Nudging Clients Toward Tax-Aware Decisions

In this episode of ‘Fintech Impact’ podcast, host Jason Pereira talks to Brandon Rembe, the Chief Product Officer of Envestnet, which encompasses his role overseeing product for Envestnet | Yodlee, the data & analytics arm of Envestnet. Jason & Brandon talk about every aspect of investment and share some great ways to make people’s financial life better. 

Episode Highlights:

• 00.34: Brandon states that Envestnet is a large Wealth Tech and Fintech Ecosystem that is been around the business for over 20 years with a net worth of over $4 trillion. 
• 01.32: Envestnet has acquired a lot of start-ups and the founders are still with the organization as they continue to innovate.
• 02.13: Jason asks Brandon about the history of Envestnet and his role in the company.
• 03.31: As per Brandon, they worked really hard to grow the business from the breadth of what’ they’re doing and are now focused on integrating all the components. 
• 05.50: Brandon mentions that Envestnet as a company is the glue behind all those making sure that data flows seamlessly. 
• 07:00: To apply any intelligence to the stuff, you need to have the right data.
• 10.01: Legacy PFM applications and personal financial management applications, were really good at telling what happened in the past and what’s happening in your account currently. 
• 12.20: If you want to hit your financial goals, here is the thing is that you need to do, you should spend less on entertainments and you should save more.
• 14.25: Brandon tells that they want people to feel like they have control over their financial life and they understand their financials life.
• 18.20: People also need to keep a check on how much they spent over the last year on an average and if the expenses were meaningful?
• 20.08: They have just launched their new trust exchange as well where people can come in and get access to trust services. 
• 25.30: We need to empower the advisor with one allowing them to collect all the information about their clients so that they can provide the right advice.
• 26.14: We’re also trying to centralize / decentralize through this ecosystem to reach out and get the advice from both from investor and advisor standpoint.
• 28.16: It’s also very important for advisors now to have the conversation of you client to say, well, what’s important to you in how you get to that outcome? Do you care about your carbon footprint? Do you care about taxes? 
• 30.05: We’re trying to help every retail customer out there to start to create that intelligent financial life through micro saving and investing.
• 32.04: Jason asks Brandon, “If you had one wish for something changed in your company or the industry as a whole?”
• 35.02: It’s a problem that we can solve and reduce the money and finance fences that are causing so much stress to people.

3 Key Points:

1. Financial lives are probably very different from one another and are different from others; we need to understand the complete ecosystems, make the right advice or provide the right insights to them.
2. When you take any technology, whether that’s machine learning, or that’s a new cool app, you have to pair that with a human to get the best outcome. We can all innovate faster and provide better outcomes for clients.
3. When people go to talk to an advisor, they expect them to be the genius on everything, but they’re also not meant to be an expert on every single financial instrument that’s out there.

Tweetable Quotes:

• “Trying to make people’s financial lives better throughout that entire lifecycle”- Brandon Rembe
• “You guys are like the granddaddies of data aggregation, really are like the first major Big E myth in that space.”- Jason Pereira
• “Hey I want to get you on the phone right away and talk about what I need to do to provide the best outcome for me. So that type of seamless handoff between the machines is incredibly important for us”. – Brandon Rembe
• “Here is why I am asking all of these questions because they do have a real outcomes, what their needs are for healthcare and everything else” – Jason Pereira
• “It’s not only plugging them into that network, it’s then facilitating that network as well”. - Brandon Rembe
• “We’re really bringing some of those things down market so that people do understand how much they’re saving, spending, if they should be saving more, etc.” - Brandon Rembe

Resources / Links:

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• Fintech Impact Podcasts
• Jason Pereira Website
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