Shruti Joshi: Get Good With Money, Achieve Financial Zen With Personalized Financial Planning | E293
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
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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
FASCET
FASCET is an SEC registered investment advisor that provides financial planning services to individuals and families. They offer a subscription-based model that is accessible to everyone, regardless of their assets. FASCET's mission is to democratize financial planning and make it more accessible to a wider audience. They emphasize a human-plus-tech approach, combining the expertise of certified financial planners (CFPs) with technology to provide personalized guidance and support.
Financial Planning
Financial planning is the process of creating a plan to manage your money and achieve your financial goals. It involves setting financial goals, creating a budget, saving and investing, managing debt, and planning for retirement. Financial planning can help you make informed decisions about your money and achieve financial security.
AI in Finance
Artificial intelligence (AI) is increasingly being used in the financial industry to automate tasks, improve efficiency, and enhance customer experiences. AI can be used for tasks such as fraud detection, risk management, investment analysis, and customer service. However, there are also concerns about the potential risks of AI in finance, such as bias, job displacement, and the need for human oversight.
Financial Wellness
Financial wellness is a state of well-being that is achieved when individuals have a positive relationship with their money. It involves having a clear understanding of your finances, managing your money effectively, and feeling confident about your financial future. Financial wellness is important for overall well-being and can help reduce stress and anxiety.
Wealth.com
Wealth.com is a financial technology company that provides investment management services. They offer a variety of investment options, including robo-advisory services and access to human advisors. Wealth.com is known for its user-friendly platform and its focus on providing personalized investment advice.
Certified Financial Planner (CFP)
A Certified Financial Planner (CFP) is a financial professional who has met specific education, experience, and ethical requirements. CFPs are trained to provide comprehensive financial planning services, including investment advice, retirement planning, insurance planning, and estate planning. They are required to act in the best interests of their clients and adhere to a strict code of ethics.
Human-Plus-Tech
Human-plus-tech is an approach to business that combines the strengths of human expertise with the power of technology. This approach recognizes that humans and technology can complement each other, creating a more effective and efficient outcome. In the context of financial planning, human-plus-tech involves using technology to streamline processes and provide data-driven insights, while human advisors provide personalized guidance and support.
Financial Wellness Quiz
A financial wellness quiz is a tool that can help you assess your current financial situation and identify areas where you can improve. These quizzes typically ask questions about your income, expenses, savings, debt, and financial goals. The results can provide you with personalized recommendations and resources to help you improve your financial well-being.
Democratization of Financial Planning
The democratization of financial planning refers to the movement to make financial planning more accessible and affordable for everyone, regardless of their income or assets. This involves breaking down barriers to entry, such as high fees, complex processes, and a lack of access to qualified advisors. The goal is to empower individuals to take control of their finances and achieve financial security.
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
Shruti Joshi launched her company just before the COVID-19 pandemic, only to see it crumble. This setback, however, provided a window for her to take on a consulting role at Facet, where her entrepreneurial experiences set her up for success. Before long, she became the company’s COO and later, President. In this episode, Shruti discusses Facet’s mission to democratize financial wellness for millions of Americans and shares strategies for holistic financial planning.
Shruti Joshi is the President and COO of Facet, a fintech company disrupting the financial wellness industry. She has been recognized as Wealth Solutions Report’s AAPI Innovator of the Year and one of the top women industry leaders of 2024.
In this episode, Hala and Shruti will discuss:
- Shruti’s background and early career
- Her transition from investor to COO at Facet
- Limitations within the financial planning industry
- Why entrepreneurs need professional financial advice
- The holistic approach to financial planning
- The results of Hala’s financial wellness quiz
- How Facet is disrupting financial planning
- The role of AI in financial planning
- Actionable steps for financial wellness
- The importance of fiduciaries for conflict-free advice
- The subscription model vs. traditional financial planning fees
- Why Certified Financial Planners are the industry gold standard
- And other topics…
Shruti Joshi is the President and COO of Facet, a leading fintech company revolutionizing financial planning with a subscription-based model. Before joining Facet, she founded a peer-to-peer recommendation service and held key roles at Verizon and Altman Solon. She is passionate about democratizing financial planning and making it accessible to everyone. Shruti has been recognized as Wealth Solutions Report’s AAPI Innovator of the Year and one of the top women industry leaders of 2024. A true globetrotter, Shruti has visited over 75 countries and is deeply interested in the psychology of wellness.
Connect With Shruti:
Shruti’s LinkedIn: https://www.linkedin.com/in/shruti-joshi-282369a/
Shruti’s Twitter: https://twitter.com/shruti_jo
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