During this 32nd episode of the Fintech Impact podcast, Jason Pereira interviews Randy Cass, the CEO, Founder, and Portfolio Manager of Nest Wealth. Nest Wealth is the second largest robo adviser in Canada, and a platform provider of digital solutions for the client onboarding experience in asset management. The conversation digs into what has led Randy Cass to creating Nest Wealth, how the company has evolved and expanded, and how they fit into the financial space in Canada.

●01:11 – Nest Wealth helps firms, individuals, even employers move whatever process they’ve been using historically and allows them to run it all digitally in the B2B space.

●02:07 – Randy decided he didn’t want to be a lawyer and later started trading currencies derivatives at TDSI.

●05:15 – He performed a hosting job on BNN for several years with guests that were CEOs, CFOs, and also the heads of regulatory bodies.

●07:00 – Nest Wealth was originally started as a direct-to-consumer robo advisor.

●07:47 – When compressed margins arise, it becomes about getting more efficient in your operation and scaling your operations above past levels.

●12:00 – All on a single stack, Nest Wealth is a Sass-based company and a licensed product that controls their technology.

●14:26 – A large financial institution wanted to by Nest Wealth in the past.

●17:58 – The average consumer on the direct-to-consumer side of Nest Wealth:

78% of consumers have done multiple transfer-in assets in the first six months.

●19:00 – Nest Wealth puts more control of the financial process on consumers.

●25:03 – In 2013, Nest Wealth launched in the midst of the media saying there will never be a digital advisor in Canada.

●27:39 – The financial advisement space isn’t disappearing because of robo advisors, it just needs to continue to focus on adding value.

●34:03 – Customers are generally open to change, especially when it benefits them.

●40:14 – Nest Wealth is currently the only direct-to-consumer platform with a flat fixed fee regardless of how much someone puts into their account.

●43:01 – Randy Cass is most excited about driving transparency and better creating outcomes for investors.

3 Key Points:

1. On the direct-to-consumer side of Nest Wealth, 78% of consumers have done multiple transfer-ins of assets in the first six months.

2.The average account balance of assets contributed to an account doubles in the first six months from the initial contribution.

3.The average client on Nest Wealth has an account of about $175,000.

Tweetable Quotes:

-“Think of us (Nest Wealth) as an engine that powers digital wealth.” – Randy Cass.

-“I left to start Nest Wealth as a direct-to-consumer robo advisor.” – Randy Cass.

-“Once there is a substitutable similar product in the marketplace, you’re going to

have price competition and margin compression throughout the entire industry.”– Randy Cass.

Resources Mentioned:

●LinkedIn – Jason Pereira’s LinkedIn

●Facebook – Jason Pereira’s Facebook

●Woodgate Financial – Website for Woodgate Financial

●Randy Cass – LinkedIn for Randy Cass

●@Randy_Cass – Twitter for Randy Cass

●Nest Wealth – Website for Nest Wealth

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