Fintech Impact

Summary:In this 100th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host welcomes Michael Kitces of the Nerd’s Eye View blog, XYPN, and AdvicePay, to talk about product iteration, specialization within the field of financial planning and more. Episode Highlights: ● 01:40: – Michael ended up in financial services by accident after majoring in Psychology and minoring in Theatre in undergrad. ● 02:55: – Michael had a job selling life insurance policies, and he hated it and was bad at it, but luckily ended up finding mentorship from the one certified financial planner in the company. ● 06:25: – Michael sees the evolution of the fintech space as having several small epochs. ● 08:35: – Developers tried making a holy grail all-in-one software which resulted in every area of the program being mediocre. ● 09:02: – The rise of APIs have turned the industry upside down, allowing financial planners to create their own perfect all-in-one solution. ● 12:55: – Small companies that specialize can evolve so much faster than any enterprise software ever could. ● 16:22: – Michael observes that most fintech software companies in the US are homegrown, with developers trying to solve problems, rather than big venture-funded startups. ● 18:00: – Scaling your product to enterprise solutions means pivoting to a lot of enterprise features and iterations instead of iterating on your core product for end users. ● 19:45: – Because enterprise companies evolve more slowly, when they approach smaller companies for solutions they’re often asking them to move backwards to match where their advisors are in their mindsets. ● 22:20: – Michael believes that financial planning software has the most room for disruption of any software category. ● 25:30: – It is still useful to know old, antiquated programming languages because companies that have evolved slowly and are still written in old code need people who understand that architecture in order to modernize it. ● 27:45: – Michael sees a lot of companies trying to solve culture and training problems with technology instead of addressing the real issues. ● 29:20: – Companies trying to pivot to financial planning advice without certified financial planners means the employees are selling the plan as a product rather than providing advice as added value. ● 31:10: – In order to reduce liability that comes up with offering advice, companies centralize their planning departments and put excessive compliance procedures in place. ● 33:24: – A lot of specialized programs are cropping up to streamline processes for things like planning for your money management in the event that you are cognitively impaired with dementia, for parents and children managing student loans, etc. ● 37:50: – If Michael could make one change to the industry it would be to decrease the requirements to be called a financial advisor. ● 39:00: – The biggest challenge Michael has faced is figuring out how to get out of his own way. ● 40:53: – What excites Michael and gets him out of bed in the morning is, surprisingly, checking his email. 3 Key Points 1. The development of APIs has allowed for much faster iteration and development. 2. You can’t solve company culture problems with tech. 3. The fintech space has so much room for disruption and specialization. Tweetable Quotes: ● “You’re still going to get out-expertised, out-devved, out-scaled, out-manned, because the independent companies have been able to get so large. I think it’s a thing that could not have happened until the internet showed up and API connectivity became possible.” – Michael Kitces Resources Mentioned: ● Facebook – Jason Pereira’s Facebook ● LinkedIn – Jason Pereira’s LinkedIn ● FintechImpact.co – Website for Fintech Impact ● https://www.kitces.com/ ● https://www.kitces.com/blog/category/21-financial-advisor-success-podcast/ ● https://www.xyplanningnetwork.com/ ● https://advicepay.com/ ● https://twitter.com/MichaelKitces ● https://www.pinnacleadvisory.com/  Hosted on Acast. See acast.com/privacy for more information.

Summary:In this 99th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host welcomes John Waldron, founder of Learnedly, to talk about how financial services firms handle ongoing education. Episode Highlights: ● 00:30: – John explains Learnedly as Lynda.com/LinkedIn Learning but for Canadian financial services professionals. ● 01:37: – John founded Learnedly because he found that it’s empowering to learn new ways to help your clients, and he wanted to make that learning accessible. ● 02:55: – There was a demand in the industry for video-based content that was accessible on mobile. ● 05:00: – A lot of Learnedly is inspired by and based in part on Lynda.com, which has now even sent Learnedly business. ● 06:51: – With things changing in the industry and with technology so quickly, a platform that can be updated and referenced in real-time became more and more necessary. ● 08:42: – With short-form courses like this, you can make a commitment to lifelong learning with only 30 minutes a week. ● 09:25: – People are most motivated to learn and retain the information the best when they are in a position of needing to know something, and then put that knowledge to use shortly thereafter. ● 11:00: – We take for granted how incredible a resource YouTube is, providing all this education for free, but you have to wade through a lot of low-quality content and Learnedly is a curated, high-quality platform. ● 11:30: – Learnedly costs only $20 per month, in alignment with John’s belief that education is a right, not a privilege, and should be priced accordingly. ● 12:15: – John shares how he was introduced to the financial services world by taking a Securities course in order to learn how to be responsible with his own money. ● 17:00: – Some of Learnedly’s courses are approved for Continuing Education credits, and users can expect a true mobile experience with video that can stream on desktop, tablet, or phone, and can be downloaded for offline viewing. ● 19:03: – Everything on Learnedly is researched and written beforehand, and video content takes ten times the effort of merely writing when you have to prepare, film, and edit the videos. ● 20:55: – Learnedly has received positive feedback thus far and they plan to grow exponentially over the next six months. ● 23:09: – In addition to supporting your current work needs, Learnedly can be used to grow your skills and help you advance in your career. ● 28:10: – An advantage to Learnedly is that because their content is so modular, in 1-2 minute videos, if something changes in the industry, they only have to edit and replace small clips rather than entire courses. ● 29:13: – If John could change one thing in the industry, it would be the level of complacency. ● 31:50: – AI and automation are real things that will impact the industry in the future. ● 33:35: – The advisors who believe that automation will eliminate their jobs are usually the advisors who don’t often deal with people face-to-face and those who treat their jobs in a highly transactional way that could easily be replaced by a computer. ● 36:53: – The biggest challenge has been that Learnedly is a subscription service, so getting the content ready for launch and continuing to build the library was a big lift. ● 39:18: – John is most excited about filling the need for education among the financial services industry. 3 Key Points 1. Learnedly supports an attitude of lifelong learning. 2. Learnedly disrupts the traditional model of very expensive, outdated certification courses. 3. The future is not a choice between human labor and automation, but will inevitably be a hybrid. Tweetable Quotes: ● “People learn more and they retain more when they need to know something. When they’re in that moment where they need to know, that’s when they are motivated to learn and when their retention is the greatest.” –John Waldron ● “One of the other big challenges is that regulations do change, taxes change, new tax incentives, credits, and other things change, but the industry textbooks don’t change nearly as often.” –John Waldron Resources Mentioned: ● Facebook – Jason Pereira’s Facebook ● LinkedIn – Jason Pereira’s LinkedIn ● FintechImpact.co – Website for Fintech Impact ● https://www.learnedly.com/ ● https://www.miraclemorning.com/ Hosted on Acast. See acast.com/privacy for more information.

Summary:In this 98th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host welcomes Toan Huynh, from the VC firm Information Venture Partners, to talk about automation, what an “early stage” company means to IVP, and how to explain venture capital to a five-year-old. Episode Highlights: ● 00:42: – Information Venture Partners is a venture fund that focuses on enterprise SaaS in the financial services market. ● 01:02: – Research confirms that the spend by financial services SaaS companies will triple every year of the millennium. ● 01:20: – They are an early stage investor that works to help scale a company. ● 04:52: – The company Toan worked for became partners with Salesforce early in its life. ● 08:33: – IVP is interested in piping and helping banks and other companies digitize their back end and digitize the user experience and employee experience. ● 09:28: – Online SaaS platforms are more flexible than downloadable software; it turns a fixed cost into a variable cost. ● 13:14: – When talking to entrepreneurs, Toan reminds them that they are solving a problem in a way of doing things that a company has been entrenched in for many years, so you can’t just march in and say stop what you’re doing. ● 13:35: – The sales cycle in these scenarios isn’t quick as a result. ● 14:50: – Automation isn’t scary, it’s necessary. ● 15:38: – True automation isn’t here yet. ● 17:02: – YayPay is a company in their portfolio that automates accounts receivable to free up CFOs to manage financial planning and strategy instead of collections. ● 18:37: – Another company in their portfolio is Procurify, which provides insights on expense management. ● 20:05: – Knowtions Research uses natural language processing and AI to improve health insurance for people with preexisting conditions or terminal illness, and how to use the same systems to help insurance companies combat fraud and abuse. ● 21:10: – Start your business where you can test your model and troubleshoot. ● 22:45: – To Toan, funding eligibility for IVP means being a fintech company aiming to solve a problem in the financial services or healthcare space. ● 23:37: – Companies they fund are “early stage” companies, which means different things to different funders and depends upon whether your clients are individuals or enterprise. ● 25:47: – If Toan could change one thing about her industry, it would be to improve gender parity. ● 27:50: – Try not to make the excuse of a pipeline issue for not hiring diversely; instead, take a risk on somebody. ● 28:17: – Toan advocates for bringing back the apprenticeship model. ● 28:52: – Entrepreneurs should take a long view of their partnerships; money is only half the equation, and the other half is growing a team. ● 31:05: – One of IVP’s biggest challenges has been marketing. ● 32:40: – Toan explains venture capital to her five year old as “growing baby companies.” 3 Key Points 1. Companies that IVP funds are ones that are working to solve a problem in the financial services or healthcare industries, mainly by digitizing and automating processes that improve user experience. 2. Automation isn’t a threat, it’s necessary for the industry to stay competitive. 3. Citing a pipeline issue is no excuse for lack of diversity in hiring. Tweetable Quotes: ● “Automation is a necessity for us to compete globally.” –Toan Huynh ● “Founders become funders... We need to be consciously investing in non-traditional founders and diverse founders so we can spread the pool of potential wealth accumulation a little bit better. And that’ll create better opportunities for everybody.” –Toan Huynh Resources Mentioned: ● Facebook – Jason Pereira’s Facebook ● LinkedIn – Jason Pereira’s LinkedIn ● FintechImpact.co – Website for Fintech Impact ● https://www.informationvp.com/ ● https://www.linkedin.com/in/toanhuynh ● https://www.yaypay.com/ ● https://www.procurify.com/ ● https://www.knowtions.com/  Hosted on Acast. See acast.com/privacy for more information.

Summary:In this 97th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host welcomes Jason Early, Chief Revenue Officer of the cloud-based business valuation platform BizEquity. Episode Highlights: ● 00:43: – BizEquity is a cloud-based business valuation platform. ● 01:25: – Jason Early comes from a financial services background. ● 02:52: – A lot of business owners fixate on a number they think their company is worth and then are shocked when it isn’t as valuable as they thought, so BizEquity provides transparency to the valuation process for business owners. ● 03:45: – BizEquity uses a simple seven-step process to input your financial data and watch the valuation number dynamically change throughout, then gives you a 20 page valuation report that benchmarks them against industry peers. ● 07:05: – Traditional valuation assessments are only a snapshot in time, but using BizEquity means your advisor can come back to you later and provide updates as the market changes and as your business changes. ● 08:17: – 78% of business owners plan to fund their retirement almost entirely on the value of their business, without knowing what the value of their business actually is. ● 09:41: – $13.2 trillion dollars of business owner wealth is set to transition over the next ten years. ● 11:32: – More and more accountants are coming onto the BizEquity platform and it is a growing vertical for the company. ● 12:22: – The biggest pushback for the company is that their platform does not spit out certified results, because they have no way of verifying that the numbers that business owners are putting into the platform are accurate to begin with. ● 13:22: – BizEquity doesn’t intend to replace certified valuations, but is there to supplement them as a low-cost alternative for business owners to know the approximate value of their business at any point in time without having to go through the arduous process of a certified valuation. ● 14:20: – In Jason Early’s view, it is crucial now more than ever for financial advisors to provide a comprehensive view, aided by technology. ● 15:43: – One of BizEquity’s biggest challenges has been that they have created this market, so there is no one to look to, and education has to be a big component of their product. ● 17:30: – Jason Early is most excited about the potential BizEquity has in the future, as they have only scratched the surface with their 5,000 subscribers. 3 Key Points 1. Most business owners don’t know the value of their business, yet it’s crucial information to have for future planning. 2. Traditional valuation takes a long time, is complex, very costly, and only gives you information about a snapshot in time, whereas BizEquity can provide dynamic results. 3. BizEquity hopes to supplement traditional, certified valuation; Tweetable Quotes: ● “Only 2% of businesses value themselves in a given year, and so none of them have an understanding.” –Jason Early ● “What we believe is that business owners deserve to know their value at any point in time and shouldn’t have to go through a process to get a certified valuation any time they want to know the value of their business.” –Jason Early Resources Mentioned: ● Facebook – Jason Pereira’s Facebook ● LinkedIn – Jason Pereira’s LinkedIn ● FintechImpact.co – Website for Fintech Impact ● https://www.bizequity.com/ – Website for BizEquity Hosted on Acast. See acast.com/privacy for more information.

In this 96th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host welcomes Laurence Cooke, founder of nanopay, a payment platform that allows vendors to settle payments faster than traditional banking infrastructure. Episode Highlights: ● 00:31: – Laurence founded nanopay in 2013 with the goal of creating digital cash as opposed to a cryptocurrency. ● 01:30: – At his former job in telecommunications, Laurence proposed offering free access to a SIM card so they could control all transactions and monetize it later, but the company wanted to determine how to monetize it first. ● 01:57: – Jason agrees, using Facebook as an example of a company that got millions of people in their network for free and monetized later once they had a foundation. ● 02:25: – Infrastructure used to require huge upfront costs for hardware, but now infrastructure is software and is much easier and cheaper to implement. ● 03:00: – Jason points out that paying with a credit card is like a game of roulette, where you don’t know if it will be chip and PIN, swipe, contactless pay, Apple Pay, whether you will be asked for a signature, etc. ● 04:08: – Laurence says that in Canada, there are about $50 billion in payment friction. ● 04:57: – The poorest people end up paying the most for basic services. ● 05:15: – nanopay’s goal is to make their money from the wealthiest people so they can offer free transactions to the poorest people. ● 05:50: – Most improvements in payments have been in user interface and user experience, rather than the underlying infrastructure. ● 06:32: – nanopay uses centralized blockchain technology rather than distributed. ● 07:29: – Their infrastructure can do 60,000 transactions per second on a laptop, as compared to current infrastructure that can’t do 50,000 transactions per second. ● 08:04: – nanopay’s cost per transaction per second is almost 100,000x cheaper. ● 09:40: – Payments should work 100% of the time, like cash in a digital format. ● 10:38: – nanopay focuses on solutions for banks and accounting firms rather than individual businesses, although a business can sign up using their SaaS platform. ● 12:30: – To be a competitive business today, you need good telecom infrastructure and a good and thriving payment ecosystem. ● 14:50: – For banks to compete against cryptocurrency to maintain the sovereignty of their currency, they have to digitize their currency. ● 18:20: – You always have to be investing in cybersecurity in order to stay competitive. ● 18:48: – They want to eventually open source all of their user interfaces. ● 19:30: – nanopay allows for cloud deployment, and most of their business is in the cloud because it’s a much faster and easier way to innovate. ● 20:39: – Major banks dealing with hundreds of billions of dollars of transactions and needing to manage cash flow and liquidity implement the infrastructure on premise and not in the cloud. ● 22:00: – We have to get away from the mindset that we can’t innovate without permission. ● 23:39: – Their biggest challenge has been wanting to move quickly, but have been delayed by regulatory issues in dealing with people’s money. ● 24:18: – Most of their opportunities are abroad and not in Canada. ● 26:08: – Laurance is most passionate about making a difference on a global scale. 3 Key Points 1. Building a base for free and monetizing later sounds backwards but often has much longer-lasting effects, like with Facebook. 2. Most improvements to payment technology has happened at the user experience level and not the underlying infrastructure where innovation is more sorely needed. 3. Not being competitive in this market will lead to a devaluation of currency in favor of cryptocurrencies or other options with better, more trustworthy, faster infrastructure. Tweetable Quotes: ● “It’s absurd that you can send a wire and not know where it is for days on end, and that can be a $16 million wire, but you know where your pizza is, which is only 16 bucks, to the second.” –Laurence Cook ● “We are passionate about making a difference at a global scale. Every morning I wake up excited and challenged to try and take this business globally. There are not many Canadian companies that are global, but I think we can achieve that.” –Laurence Cook Resources Mentioned: ● Facebook – Jason Pereira’s Facebook ● LinkedIn – Jason Pereira’s LinkedIn ● FintechImpact.co – Website for Fintech Impact ● nanopay: Website, Twitter  Hosted on Acast. See acast.com/privacy for more information.

Summary:In this 95th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host welcomes Thomas William Deans, founder of the Willing Wisdom Index and author of Every Family’s Business, about how his tool helps both clients and advisors improve outcomes. Episode Highlights: ● 00:43: – The Willing Wisdom Index is a client advising tool used as a conversation starter. ● 01:34: – 80% of inherited money is taken to a new financial advisor because no one reaches out to the surviving family. ● 03:00: – His main message in his book Every Family’s Business is that you shouldn’t gift your family business to your kids; they should have to risk their own financial capital to buy it. ● 03:42: – Family business owners are less likely to have a will. ● 05:48: – Leaving your estate in disarray when you die can create so much future resentment from surviving family. ● 06:22: – Half of all financial advisors don’t have their own will, or financial succession planners without their own financial succession plan. ● 08:13: – Using the Willing Wisdom Index gives you a checklist to go through, and then provides you with your to-do list to work on with your financial advisor and takes about 8 minutes. ● 11:09: – The advisor should have copies of all the documents so that when a client gives instruction, you can make sure it isn’t conflicting or nullifying other documents. ● 11:53: – The risk of problems arising increases with older clients who may have some level of dementia, so not only do the clients need to be protected, but there are obvious business liability issues as well. ● 13:41: – Advisors get better results when there is transparency with the clients and they share their report from the Willing Wisdom Index with their clients. ● 14:30: – Using the tool isn’t about getting a perfect will immediately but about gaining confidence and comfort with the subject in order to be able to revisit it each year. ● 16:20: – The Index makes recommendations to increase your score, like ensuring the client has a lawyer, power of attorney documents, a healthcare directive, etc. ● 17:15: – Advisors should be having family meetings so they get to know the spouses and children money is being left to in wills. ● 18:02: – Even the children with average wealth who are seen as unprofitable clients are the future big ticket clients because they are the ones who will end up with the inherited wealth. ● 19:30: – The Index serves as a prospecting tool as well because you can simply share the link for those who are curious. ● 20:50: – When advisors say they’re looking for clients with high net worth, Tom asks what they’re doing to attract families. ● 23:06: – It is much harder to disregard someone’s wishes when they have told you directly, face-to-face, in a family meeting, than it is to ignore a piece of paper. ● 24:58: – Tom wishes more advisors had the confidence to do their own estate planning. ● 28:26: – Tom suspects that people with a will tend to live longer because of reduced stress, contradicting the superstition that it hastens death. ● 30:56: – Success in the industry tends to be measured by production not client outcome or retention. 3 Key Points 1. Client retention is achieved through referring family members, which will happen organically through the process of estate planning. 2. Advisors can improve client relations through transparency and personal stories of following their own advice. 3. Having difficult conversations now has massive payoff later when you’re dealing with the death of a loved one. Tweetable Quotes: ● “I love the advisors who are in the business of succession planning with their clients yet they have no succession plan of their own. It’s like, do you go to a chef who doesn’t eat his own cooking?” –Tom Deans ● “It’s one thing to hear it on a piece of paper from a lawyer, it’s something else entirely for us to sit down and for them to hear from mom and dad directly. It’s a lot harder to disregard that wish when it’s told to you.” –Tom Deans Resources Mentioned: ● Facebook – Jason Pereira’s Facebook ● LinkedIn – Jason Pereira’s LinkedIn ● FintechImpact.co – Website for Fintech Impact ● https://willingwisdom.com/ ● Tom Deans: Twitter, Linkedin, YouTube Hosted on Acast. See acast.com/privacy for more information.

Summary:In this 94th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host interviews Samantha Ettus, Founder and CEO of Park Place Payments, a company that markets and distributes payment solutions to small businesses around America. Samantha explains her background in media and as an author, how and why she built Park Place Payments, and the ways she has enabled a work staff that has needed opportunities. Episode Highlights: ● 00:26: – Samantha Ettus explains Park Place Payments. ● 01:35: – What is Samantha’s career history? ● 06:42: – Samantha explains what is involved in payment processing. ● 11:12: – What is involved on the tech side of Park Place Payments? ● 13:08: – How has Samantha established such incredible growth in her business? ● 15:47: – What type of work-life balance has Park Park Payments provided its work staff? ● 19:37: – What has been the feedback from people Park Park Payments has hired? ● 22:18: – If there is one thing she could change about her industry, what would it be? ● 23:00: – What has been the biggest challenge to get where she is at? ● 24:30: – What gets Samantha excited and in a rush to wake up in the morning? 3 Key Points 1. Park Place Payments has a sales force of about 100 account executives that sell to their local communities. This sales force will expand to 1000 by next year. 2. Park Place Payments aims to keep clients for 10-20 years. The industry average is turning over payment processors every three years. 3. Park Place Payments uses Elavon on the backend tech side of their business. Elavon also powers Costco. Tweetable Quotes: ● “I launched a payment process company that offers a rate card, which, hard to believe in this industry is rare. We have one rate card. We don’t negotiate. We offer fair rates, the first time.” – Samantha Ettus ● “One of the things that makes us super unique is our sales force, which is made up of people who typically have not been in the payments industry before. So, I have called them from other industries.” – Samantha Ettus ● “The worst thing in the world when you run a business is to have something that falls apart or goes wrong and there is no one there to fix it.” – Samantha Ettus Resources Mentioned: ● Facebook – Jason Pereira’s ● LinkedIn – Jason Pereira’s ● FintechImpact.co – Website ● samanthaettus.com - Website ● Samantha Ettus: Linkedin Instagram Twitter Facebook ● parkplacepayments.com - Website Hosted on Acast. See acast.com/privacy for more information.

In this 93rd episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host speaks at the IPC Technology Panel with moderator Adam Felesky and fellow panelists Dave Nugent, Daniel Eberhard, & Zack Brown. Episode Highlights: ● 01:10: – Jason Pereira introduces himself as a technophile and host of this podcast. ● 02:18: – Dave Nugent introduces himself as part of the founding team of Wealthsimple. ● 04:04: – Daniel Eberhard introduces himself as the founder and CEO of KOHO, a competitor bank. ● 05:07: – Zack Brown introduces himself as part of the Dialogue team, a service that works with employers to provide their services to employees. ● 07:30: – Discussing how they use technology to improve marketing efforts and how small, incremental technological improvements have a cumulatively big impact. ● 10:20: – There’s a common misconception that technology is only used by people in their 20s, but many of these platforms have users in their 80s. ● 11:30: – Parents are now relying on their millennial children to do the research and influence their choices instead of the other way around. ● 13:10: – Zack Brown talks about how Dialogue has expanded from being about physical health towards mental health and overall wellness. ● 18:20: – The evolution in the financial services industry is a consolidation of services into one account, where in 20 years there will no longer be any need for separate Chequing and Savings accounts. ● 23:00: – Clients are going to choose the solution that’s best for them, so companies have to leverage technology to make their products scalable to attract the largest number of customers possible. ● 26:08: – The thing that most often derails a financial plan is unanticipated health issues. ● 28:58: – Fintech is moving towards helping people spend less time on the “stuff” of what they do and more time on developing the human relationships. ● 33:50: – Audience questions begin. ● 36:35: – Companies that survive see their value in more than just the heavy lifting and logistics, because clients could just go to a robo-advisor for that. ● 41:35: – Most fintech companies won’t be profitable for a period of time at the beginning, so investors are looking at what pain point they are looking to solve. 3 Key Points 1. Age has less to do with the adoption of fintech than one might expect. 2. Financial services seem to be moving towards consolidation and simplification. 3. There is a significant intersection between health and financial services. Tweetable Quotes: ● “Know your value. Be confident in your value.” ● “We’re not just selling technology, we’re selling a human service. And if we can use technology to make humans more efficient which I think is ultimately what you all are trying to do here, then we’ve succeeded.” –Zack Brown Resources Mentioned: ● Facebook – Jason Pereira ● LinkedIn – Jason Pereira● FintechImpact.co – Website for Fintech Impact ● https://www.wealthsimple.com/en-us/ ● https://www.koho.ca/ ● https://www.dialogue.co/en  Hosted on Acast. See acast.com/privacy for more information.

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  Hosted on Acast. See acast.com/privacy for more information.

In this 91st episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host speaks at the IAFP Conference on Fintech & The Future of Finance.Episode Highlights:02:35: – What is Fintetch? Two words: financial technology.04:20: – There are more than 48 Fintech “unicorns,” or private companies worth over $1 billion.05:00: – Digital banking is being challenged by startups.06:42: – The biggest global giant companies have also been making moves into financial services.10:10: – Companies are re-engineering their systems to build compliance into their process.11:20: – Companies are discovering new ways to leverage and monetize data with AI to detect fraud.17:00: – Lending Circle collected enough data on loan payback based on FICO scores that they were able to take it and build their own risk scoring system.19:51: – An insurance company in China that has existed for 3 years has over 400 million customers, 53% under the age of 35, by existing entirely in the cloud and on platforms millennials frequent, like WeChat.21:30: – There is a fourth industrial revolution coming, that will blur the lines between the physical, digital, and biological.23:00: – Engineers at Google have supposedly achieved quantum superiority, using a quantum computer to solve in 3 minutes and 20 seconds a problem that a current supercomputer would have taken 10,000 years to finish.24:06: – CRISPR technology allows scientists to go inside your DNA and make genetic alterations to cure diseases.24:50: – Other examples of fourth industrial revolution technologies are 3D printing, the Internet of Things, and power generation.26:33: – Facebook created their own cryptocurrency which threatens countries’ abilities to control their own currency.29:50: – Domino’s Pizza reinvented themselves by removing all friction from their purchase path and overall experience, and they now see themselves more as a tech company than a food franchise.35:02: – Technology can do the work of multiple people, saving you money and increasing your efficiency, but there is a learning curve to using it.39:36: – After implementing an automated appointment scheduling system at his company, he saved his assistant enough time that he could instead have her invest time in social media marketing, which made up for the cost of the calendar software in new business.43:12: – The most effective way to implement technology into your business processes is to identify where you and your employees are spending time on things that are not client-facing and find ways to automate.3 Key PointsWe are approaching a fourth industrial revolution that will once again change our technological infrastructure in ways we can’t predict.Investing in technology not only helps you with efficiency in the short term but it puts you ahead of your competitors for future developments.You can accomplish massive changes and increase your company’s productivity by taking small steps. Tweetable Quotes:“Facebook, the company that’s proven we can’t trust them with pictures of our dogs, wants us to trust them with our money. And they have created their own cryptocurrency called Libra.” –Jason Pereira“In the future there will only be two types of companies: Tech companies and dead companies. If you fail to leverage technology, everyone else will have an advantage over you.” –Jason Pereira “We have a lot of challenges coming our way & failing to adapt is only going to put you behind the 8-ball more every year. You don't need to reinvent your practice overnight. Take small, incremental steps that will one day have a very large impact on your firm.” –Jason Pereira Resources Mentioned:Facebook – Jason Pereira’s FacebookLinkedIn – Jason Pereira’s LinkedInFintechImpact.co – Website for Fintech ImpactThe Big Nine – book on artificial intelligenceCapterra – Website to find business softwareFiverr – Digital freelancer platformZapier – API database for tools you already use Hosted on Acast. See acast.com/privacy for more information.