In this 150th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host interviews Bill Winterberg, Founder of FP Pad, a source of educational content on tech for financial advising and forecasting. Bill is here to have a friendly chat about the current state of affairs as well as the future of tech in the world of financial advising!

Episode Highlights:

• 0:38 – Bill Winterberg introduces his website, FP Pad.
• 3:04 – What did Bill do before he founded FP Pad?
• 5:14 – Ted shares his dream before he went to college.
• 9:35 – How painful was the state of affairs of technology when Bill got into financial advising?
• 11:52 – Jason and Bill dive into the effects that AWS played on the cloud technology boom.
• 15:42 – What are Bill’s best practices when he takes on a new client?
• 20:53 – How much of an obstacle does changing the behavior of people in the firm represent?
• 24:30 – Jason and Bill break down how to scale without integrating more than a firm can handle.
• 28:08 – Where does Bill see the biggest changes in the future for the day–to–day life of financial advisors?
• 32:50 – Jason and Bill discuss the tendency of financial advisors to believe bad advice.
• 35:41 – How should advisors be spending their time these days?
• 40:04 – What would Bill change about his industry as a whole?
• 42:05 – What has been the biggest challenge for Bill to get to where he is today?
• 45:10 – Bill talks about what excites him for the future.

3 Key Points

1. FP Pad has evolved from a website and blog to a YouTube channel, podcast, activity highlights, and a plethora of other content and resources to improve Fintech practices.
2. When taking on a new client, Bill hopes that the person or small group of people in charge of transition are focused on adding value to the company while helping everyone grow.
3. Bill hopes that in 5 years, financial advisors will go from storing financial plans in silos to utilizing financial software that allows them to communicate with each other.

Tweetable Quotes:

• “The movers and shakers have origins in Electric Avenue.” – Bill Winterberg
• “If you’re paying on a monthly basis, now you’re not worried about large–scale deployments, you’re worried about constant improvement. And now we all benefit from multiple upgrades per year.” – Jason Pereira
• “I am very receptive to legacy solutions and what exists in the business.” – Bill Winterberg
• “Focus on scaling the business with a couple of tools to leverage before you go building this massive platform.” – Jason Pereira
• “I think advisors should be spending their time figuring out how they’re going to grow their business or engage clients and engage prospects very effectively.” – Bill Winterberg

Resources Mentioned:

• Facebook – Jason Pereira’s Facebook
• LinkedIn – Jason Pereira’s LinkedIn
• FintechImpact.co – Website for Fintech Impact
• JasonPereira.ca – Sign up for Jason Pereira’s newsletter
• Woodgate.com – Website for Woodgate Financial
• XY Planning Network
• Garrett Planning Network
• FPPad.com – Website for FP PAd
• LinkedIn – Bill Winterberg’s LinkedIn

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