Summary:

In this 77th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host interviews Preet Banerjee, Founder of MoneyGaps, a platform that helps advisors provide financial planning advice and quantify it for their clients. Preet shares his desire to serve more income bracket levels, how MoneyGaps operates and the benefits of the service. 

Episode Highlights: 

● 01:01: – Preet Banerjee defines MoneyGaps. 

● 02:37: – What is the history of MoneyGaps? 

● 03:57: – What did the research for MoneyGaps consist of? 

● 06:51: – Preet and Jason discuss the academic and value propositions side of financial planning. 

● 13:18: – MoneyGaps is not going to replace the sophisticated cash flow analysis of complex software. 

● 16:38: – Preet discusses product price compression over time. 

● 20:03: – MoneyGaps is looking to make financial advice available for those that have very little. 

● 24:04: – MoneyGaps allows you to be able to pre-populate a number of professionals that you would normally work with. 

● 26:40: – How does the MoneyGaps experience work for advisors working with clients? 

● 34:41: – If Preet had one wish about something he could change in the industry or in his company, what would it be? 

● 37:29: – What has been the biggest challenge that Preet’s company has had? 

● 39:08: – What makes Preet the most excited every day? 

3 Key Points 

1. Research for MoneyGaps included developing a framework for measuring the value of advice then using that to measure advice across multiple delivery channels. 

2. MoneyGaps is working to provide a robust GIS calculator for free. 

3. Preet is aiming to offer human-centric and digital-centric options for providing more financial advisement for more markets of underserved people. 

Tweetable Quotes: 

● “Not everybody wants a thick financial plan. But they don’t want nothing.” – Preet Banerjee 

● “Contemporary financial advice has evolved constantly and always will, and it had evolved to the point from securities to portfolio to wealth management and now to integrating behavioral economics.” – Preet Banerjee 

● “With the explosion in indexing and ETFs and access to information, we’ve seen pricing pressures on the product side. On the advice side, we haven’t seen as much innovation.” – Preet Banerjee 

Resources Mentioned: 

● Facebook – Jason Pereira’s 

● LinkedIn – Jason Pereira’s 

● FintechImpact.co – Website 

● Preet Banerjee – Linkedin

●preetbanerjee.com 

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