In this 92nd episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host welcomes back Randy Cass (Nest Wealth) and David Faulkner (RazorPlan) about their company’s merger and how fintech can be used to holistically improve clients’ lives.

Episode Highlights:

● 00:58: – Nest Wealth was one of the earliest robo-advisor platforms.

● 01:35: – Razor Plan offers financial planning software and has become the number one platform of independent financial advisors.

● 02:21: – Their merger felt destined to happen.

● 04:04: – The Razor team was brought into Nest to combine their different expertise.

● 08:35: – The ultimate goal for the partnership between Nest and Razor is to create a holistic approach to financial planning that’s adaptable and reflects assets in real time.

● 09:58: – Financial advisors spend their time accumulating data, planning, and on the implementation of that plan.

● 10:16: – Their goal is to decrease the amount of time it takes to generate the plan and to automate and scale the implementation.

● 12:17: – Data shows that where human financial advisors add value over robo-advisors is in human interaction.

● 19:05: – Even if you create a so-called “easy button” for generating a plan, the human advisor on the other end still needs to understand all the factors going into the plan being generated and how that plan will hold up for the client in future years.

● 22:00: – No small thing is just that small thing, because it doesn’t exist in isolation, it interacts with all the other financial factors going on.

● 24:09: – They want to invest in Advisor Intelligence, which breaks down the most prevalent advisor rules of thumb and automates them.

● 26:12: – Doing this doesn’t standardize the advice given to people, but it does help to eliminate some of the most common errors that come up.

● 28:40: – Siloed information and lack of communication is what has impeded the growth of the financial planning industry.

● 29:19: – What they most want to see in the industry is the aggregation of data and the ability, using advisor intelligence platforms, to ensure that people are getting the appropriate advice for the moment they’re in.

3 Key Points

1. Automating the planning and implementation of financial advising will never replace the

value of human interaction.

2. Technology supplements the human intelligence beyond what it’s capable of, and the

human judgment and understanding of context and the nuances of each client supplement the technology.

3. Great financial advising, when paired with fintech, can provide flexibility and freedom to

millions of people.

Tweetable Quotes:

● “We want to make sure that the right advice gets right person at the right time, and the right person is every Canadian that has a vested interest in their financial outcome.” –Randy Cass

● “What we're doing can have such a meaningful material difference when we execute well on it, when we see distribution of the solution; it's really the most exciting thing I've ever worked on in my career.” –Randy Cass

Resources Mentioned:

● Facebook – Jason Pereira

● LinkedIn – Jason Pereira

● FintechImpact.co – Website

● https://www.nestwealth.com/

● https://razorplan.com/

● Randy Cass: Twitter, Linkedin

● David Faulkner: Twitter, Linkedin

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Michel Krielaars