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

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