Digest

Shruti Joshi, president and COO of FASCET, shares her career journey from corporate roles at Verizon to founding a tech startup and ultimately joining FASCET. She emphasizes the importance of financial planning, particularly for entrepreneurs and corporate professionals who often neglect their personal finances. Joshi explains that FASCET's mission is to democratize financial planning by offering a subscription-based model that is accessible to everyone, regardless of their assets. She highlights the conflicts of interest and limitations of the traditional financial planning industry, emphasizing FASCET's objective approach and focus on holistic financial wellness. Joshi details FASCET's human-plus-tech approach, where certified financial planners (CFPs) provide personalized guidance and support, while technology streamlines the process and makes it convenient for busy individuals. She describes FASCET's comprehensive journey, including a financial wellness quiz, digital onboarding, personalized scenarios, and ongoing support from CFPs. Joshi emphasizes the importance of aligning financial decisions with personal values and goals, and she discusses various life milestones that have financial implications, such as getting married, having children, and starting a business. She also highlights the importance of insurance for entrepreneurs and the services FASCET offers in this area. Joshi concludes by emphasizing that financial planning is an ongoing journey and that FASCET's dynamic approach helps individuals make informed choices throughout their lives. Joshi further discusses FASCET's partnerships with companies like Wealth.com and various brands to provide members with discounts and benefits. She also shares FASCET's perspective on AI in the financial space, emphasizing its use for internal efficiency and improving the member experience rather than replacing human interaction. Joshi envisions a future where FASCET is in every home, democratizing financial planning and reducing stress for everyone. She encourages listeners to take FASCET's financial wellness quiz and start engaging in conversations about financial planning.

Outlines

00:00:00

Introduction and Sponsor Announcement

This Chapter introduces the episode and its sponsor, FASCET, an SEC registered investment advisor. It emphasizes that the content is not financial advice and past performance is not indicative of future results.

00:02:11

Shruti Joshi's Career Journey and Passion for Customer Experiences

This Chapter delves into Shruti Joshi's career path, highlighting her experience in corporate roles at Verizon and her entrepreneurial ventures. She emphasizes her passion for customer success and her desire to build a skill set around mastery. Joshi discusses her early ambition to become a CMO and her journey through various roles at Verizon, including advertising and fiber network marketing. She explains her transition to consulting and her eventual involvement with FASCET, highlighting the intersection of her interests and skills throughout her career.

00:04:51

Influence of Immigrant Parents and Fascination with Socioeconomic Differences

This Chapter explores the influence of Shruti Joshi's immigrant parents, who were entrepreneurs with a renegade spirit. She describes their unconventional marriage and their journey to the United States with limited resources. Joshi highlights the impact of her parents' entrepreneurial drive and their constant pursuit of new experiences, which shaped her perspective on life and culture. She discusses how her parents' experiences exposed her to socioeconomic differences and sparked her fascination with money as a central theme across various classes.

00:06:55

Shruti Joshi's Transition from Investor to President and COO of FASCET

This Chapter focuses on Shruti Joshi's involvement with FASCET, starting as an investor and eventually becoming president and COO. She explains her initial fascination with FASCET's mission to disrupt the financial planning industry and democratize access to financial advice for millions of Americans. Joshi describes her decision to invest in FASCET and her subsequent advisory role. She shares her personal experience with starting and failing a tech business during the pandemic, which ultimately provided valuable skills and experience that prepared her for her current role at FASCET.

00:01:00

The Importance of Financial Planning and the Need for FASCET's Services

This Chapter delves into the importance of financial planning and the reasons why FASCET's services are so needed. Joshi explains the limitations of the traditional financial planning industry, including its high cost, exclusivity, and conflicts of interest. She highlights how FASCET's subscription-based model addresses these issues by making financial planning accessible to a wider audience, regardless of their assets. Joshi emphasizes FASCET's objective approach, which prioritizes the best interests of the client rather than product sales or commissions. She also discusses FASCET's holistic approach to financial planning, which encompasses all aspects of an individual's financial life, from retirement planning to debt management.

00:23:07

FASCET's Human-Plus-Tech Approach to Financial Planning

This Chapter explores FASCET's unique approach to financial planning, which combines the expertise of certified financial planners (CFPs) with the power of technology. Joshi explains that FASCET's CFPs are trained to provide personalized guidance and support, acting as therapists with calculators to help clients identify their values, build trust, and change behaviors. She highlights the importance of human interaction in addressing the psychological aspects of money management. Joshi also discusses how FASCET's technology streamlines the process, making it convenient for busy individuals to access their financial information, track their progress, and take action on the advice they receive. She emphasizes the importance of designing a member journey that leverages the strengths of both human and technological elements to create a more impactful experience.

00:31:53

FASCET's Personalized Approach and Benefits for Entrepreneurs and Corporate Professionals

This Chapter focuses on FASCET's personalized approach to financial planning and the specific benefits it offers to entrepreneurs and corporate professionals. Joshi acknowledges the common challenges faced by these groups, including time constraints and a lack of financial expertise. She explains how FASCET's services address these challenges by providing guidance on a wide range of financial decisions, from personal investments to business planning. Joshi emphasizes that FASCET's work is focused on the individual, helping them make informed choices that align with their personal values and goals. She highlights the importance of insurance for entrepreneurs and the services FASCET offers in this area, including digital insurance overviews and partnerships with insurance providers.

00:35:38

The Goal of Investing and FASCET's Philosophy

This Chapter explores FASCET's philosophy on investing and the importance of aligning investments with personal goals. Joshi challenges the traditional view that the goal of investing is simply to accumulate more wealth. She emphasizes that the primary focus should be on understanding an individual's life goals and how investments can support those goals. Joshi highlights the diverse motivations and psychological perspectives people have towards money, emphasizing the need for personalized financial planning. She discusses how FASCET's approach is tailored to each individual's unique circumstances and aspirations, ensuring that investments are aligned with their values and desired lifestyle.

00:50:48

FASCET's Partnerships and Approach to AI

This Chapter focuses on FASCET's partnerships with companies like Wealth.com and various brands to provide members with discounts and benefits. Joshi also shares FASCET's perspective on AI in the financial space, emphasizing its use for internal efficiency and improving the member experience rather than replacing human interaction. She discusses how AI is used to create note summaries for CFPs, allowing them to focus on building relationships with members. Joshi also highlights FASCET's unique approach to financial planning and how AI is being used to enhance their philosophy. She emphasizes that AI is here to stay and will change everything, but FASCET is being thoughtful and careful about its implementation due to regulations and the sensitive nature of financial advice.

Keywords

Q&A

• What is FASCET's mission and how are they democratizing financial planning?

  FASCET's mission is to democratize financial planning by making it accessible to everyone, regardless of their assets. They offer a subscription-based model that is more affordable and accessible than traditional financial planning services, which often have high fees and are exclusive to high-net-worth individuals. FASCET's approach is also objective, prioritizing the best interests of the client rather than product sales or commissions.

• How does FASCET's human-plus-tech approach work?

  FASCET combines the expertise of certified financial planners (CFPs) with technology to provide a personalized and efficient financial planning experience. CFPs provide personalized guidance and support, acting as therapists with calculators to help clients identify their values, build trust, and change behaviors. Technology streamlines the process, making it convenient for busy individuals to access their financial information, track their progress, and take action on the advice they receive.

• How is FASCET using AI to improve their services?

  FASCET uses AI to improve efficiency and enhance the member experience. For example, AI is used to create note summaries for CFPs, allowing them to focus on building relationships with members. AI is also being used to enhance FASCET's unique approach to financial planning. However, FASCET emphasizes that AI is not replacing human interaction and that they are being thoughtful and careful about its implementation due to regulations and the sensitive nature of financial advice.

• What are some of the benefits of financial planning?

  Financial planning can help you achieve your financial goals, reduce stress and anxiety, make informed decisions about your money, and achieve financial security. It can also help you prepare for life's milestones, such as getting married, having children, and starting a business.

• What is one actionable thing listeners can do today to become more profitable tomorrow?

  Shruti Joshi recommends taking FASCET's financial wellness quiz as a starting point. She emphasizes the importance of getting exposure and education about financial planning and encourages listeners to start talking about these issues, even if it's a sensitive topic. She also suggests reading content on FASCET's website and seeking professional help from a fiduciary or certified financial planner.

• What is Shruti Joshi's secret to profiting in life?

  Shruti Joshi believes in going for it and experiencing whatever interests her. She emphasizes the importance of chasing down your passions and not waiting to take action. This philosophy is rooted in her upbringing by her entrepreneurial parents, who instilled in her a sense of adventure and a willingness to pursue new experiences.

Show Notes