknesses, and building a strong foundation for fintech startups to succeed in a competitive market.

3 Key Points

1. John highlights one of the primary reasons startups fail in their endeavors, which is a lack of proper market opportunity analysis. He emphasizes the importance of examining the need in the marketplace, identifying the target audience and buyers, assessing the competitive landscape, and understanding the current solutions available and their market adoption status.
2. John talks about the importance of thorough market research, timing, and branding in the success of entrepreneurial ventures, including fintech startups.
3. The discussion emphasizes the process of crafting a brand that becomes the undeniable solution in the market.

Tweetable Quotes

• “Many entrepreneurs have not fully thought through their business situation, making it essential to guide them in clarifying their goals and increasing the likelihood of achieving them.” – John
• “There is often a disconnect between how the client perceives the problem and the reality, which becomes apparent through discussions and discovery processes.” – John
• “Branding involves making people believe in you and your initiative, which creates a tailwind for your work.” – John

Resources Mentioned:

• Facebook – Jason Pereira's Facebook
• LinkedIn – Jason Pereira's LinkedIn
• Woodgate.com – Sponsor
• Podcast Editing

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

Jason interviews Julie Littlechild, the founder and CEO of Absolute Engagement. Julie is a renowned speaker and expert in client engagement within the financial advisory sector. She has recently launched the Absolute Engagement Engine, which brings her ideas on client engagement to life.

Episode Highlights 

• 00:58: Absolute Engine is designed to help financial advisors connect more deeply with their prospects and clients efficiently and consistently.
• 06:31: Many advisors have recognized the importance of aspects such as Confidence, Concerns, Outlook, and Preferences; structuring the conversation in the format of a questionnaire can be a challenge, says Julie. 
• 10:04: Julie explains that opportunities to uncover engagement and growth emerge for several reasons. These opportunities can arise based on how a client presents themselves at a given point in time, such as their confidence level during a review or introductory meeting.
• 15:02: Jason emphasizes the importance of delving deeper to understand clients better, considering that many clients haven't thought deeply about their goals.
• 16:44: Julie explains that their focus is on creating a leading indicator of future issues rather than identifying clients who are already on their way out.
• 19:13: Jason highlights the common issue in the industry where discussions often devolve into fee arguments because clients may not fully understand the value of the services provided.
• 24:40: Jason and Julie discuss the motivation behind developing their platform and the goals they hoped to achieve.
• 29:26: Jason and Julie emphasized the value of asking meaningful questions and co-creating value with clients.

3 Key Points

1. Jason underscores the importance of demonstrating the softer, more human aspects of care and concern in financial advisory interactions.
2. Julie and Jason discuss the exciting possibilities with the data generated by the Absolute Engagement Engine.
3. Julie and Jason discuss various aspects of the financial advisory industry, particularly focusing on a platform designed to help financial advisors understand and improve client sentiment.

Tweetable Quotes

• “Capturing the fluid and evolving sentiments of clients, which can vary between couples and change over time, posed a significant challenge.” – Julie
• “Absolute Engagement Engine provides a structured way to address important topics such as Confidence, Concerns, Outlook and Preferences.” – Julie
• “AI automates more routine tasks; the focus should shift towards the psychological aspects of financial planning.” – Jason
• “Using technology is just one part of the equation, and advisors need to develop the soft skills and knowledge to have deeper, more effective conversations with clients when using the platform's insights.” – Julie
• “The platform not only provides efficiency for advisors but also delivers real value by helping clients navigate their financial journeys more effectively.” – Julie

Resources Mentioned:

• Facebook – Jason Pereira's Facebook
• LinkedIn – Jason Pereira's LinkedIn
• Woodgate.com – Sponsor
• LinkedIn – Jason Pereira's LinkedIn

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

Jason talks to Steven Wasick, Founder of infoSentience, an automation company specializing in using artificial intelligence to enhance data analytics and communication in financial markets. infoSentience’s software can analyze any data set, identify key insights, and communicate them effectively, similar to a human analyst or journalist. This episode explores the innovative technology and applications that infoSentience brings to the world of finance.

Episode Highlights 

• 01:16: infoSentience’s key product extends beyond finance and into the sports industry. They provide fantasy sports reports for CBS Sports and cover sports leagues like the NBA and NFL.
• 06:54: infoSentience’s approach leverages the power of conceptual understanding to efficiently process and communicate complex information, making it valuable not only in the sports industry but also in various other domains.
• 08:02: Unlike template-based approaches where you simply fill predefined slots, infoSentience’s system accounts for the complexity of relationships between concepts. It doesn't rely on predefined structures, making it more adaptable and capable of handling intricate narratives.
• 17:02: Steve discusses the different metrics and improvements that various clients have seen through their collaboration with infoSentience.
• 25:51: Steve shares his motivation to continue pushing forward after overcoming technology challenges and reaching a point where they can showcase their work effectively.

3 Key Points

1. infoSentience’s system employs a rules-based approach to mimic human conceptual understanding, allowing it to process and communicate information effectively while avoiding the pitfalls of irrelevant or repetitive content.
2. infoSentience recognizes the need for vertical-specific customization, they also aim to establish common models and approaches to address fundamental analytical inquiries that apply broadly across different clients and industries.
3. Steve highlights the challenges associated with data analysis, data synthesis, and integrating data from different sources, suggesting that these are complex areas where their technology can shine.

Tweetable Quotes

• “When reading poorly written or robotic content, readers often encounter irrelevant or confusing information that forces their brains to pause and question its significance. This disrupts the flow of understanding and can be frustrating.” - Steven Wasick
• “infoSentience’s future could involve integrating their technology into larger organizations to enhance data-related capabilities.” - Steven Wasick
• “Having a clearer understanding of data and its nuances from the beginning would be beneficial for infoSentience and similar companies that rely on data for their services.” - Steven Wasick

Resources Mentioned:

• Facebook – Jason Pereira's Facebook
• LinkedIn – Jason Pereira's LinkedIn
• Woodgate.com – Sponsor
• LinkedIn – Jason Pereira's LinkedIn
• Podcast Editing

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

Jason talks to Stephen Chen, founder, and CEO of New Retirement. It is an online platform that facilitates financial institutions in offering DIY financial planning experiences to their existing or potential customers. The platform is designed to enhance and complement their existing financial services. Stephen describes New Retirement as essentially creating a "TurboTax for financial planning." Initially, the company began as a consumer-facing platform before transitioning into its current role of supporting financial institutions in providing comprehensive financial planning solutions.

Episode Highlights 

• 03:25: Jason acknowledges that Stephen Chen's approach with New Retirement is a much better approach compared to some other concepts he has encountered.
• 04:07: Stephen talks about the evolution of New Retirement's business model. Initially, the company was bootstrapped and started as a subscription service for consumers. However, it became evident that this model wasn't inherently scalable for venture capital investment.
• 05:36: This strategic shift from a consumer-centric model to enterprise partnerships has allowed New Retirement to scale and generate more revenue.
• 11:08: Stephen emphasizes the importance of providing tools and education to help people gain a sense of financial control and visibility into their future financial security.
• 18:08: Stephen highlights the importance of design in the software's success, making it user-friendly and accessible to a broad audience.

3 Key Points

1. Stephen shares individuals today are more educated and informed about their financial situations due to the internet. This increased knowledge enables them to have richer and more efficient conversations with financial advisors or coaches.
2. Just as travel agents still exist but coexist with online travel booking tools like Kayak, Stephen believes that financial advisors will continue to play a vital role. However, he emphasizes the need for more advisors and lower-cost options to make financial planning accessible to a broader audience.
3. Stephen discusses the importance of design in New Retirement's software, emphasizing that it needs to be intuitive and user-friendly, like the success of the iPhone with its consumer-grade design. He mentions that they are continually improving their software and focusing on data and AI to enhance the user experience.

Tweetable Quotes

• “New Retirement collaborates with various players in the financial ecosystem to streamline and improve the efficiency of services offered to their target demographic.” – Stephen
• “Behavioral coaching also plays a significant role in helping individuals avoid major financial mistakes and execute their financial decisions effectively.” – Stephen
• “Large companies, including Fortune 100 firms, have now begun to appreciate the value of financial planning.” – Stephen

Resources Mentioned:

• Facebook – Jason Pereira's Facebook
• LinkedIn – Jason Pereira's LinkedIn
• Woodgate.com – Sponsor
• New Retirement Website 
• Podcast Editing

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

Jason talks to Owen Winkelmolen, Founder/CEO of Adviice, a financial planning tool in Canada. It is a client-facing financial planning platform designed to support fee-for-service advisors and all advisors in general. It enables clients and advisors to collaborate in building a financial plan. The origin of Adviice, can be traced back to Owen's financial planning practice, Plan Easy, which he founded in 2018. The discussion touches upon the challenges faced by those in the financial planning space, especially when it comes to handling payments, subscriptions, and client retention.

Episode Highlights 

• 0.41: Adviice is a platform that manages the entire client engagement process, including onboarding, payment processing, discovery, document uploads, planning, recommendations, implementation, and tracking, all within a single platform.
• 6.25: Owen explains that the onboarding process in Advice is designed to be user-friendly and efficient, with yes-no questions and multiple-choice questions that are easy for clients to answer.
• 7.20: What sets Adviice apart is its client-facing approach. Clients actively participate in the discovery process by providing information and uploading documents, and the platform's tailored design turns this into a streamlined and personalized "fill in the blank" exercise.
• 12:05: Regarding white labeling, the Adviice platform allows advisors and companies to fully brand the platform as their own.
• 16:23: The Adviice platform incorporates a range of visual tools and features to enhance the financial planning experience and provide valuable insights to clients.

3 Key Points

1. What sets Adviice apart from many other financial planning software platforms is its emphasis on workflow and planning tools.
2. The platform's client-facing nature, combined with the ability to mark completed actions and interact with the plan regularly, fosters ongoing engagement and collaboration between clients and advisors. This approach ensures that financial planning becomes an ongoing, dynamic process rather than a one-time event, ultimately leading to better financial outcomes for clients.
3. The discussion emphasizes the importance of shifting from a one-time financial planning model to an ongoing and collaborative planning experience. It's recognized that the real value in financial planning lies in the continuous planning process, which takes into account the changing circumstances and goals of clients over time.

Tweetable Quotes

• "Planning software may start with the planning tool itself, and the front-end (client acquisition, payments, etc.) and back-end (modeling) are secondary considerations." - Owen Winkelmolen
• "The use of visual tools like the Sankey diagram and the contextualization of financial data are essential for helping clients truly understand their financial situation and the impact of various scenarios." - Owen Winkelmolen
• "The ability to white-label and customize the platform for different niches and client segments is a testament to its flexibility and usability" -Jason. 

Resources Mentioned:

• Facebook – Jason Pereira's Facebook
• LinkedIn – Jason Pereira's LinkedIn
• Woodgate.com – Sponsor
• https://www.planeasy.ca/owen-winkelmolen/
• Podcast Editing

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

In this episode of Fintech Impact, host Jason welcomes back repeat guest Trevor Greenway, the founder of interVal. Trevor discusses how interVal's software platform assists financial advisors, accountants, and other professionals in valuing businesses. The platform provides estimates of business value, guides clients in the right direction, and helps them optimize their largest asset.

Episode Highlights 

• 02:36: Jason inquires about the process of business valuation for financial advisors and others who want to help clients determine their business's worth.
• 03:57: The conversation highlights the crucial aspects of raising awareness among business owners, enabling advisors to add value, and ultimately working together to create a well-planned and cohesive future. interVal's automated discovery process plays a pivotal role in achieving these goals.
• 04:19: Jason emphasizes that conveying the value of something is one aspect, but explaining the reasons behind its value and providing strategies for improvement is even more significant.
• 06:02: The discussion delves into the nuances of enterprise value growth and highlights the importance of understanding and optimizing value drivers beyond simple top-line revenue increases.
• 14:15: Trevor highlighted the importance of focusing on optimizing business health and informed decision-making for business owners.
• 20:49: interVal is actively navigating the dynamic landscape of technological adoption and increasing business owner expectations.

3 Key Points

1. Jason and Trevor's conversation highlights the power of understanding "why" and "how" in addition to the value of data-driven insights. It also underscores the critical role advisors play in leveraging these insights to guide business owners toward growth and improvement.
2. The discussion emphasizes interVal's flexibility in valuation frequency and data integration, highlighting the platform's ability to accommodate partners' preferences while delivering valuable insights for making informed decisions.
3. Trevor highlighted the complexity of business valuations and how various factors can influence the perceived value of a business.

Tweetable Quotes

• "While valuation is a methodology, the true focus is on enhancing visibility into the business's health and performance." - Trevor Greenway
• "Understanding the value drivers behind the valuation is more crucial than the valuation itself." - Trevor Greenway
• "The frequency of valuation updates doesn't necessarily lead to dramatic changes in valuation results." - Trevor Greenway
• "By automating certain aspects of discovery, advisors can focus on delivering true value to business owners, helping them hit milestones, achieve goals, and mitigate risks." - Trevor Greenway

Resources Mentioned:

• Facebook – Jason Pereira's Facebook
• LinkedIn – Jason Pereira's LinkedIn
• Woodgate.com – Sponsor
• LinkedIn – Jason Pereira's LinkedIn
• Podcast Editing

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

Jason talks to Jud Mackrill, co-founder of Milemarker & Mammoth, who has been on the show before. The discussion centers around the challenges related to data and data management in the industry. For the past 15 years, many conferences have complained about the quality of data, its location, and how it's often siloed. Jud is working on a solution to address these issues.

Episode Highlights 

• 0:56: The company's main goal is to address issues related to connectivity, integration, and operational efficiency for firms that may not have the resources to specialize in these areas due to their focus on taking care of their clients' needs.
• 01:40: Jason and Jud discuss the challenges faced by average RAs (Risk Analysis) depending on their size.
• 06:27: Jud emphasizes that Milemarker's goal is not to compete with internal teams but to assist and augment their efforts.
• 08:30: Milemarker helps integrate data and information so that when the Home Office receives requests from the field, they are intelligent and specific to the unique office or role making the request.
• 16:37: Mammoth is an opportunity to modernize and streamline the process of handling alternative investments.
• 19:54: Mammoth offers a single pane of glass solution that integrates with various technologies used by wealth management firms. The platform helps advisors manage alternative investments more efficiently and addresses the complexities involved in handling such investments for clients.
• 21:45: The guest emphasizes the importance of having professional-grade software and processes to support technology and compliance efforts, especially as more firms transcend into becoming media and technology companies alongside their core service offerings.
• 24:19: Being data-driven and having a clear point of view can provide a significant advantage to companies in the long run.

3 Key Points

1. Jud describes their approach to the consulting process, which involves writing a plan and designing how the data management and integration should work.
2. Jud explains some of the quick wins and secondary wins that their consulting services provide to their clients.
3. While technology can support the advisor-client relationship, the human element of personalized service will always be essential and cannot be fully scaled.

Tweetable Quotes

• "As for the benefits of the consulting process, once the data challenges are identified and understood, the firms can leverage the solutions provided by Milemarker to improve data connectivity, integration, and operational efficiency." – Jud
• "It's very common for technology teams to be consumed with daily operational tasks and support, leaving little time for strategic planning and comprehensive data management." – Jud
• "A study by Fidelity, which found that many firms are acquiring other companies with clients that don't generate profits for the acquiring firm." - Jud

Resources Mentioned:

• Facebook – Jason Pereira's Facebook
• LinkedIn – Jason Pereira's LinkedIn
• Woodgate.com – Sponsor
• Podcast Editing

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

Jason talks to Philipp Hecker, CEO of Bento Engine. It is a cutting-edge content and conversation system designed for financial advisors. The system's primary goal is to assist financial advisors in cultivating stronger client relationships and expanding their businesses.

Episode Highlights 

• 0.49: Bento Engine aims to help advisors focus on crucial moments in their clients' and prospects' lives. It operates as a B2B SaaS solution, integrating with widely used CRM systems through APIs.
• 2.05: During his time at JP Morgan's Wealth Planning and Advice unit, Phil witnessed the power of comprehensive advice in action. This unit included various financial planning teams across JP Morgan's private bank, broker-dealer business, and TRACE network.
• 5:30: As per Jason, some advisors opt to limit the number of households, they serve to provide high-level service, which may restrict their income potential. This approach often leaves the bottom end of their client base underserved.
• 13.41: Bento Engine triggers opportunities for gifting and personalization, and it often leads to fulfilment needs and product opportunities. Bento Engine is delighted to see the various directions that clients take in utilizing the platform's opportunities for the benefit of all involved parties.
• 15.06: By avoiding the need for a separate login or app, Bento Engine becomes a background system that enhances the CRM experience and provides advisors with timely opportunities and materials. 
• 19.40: AI language is an inefficient form of communication, and understanding clients' needs and concerns requires empathy and expertise.

3 Key Points

1. Bento Engine serves as a tax solution that integrates with popular CRM systems, making it the central hub of client-centric technology for advisors. By mining and leveraging client data, advisors can shine during crucial moments that matter in their clients' lives. 
2. Jason envisions that users of Bento Engine can use the triggered events to initiate other workflows, allowing for customized touchpoints with clients.
3. It's crucial to strike the right balance between AI-driven automation and the personalized human touch to ensure a successful and ethical implementation of AI technology in the financial advisory space.

Tweetable Quotes

• "Many financial advisors talk about providing holistic advice but may not consistently deliver it across their entire client base. Bento Engine aims to address this opportunity by providing a technology-driven solution that allows advisors to offer comprehensive advice consistently and efficiently to all their clients and prospects." - Philipp
• "Bento Engine sees the potential for artificial intelligence (AI) and large language models to unlock valuable insights from unstructured data within CRM systems." - Philipp
• "AI will not replace financial advisors; instead, it will make them more efficient, effective, and capable of serving more clients." - Philipp

Resources Mentioned:

• Facebook – Jason Pereira's Facebook
• LinkedIn – Jason Pereira's LinkedIn
• Woodgate.com – Sponsor
• LinkedIn – Jason Pereira's LinkedIn
• Podcast Editing

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

Jason talks to Phillip Hecker, CEO of Bento Engine. It is a cutting-edge content and conversation system designed for financial advisors. The system's primary goal is to assist financial advisors in cultivating stronger client relationships and expanding their businesses.

Episode Highlights 

• 2.05: During his time at JP Morgan's Wealth Planning and Advice unit, Phil witnessed the power of comprehensive advice in action. This unit included various financial planning teams across JP Morgan's private bank, broker-dealer business, and TRACE network.
• 8.28: Bento Engine uses APIs to extract client information from CRM systems and alerts advisors of upcoming advice opportunities.
• 13.41: Bento Engine triggers opportunities for gifting and personalization, and it often leads to fulfilment needs and product opportunities. Bento Engine is delighted to see the various directions that clients take in utilizing the platform's opportunities for the benefit of all involved parties.
• 17.35: The platform is focused on practical and problem-oriented solutions rather than chasing AI hype. Bento Engine aims to use technology to solve real problems faced by advisors and their firms without unnecessarily complex or flashy solutions.
• 19.40: AI language is an inefficient form of communication, and understanding clients' needs and concerns requires empathy and expertise.
• 27.15: The idea of fail-fast is important to us, and Philip is thrilled about the reception of their solutions in the ecosystem. Philip is grateful to the early adopting firms for their support and feedback, which has driven much of our innovation.

3 Key Points

1. Bento Engine serves as a tax solution that integrates with popular CRM systems, making it the central hub of client-centric technology for advisors. By mining and leveraging client data, advisors can shine during crucial moments that matter in their clients' lives. 
2. Jason envisions that users of Bento Engine can use the triggered events to initiate other workflows, allowing for customized touchpoints with clients.
3. It's crucial to strike the right balance between AI-driven automation and the personalized human touch to ensure a successful and ethical implementation of AI technology in the financial advisory space.

Tweetable Quotes

• "Many financial advisors talk about providing holistic advice but may not consistently deliver it across their entire client base. Bento Engine aims to address this opportunity by providing a technology-driven solution that allows advisors to offer comprehensive advice consistently and efficiently to all their clients and prospects." - Phillip
• "Bento Engine sees the potential for artificial intelligence (AI) and large language models to unlock valuable insights from unstructured data within CRM systems." - Phillip
• "AI will not replace financial advisors; instead, it will make them more efficient, effective, and capable of serving more clients." - Phillip

Resources Mentioned:

• Facebook – Jason Pereira's Facebook
• LinkedIn – Jason Pereira's LinkedIn
• Woodgate.com – Sponsor
• Podcast Editing

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

Jason talks to Jacob McGraw from Sikka.ai, a fintech company specializing in API platform services for dental support organizations (DSOs). DSOs are large firms that operate numerous dental practices. Jacob discusses Sikka.ai’s innovative underwriting methodology for insurance companies and explains the company's value proposition. 

Episode Highlights 

• 01:00: Jacob explains the operations of Sikka.ai The company collects data from dental practices to underwrite life insurance applicants. 
• 03:13: The company's API platform integrates with over 92% of the practice management systems used by these dental clinics, making it easier for DSOs to manage their operations.
• 04:45: Jacob highlights the power of taking data from oral health practitioners since oral health often serves as an indicator of other medical issues.
• 07:12: The current reliance on self-reported information in traditional underwriting can lead to inaccuracies and misclassifications. With Sikka.ai’s dental data integration, these issues can be addressed, leading to a more accurate assessment of risks, especially related to smoking habits.
• 08:56: Jason and Jacob discuss how the fear of rejection has created a negative stigma around insurance applications.
• 10:50: Jacob provides a practical example of how the risk model is used to differentiate risk within different preexisting conditions.
• 17:10: The real-time data sources and API platform provided by the company are relatively new and novel to insurance companies, which are typically not accustomed to real-time processes.

3 Key Points

1. Jason and Jacob discuss the novelty of using dental data for insurance underwriting and acknowledges the value of alternative data sources in the insurance industry.
2. The significance of dental data in insurance underwriting lies in its ability to offer valuable insights throughout an individual's life, regardless of their age or prior oral health practices.
3. Jacob explains how their focus is on improving the underwriting process by reducing the need for additional tests and enhancing the speed and accuracy of risk assessment.

Tweetable Quotes

• “Sikka.ai utilize two main products for this purpose. The first product includes indicators for pre-existing conditions like tobacco use, kidney disease, hypertension, hyperlipidemia, etc. Among these, the tobacco indicator is the most crucial, providing significant protective value per hit from exam one. The second product is mortality risk scores for life insurance underwriting, powered by procedure codes and the frequency of dental procedures performed per calendar year. These procedures help assess and understand mortality risks for potential life insurance applicants.” – Jacob
• “Data can be viewed as Swiss cheese, with holes representing missing or incomplete information.” – Jacob
• “Starting from a certain point in technology often influences a country's willingness to embrace new advancements.” - Jason

Resources Mentioned:

• Facebook – Jason Pereira's Facebook
• LinkedIn – Jason Pereira's LinkedIn
• Woodgate.com – Sponsor
• https://sikka.ai/
• Podcast Editing

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