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Fintech Impact

Fintech Impact

Author: Jason Pereira

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Fintech Impact is an exploration of the fintech world where we interview different fintech entrepreneurs about what they do, their story, and what their impact is on consumers, incumbents, and the industry is as a whole.
66 Episodes
Salesforce World Tour 2019 Review with Jason Pereira & Alex Martin | E66
Summary:In this 66th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host conducts a review of his experience at the Salesforce World Tour Conference in Toronto along with his colleague Alex Martin, a financial advisor with IPC Securities, Vice President at Craig & Taylor Associates, and a Founding Partner with Jason Pereira at Finally Technology.Time Stamped Show Notes:● 00:49: – Alex Martin introduces himself● 02:01: – What is Salesforce● 06:13: – Salesforce puts out multiple iterations on a yearly basis● 07:05: – What is the importance of being able to build your own APIs on top ofpre-existing software for businesses● 09:23: – Alex discusses Salesforce’s Customer 360 platform for taking serversinto one place● 12:08: – Deduplication is a problem that people deal with in legacy systems● 13:03: – What is Alex’s take on Salesforce’s Einstein Voice● 16:26: – They discuss the concept of ‘next best action’● 19:07: – What is Salesforce's Quip platform capable of● 21:37: – How is the Salesforce training program Trailhead extremely useful● 26:35: – Salesforce empowers a company’s employees with the ability to self-learn3 Key Points:1. Salesforce is a development platform for everything from data services and A.I.platforms, to sales service, marketing, and commerce.2. Salesforce has different pieces called clouds for things such as service, marketing,and sales.3. Quip is Salesforce’s collaborative platform that is like Slack meets Google Docs.Tweetable Quotes:- “Salesforce was the first CRM (Customer Relations Management software) to be100% developed for the web.’” – Alex Martin.- “We need to pull all this data into one place, or at least have one central piece that isgoing to be able to mine all this data and talk to it and understand it.” – Alex Martin.- “The difference in Einstein (Voice) from other A.I.’s is the fact that it is reallysupposed to be the piece that makes your data actionable.” – Alex Martin.Resources Mentioned:● Facebook – @Fintech_Impact● LinkedIn – Jason Pereira● LinkedIn - Alex Martin
Asset Map with Adam Holt (CEO) | E65
Summary:In this 65th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host conducts an interview with Adam Holt, the CEO of Asset-Map. Asset-Map is a powerful online visualization tool that helps financial advisors, as well as clients, get aligned with each other. Adam shares the road that brought him into creating this service, how Asset-Map provides tangible value, and what changes Adam believes need to take place to improve the industry.Time Stamped Show Notes:● 00:30: – What kind of financial software program is Asset-Map● 01:03: – How did this journey towards Asset-Map roll out● 02:17: – Which elements are included in the Asset-Map visualizations for clients● 07:20: – You have to show a client that you know them, their needs and solutions● 09:59: – What does the customer experience of the product look like● 13:21: – What kind of goals-based planning module is Asset-Map● 15:03: – What has the advisor and client feedback been like with Asset-Map● 18:42: – Which types of integrations are possible with Asset-Map● 20:15: – Stop getting stuck in the exact details of the ever-changing data● 22:17: – Explain what is happening in terms that the client can understand● 24:40: – Advisors need to manage and project the client’s expectations● 25:13: – What would Adam Holt want to change in the industry● 28:23: – Which issues have been challenges to Asset-Map’s growth● 29:40: – What keeps Adam Holt excited about what he is doing with Asset-Map3 Key Points:1. The 5 things to capture on an asset map are legal entities, cash flows, assets,liabilities, and insurance policies.2. Asset-Map has essentially created an easily digestible info-graphic around a client’slife.3. The three basic expectations of consultants: prove that you know your client, you’reyour client’s situation, and know their options.Tweetable Quotes:- “We’ve been focusing a lot on, ‘how do I make the advisor look better?’” – Adam Holt.- “There are so many people trying to lead with advice, they’re mistaking the research,and the guidance, and the analysis stuff as actually the product of what the customer is really paying for.” – Adam Holt.- “We already have now, enterprise-level results, for multiple years, that advisors usingAsset-Map are actually making more revenue than those that don’t, by a significant measure.” – Adam Holt.Resources Mentioned:● Facebook – @Woodgate_Financial● LinkedIn – Jason Pereira’s LinkedIn● LinkedIn for Adam Holt● – Website for Asset-Map
Advisor Websites with Nitesh Verma (Director of Marketing) | E64
Summary:In this 64nd episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host conducts an interview with Nitesh Verma, Director of Marketing and Enterprise Solutions at Advisor Websites. Advisor Websites operates as a platform that enables financial advisors to publish attractive and compliant websites. Nitesh shares the ways that Advisor Websites can improve business access and referrals for financial advisors, the integration capabilities of their services, and he points out the reasons why some advisors make the mistake of avoiding websites.Time Stamped Show Notes:● 00:27: – What is Advisor Websites’ origin and what problems is it trying to solve● 02:34: – Advisor Websites is like a Squarespace or Wix for financial advisors● 03:32: – Nitesh Verma started in sales at Advisor Websites● 05:07: – What are the price points for Advisor Websites’ services● 09:04 – Which tools currently integrate with Advisor Websites● 09:40: – How does the process roll out for a client using Advisor Websites● 12:42: – What are the key reasons that companies or business professionals needwebsites● 14:27: – Your first impression these days is your digital presence● 15:41: – A lot of firms miss out on generating their own referrals● 16:36: – What flows through between Redtail and Advisor Websites● 17:54: – How does the integration with social media platforms work● 19:40: – Search engine optimization is an available add-on service● 21:13: – What options are Advisor Websites not offering at the moment● 24:32: – Nitesh shares a story about what he learned at an industry conference● 26:42: – What are the biggest trends that clients are asking of Advisor Websites● 29:43 – Why are some financial advisors so against getting a website● 34:48: – If Nitesh could change one thing about the industry what would it be● 35:37: – What has been the on-going process of expanding Advisor Websites● 37:02: – What gets Nitesh Verma excited about working for Advisor Websites3 Key Points:1. The broker dealer market has been a big part of Advisor Websites’ client basebecause of their built-in compliance system.2. Without a website, how will your business get more referrals or have customers takeyou seriously?3. Videos can be used for emails, your website, social media, and are great for referrals.Tweetable Quotes:- “We are a website-building company, and we specifically work with financial advisorsin the U.S. and Canada. We have a proprietary platform with compliance in-built to help advisors market themselves.” – Nitesh Verma.- “Digital marketing, I think a big mind-set is ‘let’s get leads, let’s get leads,’ getting youbusiness. But, it is also actually converting those referrals.” – Nitesh Verma.Resources Mentioned:● Facebook – @FintechImpact● LinkedIn – Jason Pereira’s● LinkedIn - Nitesh Verma● – Website for Advisor Websites
Riskalyze with Aaron Klein (CEO) | E63
Summary:In this 63rd episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host has an informative interview with Aaron Klein, CEO, and Co-Founder of Riskalyze, a risk tolerance assessment and illustration tool that helps advisors analyze the amount of risk in their client's portfolios. Aaron opens up about how Riskalyze operates, how it can benefit advisors and the importance of risk assessment in the financial industry.Time Stamped Show Notes:● 00:40: – Arron explains what Riskalyze is● 03:11: – What is the Riskalyze definition of goals-based investing● 05:00: – Why does Riskalyze put risk-centric advice at the forefront● 07:00: – The biggest risk is if the market drops a client pulls out and missed theupswing later● 08:24: – How does the “risk number” that Riskalyze created help assess risk● 12:44: – Understand how much risk clients need to reach their goals● 16:14: – What types of methods does Riskalyze use to calculate risk probability● 17:22: – Advisors need to be clear on what they are offering clients● 19:08: – Has Aaron ever been asked to testify in court● 20:54: – Riskalyze feels that their competition is a spreadsheet and gut feelings● 24:22 – Risk tolerance data shows that 52% of investors between 20-29 didn’t fitthe stereotype of being aggressive investors● 29:55: – What does the Riskalyze user experience look like● 31:44: – Riskalyze doesn’t consider themselves a financial planning company● 34:34: – Riskalyze aims to help advisors democratize their access to advice● 35:15: – What have been the biggest challenges that Riskalyze has faced● 38:52: – What gets Aaron Klein up in the morning and excited about Riskalyze3 Key Points:1. Great short-term decisions are the fuel that successful advisors to create long-termfinancial outcomes.2. Riskalyze has around 200 “Riskalyzers” serving over 20,000 financial advisors.3. Financial advisement needs to move away from feelings and into quantifiablerecommendations.Tweetable Quotes:- “Our mission is empowering the world to invest fearlessly.” – Aaron Klein.- “We are swamped with advisors calling us when markets are down.” – Aaron Klein.- “Are you selling financial products or are you selling your advice. You can’t wear bothhats.” – Aaron Klein.Resources Mentioned:● Facebook – @FintechImpact● LinkedIn – Jason Pereira● LinkedIn - Aaron Klein● – Website for Riskalyze● @AaronKlein – Twitter for Aaron Klein
Breathe Life with Ian Jeffrey (CEO) | E62
Summary:In this 62nd episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host conducts an interview with Ian Jeffery, CEO and Co-Founder of Breathe Life, a software service platform that drives traffic to insurance carriers websites and advisors. Ian also shares how Breathe Life helps to complete direct-to-consumer sales of life insurance policies and how he addresses the advice gap in the insurance industry.Time Stamped Show Notes:● 00:42: – How can Breathe Life benefit the industry● 03:14: – What made Ian get into this business● 06:42: – What does Breath Life do for clients● 10:08: – How does Breathe Life address the advice gap● 13:41: – Breathe Life works through MGAs and carriers, not through advisors● 14:08: – What is an example of a carrier they have worked with● 15:42: – What is some of the stuff they are learning from the analytics● 18:51: – How has the feedback been on Breathe Life so far● 24:00: – If Ian had one wish for his business, what would it be● 24:38: – What has been the biggest challenge the company has had● 25:56: – What energizes Ian to keep going3 Key Points:1. Breathe Life has two paths: the advisor path and the organization path.2. Breathe Life prospects people for their clients based on keyword selection andmarketing effort.3. Develop your own deep niches.Tweetable Quotes:- “70% of our sales on the direct-to-consumer platform are on mobile.” – Ian Jeffery.- “Every advisor can have their own personally-brand page.” – Ian Jeffery.- “Technology should be an enabler of what this industry has been doing, not adisrupter.” – Ian Jeffery.Resources Mentioned:● Fintech Impact – Jason Pereira’s Facebook● LinkedIn – Jason Pereira’s● LinkedIn - Ian Jeffrey● @ianmtl – Twitter for Ian Jeffrey● – Website for Breathe Life
Yourefolio with Scott Huff (CEO) | E61
Summary:In this 61th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host conducts an interview with Scott Huff, the CEO of YourEfolio, an estate planning software platform to assist financial advisors facilitate the transfer of assets. Scott Huff shares his background in financial services and how it steered him in the direction of establishing YourEfolio, a company he has been active with now since March 2015.Show Notes:● 01:03: – YourEfolio is a premium estate planning software that benefits advisors,clients, and attorneys● 01:46: – Being a financial planner since 2001 is what pushed Scott into YourEfolio● 03:08: – How does YourEfolio interact their advisors and their clients● 04:32: – What is the service doing for clients online● 09:57: – Estate planning is a relationship business that has an effect on legacies● 10:32: – What has been the feedback from financial advisors● 12:14: – What is the value proposition of YourEfolio● 14:45: – How have lawyers been responding to YourEfolio● 16:35: – Yourefolio helps attorneys create and edit documents electronically tosave time● 20:01: – Clients are getting more educated and understand the costs involved intechnology● 22:22: – The market is a means to an end, not the means itself● 23:34: – What is the price point on YourEfolio● 24:40: – What types are integrations have been built into the software● 26:34: – If Scott could change one thing in the industry, what would it be● 27:04: – What has been the biggest challenge that Scott has faced when buildingYourEfolio● 28:16: – What keeps Scott Huff excited and motivated3 Key Points:1. YourEfolio settles estates from the tangible asset side as well as on the digital assetexposure end.2. The gamification module is a confidential survey given to client family members tounderstand what things mean the most to who.3. It’s a losing proposition to not evolve.Tweetable Quotes:- “Our system is professional-driven, it’s client driven.” – Scott Huff.- “The most challenging aspect of estate planning is knowing where everything is at,and what they have.” – Scott Huff.- “There are two reason you buy software, it streamlines your practice or it makes you money. We hope to make you money. Obviously, streamline your practice is part of it. But we want you to get ROI on it.” – Scott Huff.Resources Mentioned:● Facebook – @fintechimpactpodcast● LinkedIn – Jason Pereira’s LinkedIn● YourEfolio – Website for YourEfolio ● LinkedIn – Scott Huff’s LinkedIn
RazorPlan with David Faulkner (CEO) | E60
Summary:Host Jason Pereira interviews Dave Faulkner, CEO of Razorplan. The two discuss RazorPlan’s easy but comprehensive financial planning system, and Faulkner provides details about its background, development, and benefits. The two also share ideas on the future of financial planning.Show Notes:● 0:15 - Plan Plus Global Financial Planning Award - Pereira highly suggests competing● 1:10 - Introduction of Dave Faulkner● 1:20 - RazorPlan is a comprehensive but simple financial planning system● 2:00 - Faulkner gives some historical background● 4:50 - RazorPlan focuses on cash flow at retirement and goals-based prior to retirement.● 5:10 - Faulkner explains why he appreciates the ties between insurance and investments● 6:05 - Start with the retirement plan● 7:00 - The two agree that there needs to be some governance on financial planning● 10:00 - One thing is often missing from a financial plan - minimum rate of return required to meet your goal● 12:00 - What should be done with excess capital?● 13:35 - When developing a financial plan, start with the 20% high value client information● 15:35 - Faulkner explains the basic four variables to financial planning● 21:50 - He describes the chart screens on the RazorPlan site● 23:17 - The software is designed to foster conversation that can help with the planning.● 24:33 - Each strategy that’s ever been developed falls into one of six strategies● 31:33 - What’s important to the client should drive all planning● 33:25 - Faulkner wishes that every financial advisor would do a proper financial analysis● 35:05 - He describes the biggest difficulties in starting his company● 41:30 - The joke about insurance APIs● 43:30 - The two discuss potential future systems and ideas such as variable life insurance● 45:55 - The fact that more and more advisors are focusing on advice over products gets Faulkner excited● 51:10 - Financial management is the one area that needs a lot of improvement3 Key Points:1. In financial planning, start with the retirement plan and then plan out from there.2. There needs to be much more governance in the financial planning industry.3. Start with the client’s information and build a plan that works for them.Tweetable Quotes:- “Cash flow at retirement. Goals-based prior to retirement.” - Faulkner- “The easiest way to the life insurance sale is through the retirement plan.” - Faulkner- “20 percent of the client’s information produces 80 percent of the financial analysis. Andso, that’s where you start. Just capture the 20 percent high value information.” - FaulknerResources Mentioned:●●
Four Eyes Financial with Lori Weir (CEO), Kendall McMenamo (CTO) & Jeff Harvie (HSG) | E59
Summary:Host Jason Pereira interviews the leadership team of Four Eyes Financial, a data discovery tool used by brokers and dealers to help gather information and transform their businesses from transaction based to relationship based. The group discusses their integrative approach, dynamic tools, customization, and future plans in the industry.Show Notes:● 0:55 - Introduction and background of Four Eyes Financial● 2:35 - Transactional vs. transformational approach● 3:55 - The process of the tool● 6:11 - The advisor aspect of the process● 7:15 - Still rolling out the tool, but have discovered two issues● 8:22 - A new way to approaching the client portal● 9:27 - Still working out details about ownership● 12:10 - The group explains the transparency of accounts● 13:30 - They explain the dynamic tools that clients can use on their sites● 14:58 - How they layer solutions● 17:18 - Integration vs. innovation. Staying one step ahead of competition.● 19:07 - Their biggest shock entering the industry was the “dirty” data● 20:30 - The various views of the platform● 22:15 - Focused on independent dealers● 24:19 - The degree of customization● 27:20 - Future plans for the tool● 30:55 - The consultative approach is new for this field● 32:42 - Their ultimate goal is to help people feel understood● 33:30 - The ability to scale up● 34:44 - The team discusses what they would change in the industry● 36:58 - They discuss the biggest challenges and talk about “being first” vs. “being right”● 40:01 - The group talks about archaic technology● 43:40 - They explain what gets them each excited about their business3 Key Points:1. This is a dynamic new tool that takes a transformational approach.2. Integration is more important than innovation.3. Making sure everything “right” is much more important than being “first”.Tweetable Quotes:- “Risk is important and performance is important but how those two things combine toaffect me achieving my goals is really what’s most important.”- “You only need to be one step ahead. What is key is not being the most innovative butbeing the most integratable.”- “We don’t believe in keeping a custom-build for each client. Our framework is our framework. We push the same framework out to everybody. Everyone gets the same toolset and you choose which ones you want to turn on.”Resources Mentioned:●
Cascades with Jonathan Kestle (VP) | E58
Cascades Financial Solutions Inc. Summary:Host Jason Pereira interviews Jonathan Kestle, an Advisor with Casades Financial Solutions Inc. which is a company specifically focused on financial accumulation and retirement income calculation. Kestle explains why the Cascades’ software has been and will be extremely helpful for the retiring population.Show Notes:● 0:38 - Introduction of Cascades Financial Solutions - a retirement income calculator● 1:54 - Kestle explains the history of the company and his background working there● 5:30 - He talks about how to use the Cascades software● 8:10 - He explains why strategy matters● 10:10 - People often forget about the estate tax● 10:55 - Kestle explains why best practices need to be adjusted to meet current needs● 13:00 - As the boomer generation starts retiring, Kestle wants to make the Cascades software readily available● 14:06 - Kestle describes the output of the Cascades software● 17:05 - Cascades provides a chart explaining which money comes from which account● 18:30 - Kestle talks about how this process can be counterintuitive and scary● 19:50 - The vast majority of retiring Canadians aren’t getting the proper advice● 20:33 - Times are changing in the world of financial and tax advice● 22:07 - Kestle explains that he can make changes alongside clients and show immediate results● 23:20 - Kestle wishes that his industry had a more formal mentorship program● 23:46 - He describes the largest challenge to the process of growing his business● 24:48 - He talks about what gets him excited about his company and future steps3 Key Points:1. Cascades Financial Solutions focuses specifically on income calculations for retirement.2. Timing and strategy really matters when it comes to retirement financial planning.3. Many retiring citizens are not getting solid advice, and Cascades wants to provide this advice.Tweetable Quotes:- “Usually you solve for the maximum income first...and then you can go back in and solvefor the level income.” - Jon- “Life cannot be summed up by rules of thumb.” - Jason- “Best practices are great, but best practices change.” - JonResources Mentioned:●
Bench with Ian Crosby (CEO) | E57
Summary:Ian Crosby, co-founder and CEO of Bench Accounting gives an overview of his accounting company and how it takes care of its customers. Bench helps entrepreneurs with their bookkeeping needs by making it simple, affordable, and easy. Crosby discusses the innovative approach of Bench, gives advice to entrepreneurs, and talks about wanting to help people with their accounting needs.Show Notes:● 0:25 - Ian Crosby is the co-founder and CEO of Bench Accounting, an accounting company that fully handles entrepreneurs’ accounting needs.● 1:10 - How Bench Accounting was founded● 2:42 - Services Bench Accounting offers● 4:37 - How Bench Accounting is helpful for entrepreneurs● 5:30 - Why the Bench mission and messaging is different than those of other companies● 8:05 - Why Bench accounting focuses on bookkeeping and considers it the foundational piece of accounting● 10:20 - Provides confidence and reliability that there are no mistakes in the books● 12:05 - The Checklist Manifesto,a book about emergency checklists and how Bench accounting uses it● 13:44 - The advantages of charging a fixed price● 16:05 - Manual versus automated bookkeeping - which is better?● 20:00 - Why the government shut-down was a big problem● 20:45 - The biggest challenges to starting and running an innovative company● 22:09 - Why Crosby avoids surface-level efficiency● 23:30 - Crosby’s motivations - solving problems and making a contribution to society3 Key Points:1. Bench Accounting takes full responsibility for entrepreneurs’’ bookkeeping needs.2. Companies need to find the balance between manual and automated bookkeeping.3. Bench is focused on helping people solve their accounting problems.Tweetable Quotes:- “There must be a different way to do business. We must be able to create theseinstitutions that really make a difference in people’s lives.” - Ian- “No one's really taking responsibility on a massive scale that it’s done right.” - Ian- “No one has gone out and built with the kind of philosophy that we have.” - IanResources Mentioned:●● The Checklist Manifesto by Atul Gawande
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