Adviice with Owen Winkelmolen | E291
Jason talks to Owen Winkelmolen, Founder/CEO of Adviice, a financial planning tool in Canada. It is a client-facing financial planning platform designed to support fee-for-service advisors and all advisors in general. It enables clients and advisors to collaborate in building a financial plan. The origin of Adviice, can be traced back to Owen's financial planning practice, Plan Easy, which he founded in 2018. The discussion touches upon the challenges faced by those in the financial planning space, especially when it comes to handling payments, subscriptions, and client retention.
- 0.41: Adviice is a platform that manages the entire client engagement process, including onboarding, payment processing, discovery, document uploads, planning, recommendations, implementation, and tracking, all within a single platform.
- 6.25: Owen explains that the onboarding process in Advice is designed to be user-friendly and efficient, with yes-no questions and multiple-choice questions that are easy for clients to answer.
- 7.20: What sets Adviice apart is its client-facing approach. Clients actively participate in the discovery process by providing information and uploading documents, and the platform's tailored design turns this into a streamlined and personalized "fill in the blank" exercise.
- 12:05: Regarding white labeling, the Adviice platform allows advisors and companies to fully brand the platform as their own.
- 16:23: The Adviice platform incorporates a range of visual tools and features to enhance the financial planning experience and provide valuable insights to clients.
3 Key Points
- What sets Adviice apart from many other financial planning software platforms is its emphasis on workflow and planning tools.
- The platform's client-facing nature, combined with the ability to mark completed actions and interact with the plan regularly, fosters ongoing engagement and collaboration between clients and advisors. This approach ensures that financial planning becomes an ongoing, dynamic process rather than a one-time event, ultimately leading to better financial outcomes for clients.
- The discussion emphasizes the importance of shifting from a one-time financial planning model to an ongoing and collaborative planning experience. It's recognized that the real value in financial planning lies in the continuous planning process, which takes into account the changing circumstances and goals of clients over time.
- "Planning software may start with the planning tool itself, and the front-end (client acquisition, payments, etc.) and back-end (modeling) are secondary considerations." - Owen Winkelmolen
- "The use of visual tools like the Sankey diagram and the contextualization of financial data are essential for helping clients truly understand their financial situation and the impact of various scenarios." - Owen Winkelmolen
- "The ability to white-label and customize the platform for different niches and client segments is a testament to its flexibility and usability" -Jason.
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303. AltExchange with Kareem Hamady | E30325:37Jason talks to Kareem Hamady, Co-Founder and CEO of AltExchange. The company is a platform that helps advisors better manage all the complexity around the issuance, management, and stewardship of alternative investments in the marketplace. Kareem provides an overview of AltExchange, a company focused on aggregation and automation technology for alternative investments (alts). The company retrieves data from various platforms, including PDFs and spreadsheets, and uses machine reading technology to make sense of the data.Episode Highlights:03:10: Kareem details the challenges in private capital markets, emphasizing the absence of standardized identifiers, varied reporting metrics, and the need to structure non-structured data.05:37: Kareem explains AltExchange's involvement in the post-investment phase, focusing on tracking actions and workflows after the investment is made. The process includes receiving quarterly reports, annual tax documents, capital calls, and distributions.09:25: Kareem describes the normalization process for line items on CAP account statements, making the comparison between different asset managers more straightforward. Despite being time-consuming, the goal is to simplify the understanding of performance.13.38: Kareem discusses additional workflows, such as managing capital calls and distributions. The platform allows advisors to set calendar invites, providing clarity on the purpose and amount of wire transfers. This proactive approach reduces confusion for clients and advisors.15.53: Kareem describes AltExchange's business intelligence quality checks (BI QC rules), which constantly run to ensure data consistency and accuracy within the system. The platform aims to maintain data integrity and prevent issues like unrealized value spikes.20:28: Jason inquiries about AltExchange's future direction. Kareem discusses the potential for AI-driven summarization of asset manager quarterly updates, benchmarking, and exposure analysis.Key Points:Private capital markets pose challenges due to the lack of standardized identifiers and diverse reporting metrics, making it more complex than dealing with traditional assets like ETFs or mutual funds.AltExchange addresses challenges in the post-investment phase, helping advisors track actions and workflows after an investment is made.AltExchange facilitates various workflows, such as onboarding, distribution alerts, and managing capital calls and distributions, streamlining the advisor's role, and enhancing client communication.Tweetable Quotes:"AltExchange simplifies the complex world of alternative investments by aggregating and automating data from various platforms, using machine reading technology to make sense of the data.""Navigating private capital markets is challenging due to the lack of standardized identifiers and diverse reporting metrics.”"Exciting times in the fintech space! AltExchange leverages AI to drive innovation, from summarizing asset manager updates to benchmarking and exposure analysis. Solving complex problems with technology in its early stages."Resources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – SponsorPodcast Editing
302. Enable with Andrew Butt | E30224:34Jason talks to Andrew Butt, Co-Founder and CEO of Enable. Enable is a platform for managing B2B rebates a problem that exists at scale. Andrew describes Enable as a cloud-based platform fostering collaboration among supply chain stakeholders, including manufacturers, distributors, and retailers, focusing on trading agreements.Episode Highlights:01:03 Andrew shares the history of Enable, rooted in his background of building software. He recounts encountering the complex rebate management issue at a fast-growing UK distributor, where manual Excel spreadsheets were used due to ERP limitations.04:30 Andrew adds the loyalty element to rebate programs, drawing parallels with consumer loyalty programs like air miles or coffee shop rewards. The discussion emphasizes the role of rebates in fostering loyalty and influencing consumer behaviour.07:23 Andrew and Jason discuss the reconciliation challenges in traditional systems, including conflicts, different data sets, and timing issues. This conversation underscores the importance of transparency and collaboration in overcoming these challenges.11:24 Andrew highlights the importance of alignment across the supply chain, emphasizing that effective rebate management fosters collaboration among trading partners and how their platform serves as a tool for aligning interests, meeting customer needs, and sharing rewards to enhance overall supply chain performance.17:20 Jason explores the concept of the platform evolving into a more dynamic marketplace where rebate agreements resemble an auction-like system for which Andrew acknowledges the potential for negotiations and dynamic offers, drawing parallels to Google Adwords' instantaneous pricing model.22:40 The excitement for Andrew lies in the transition from being a piece of software to evolving into a network. The prospect of becoming a network-driven model and the associated opportunities ahead drive Andrew's enthusiasm.Key Points:Rebates play a crucial role in business models, with manufacturers strategically using them to incentivize behaviours like volume purchasing. The complexity of rebate management is highlighted, with instances where businesses rely on rebates for profitability, and more than 75% of global trade involves rebates.The future trajectory involves expanding coverage for various rebate agreements, providing more insights, and transitioning from a simplifying tool to a strategic driver for business performance.Tweetable Quotes:"Rebates aren't just discounts; they strategically shape behaviours. More than 75% of global trade involves rebates, and for distributors, rebates make up an average of 100% of profit.""Automation in rebate management isn't just a time-saver; it's a game-changer. Freeing up personnel from manual tasks and providing valuable insights for informed decisions."“Negotiations and dynamic offers become a reality, drawing parallels to Google AdWords’ instantaneous pricing model."Resources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – Sponsor
301. Seeds with Zach Conway | E30135:04Jason talks to Zach Conway, co-founder and CEO of Seeds. It is a platform that allows advisers to better assess investors and personalize their portfolios in order to create a better engagement with them. Zach highlights the traditional mechanical investing process with Seeds' approach, which aims to make investing more meaningful and engaging for both the investor and the advisor.Episode Highlights 02:07: Zach stresses the importance of understanding your client deeply. By asking the right questions, one can understand their needs, desires, and values. This is essential for delivering a personalized experience.05:13: Zach emphasizes the difference in their approach. Instead of explaining the money management strategy, they take clients through a digital assessment to unpack their personal investment mindset and behaviors.08:19: Zach speaks about side-by-side analysis of the current and proposed portfolios. He highlights the platform's capabilities, from portfolio construction to implementation and management.10:39: The traditional process of managing money and the flaws in not truly understanding the client's perspective, says Zach.15:54: Zach stresses the need for a change in the narrative, moving away from the emotional investment stories driven by fear and greed. He talks about the ongoing struggle and their aim to rectify this perception in the industry.17:16: Zach talks about the prevalent sales conversations in the industry when clients walk in and the narrative around money management. He comments on the industry's realization of the pitfalls of this narrative, especially when the S&P decreases.23:05: Zach talks about presenting a three-dimensional story to the investor. The focus can be on values alignment, risk exposure, or other aspects based on the client's persona. He emphasizes the need for personalized storytelling in the industry.27:22: Jason talks about the next generation's perception of investing and mentions the disconnect in the industry's marketing and actual delivery.33:25: Zach expresses excitement about the prospect of creating a future where investors feel heard and understood, and advisors provide value by aligning investments with clients' values and goals.3 Key PointsSeeds takes a client-centric approach by understanding an investor's analytical nature, interest in emerging trends, values, and ethical concerns. They emphasize the importance of aligning investments with these factors.Seeds aims to make investing more meaningful and engaging for both investors and advisors, contrasting this approach with traditional mechanical investing processes.Zach emphasizes the need for a shift in the industry's narrative, moving away from focusing solely on investment returns to understanding clients deeply and shaping portfolios around their values.Tweetable Quotes"Understanding your client deeply is essential for delivering a personalized investment experience." - Zach Conway"Our goal is to provide a personalized investment experience from initial assessment to ongoing portfolio management and reviews." - Zach Conway"It's not about the technology, it's about how it's applied. Sustainable organic growth is the key." - Zach ConwayResources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – Sponsor
300. Episode 300 with Joel Bruckenstein | E30040:59Jason talks to Joel Bruckenstein known as the "godfather of advisor technology" in the US. Joel is the President of Technology Tool, a well-known consultant and writer in the financial advisory technology space. Joel is the President of Technology Tool, a well-known consultant and writer in the financial advisory technology space. The episode focuses on Joel's journey and how technology for financial advisors has evolved over time.Episode Highlights 01:26: Joel shares that he spends a significant amount of time consulting, evaluating new products, and engaging with advisors.04:13: When Joel began his journey, the wire houses, and many independent broker-dealers (IBDs) predominantly used proprietary technology solutions. Independent advisors had limited options in terms of technology.09:41: The cost of financial products, such as mutual funds, was much higher 30 years ago, and ETFs were not yet available.11:56: Jason shares a common observation that many outsiders, including technologists and engineers, often believe that technology will replace advisors and reduce their numbers.17:14: Jason agrees with Joel's observations and highlights the proliferation of niche solutions that address specific planning issues, which has become more prevalent over the last decade.24:16: Joel highlights how smaller advisory firms may outsource their technology needs to specialized providers.29:27: Joel suggests that AI can be leveraged for more straightforward tasks, such as generating drafts for blog posts and even assisting with email replies for routine requests.34:52: People's satisfaction tends to be higher when they are not aware of alternative solutions or when they have limited exposure to different technology options.Discount Code and LinksDiscount code for advisors for $200 : Woodgate200Registration linkSponsorship prospectus link3 Key PointsJoel reflects on how the landscape of advisor technology has evolved since he first started in the field.Joel and Jason discuss the common complaint among advisors about margin compression and increased competition in the industry due to technological advancements.Joel highlights the growing importance of data and AI in the advisory industry. He explains that data is like digital gold and can be leveraged for various purposes, including AI-driven insights and analytics.Tweetable Quotes“It's essential to remember the technological context of the time when he started, as they were still in the era of DOS, with Windows emerging as a platform.” – Joel“Technology has completely transformed the way advisors do business, and he views these changes as positive. It has made advisors more efficient, allowing them to serve more clients and provide a better user experience for both their employees and clients.” – Joel“The financial advisory industry often takes longer to adopt technology due to its highly regulated nature.” – JoelResources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – Sponsor
299. Nitrogen Wealth with Aaron Klein | E29947:28On today’s episode of Fintech Impact, we have a repeated guest Aaron Klein, the co-founder and CEO of Nitrogen Wealth formerly Riskalyze. Aaron was back in April of 2019, and he has been up to quite a lot. Aaron introduces the concept of behavioral science, alluding to how clients react to financial decisions. He shares an anecdote about an advisor who realized that he was anchoring his clients' portfolios based on his own risk tolerance which led to a misalignment in clients' expectations and actual investment outcomes.Episode Highlights 00:52: Aaron discusses the evolution of their company, originally named Riskalyze, reflecting on its 12 1/2-year journey since its foundation and the launch of their initial product for advisors.03:26: Jason expresses a desire to discuss the client's journey with Aaron, mentioning the need for better structures and processes in the industry.09:20: Jason acknowledges that while there are solutions for SEO and content marketing to attract leads, the real challenge lies in the post-acquisition phase—how to nurture and engage these leads effectively, which he views as a significant task.13:39: Aaron discusses their proposal capabilities that enable advisors to create investment proposals aligned with a client's risk tolerance and needs, emphasizing the credibility of data and analytics over traditional trust-building methods based on image alone.26:48: Aaron explains that while Nitrogen isn't marketed as a compliance tool, solo advisors can significantly benefit from the platform as it helps them document client risk preferences and agreements, reducing the risk of legal issues in the future.35:13: Aaron emphasizes the need for top-tier wealth management firms to use top-tier technology and believes that integrating the right technology into the growth process is crucial for success.36:57: Jason points out that many large players in the industry have been acquired by even larger companies, and the landscape has shifted, making it more challenging to replicate past successes.3 Key PointsAaron Klein talks about Riskalyze's transformation over 12 1/2 years to Nitrogen Wealth, a platform for wealth management firms.Aaron discusses behavioral science's role in finance and introduces tools like "retirement maps" and "check-ins" for better client engagement.Nitrogen's focus shifted to being a growth platform. Aaron stresses the need for integrating top-tier technology in wealth management.Tweetable QuotesRisk is one of the critical dimensions when building investment proposals for clients. - Aaron"Emphasizing the issues with advisors not effectively aligning with clients' risk preferences, Nitrogen Wealth steps in to bridge the gap." - Aaron Klein "In the post-COVID era, trust-building evolves - data and analytics become more crucial than image alone." - Aaron KleinResources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – Sponsorhttps://nitrogenwealth.com/Podcast Editing
298. Helios Quantitative with Chris Shuba | E29821:25Jason talks to Chris Shuba, Founder and CEO of Helios Quantitative. It is an "in-source CIO," offering a unique solution for financial institutions. They provide all the functions of an investment department without the associated costs and hassles. Helios Quantitative simplifies and streamlines the operations of an advisory practice.Episode Highlights 01.52: Chris notes that while models were initially a primary focus, Helios has expanded its services and technology to become an all-encompassing in-source CIO, moving beyond a sole emphasis on modelling.02.23: Chris outlines the core goals of most advisors, which include looking impressive to clients, spending more time on their strengths, achieving scalability, and ultimately being profitable.09.42: Jason emphasizes that Helios Quantitative covers the entire vertical funnel for advisors, from ideation to implementation to communication and maintenance, providing a comprehensive value proposition throughout the process.11.47: Chris mentions their preference for working with disruptive-thinking advisors who align with their approach. He also highlights the cost aspect, emphasizing that model marketplaces can be expensive, while Helios aims to be a low-cost alternative with more capabilities.17.24: Chris discusses the challenge of underestimating the importance of model designs and their correlation with real-world events. Chris explains that Helios originally used linear mathematics, which sometimes didn't align with real-world complexities, leading to advisor confidence issues.3 Key PointsChris mentions their exciting plans for further development of the platform beyond two main function Model Development and Management and Research and Analytics.Chris draws an analogy between their approach and the concept of an aircraft carrier in a fleet. Still, it needs a surrounding ecosystem of supporting components to protect it and ensure its effectiveness.Chris highlights the accessibility of machine learning and AI tools for smaller companies like Helios, which empowers them to develop and deploy cutting-edge technology.Tweetable Quotes“Helios focuses on mathematical diversity, providing multiple types of models to increase diversification within a portfolio. The goal is to bring institutional-level diversification strategies into the retail space, reducing risk and enhancing portfolio stability.” – Chris“Simply adding more components does not guarantee increased profitability or improved client satisfaction. All components are needed to create a world-class asset management experience.” - ChrisResources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – SponsorLinkedIn – Jason Pereira's LinkedInhttps://www.linkedin.com/in/chrisshuba/https://heliosdriven.com/
297. Wealth.com with Rafael Loureiro | E29730:04Jason talks to Rafael Loureiro, CEO of Wealth.com. The company besides having the most incredible URL for a fintech firm is an estate planning platform that allows for advisors and clients to collaborative work on estate plans and produce like legal estate documents and make it part of the entire continuing advisors by proposition.Episode Highlights 00:53: Rafael describes Wealth.com as a tech-driven estate planning platform designed for financial advisors. The platform helps advisors set up high-quality estate plans for their clients, offering legal estate documents that are applicable in 51 jurisdictions.03.09: Rafael and his team decided to create Wealth.com as an intelligent platform to help financial advisors maintain up-to-date estate planning. Their goal is to ensure estate planning evolves with changes in assets and beneficiaries, emphasizing the importance of keeping it current.05.56: Rafael notes that the platform's dashboard can integrate with the advisor's preferred CRM, such as Salesforce or Wealthbox.18.33: Rafael underscores the startling statistics related to estate planning, with a majority of Americans not having a plan, and even those who do often have outdated plans. He notes that many people only consider estate planning when faced with a loss or a famous person's passing.22.31: Rafael emphasizes that they wanted a domain name that represented more than just estate planning. They aimed to provide a holistic, digital solution that encompasses various aspects of financial planning and positions the advisor at the centre of the client relationship.3 Key PointsRafael discusses the creation of Wealth.com and the motivation behind it. He begins by explaining his involvement with a global fraud prevention company before venturing into estate planning.Jason highlights the importance of improving estate planning, particularly in areas like tax, estate, and insurance, where there are significant opportunities for enhancement.Rafael reiterates his desire for more flexibility, asking why estate planning can't be done from the comfort of one's home, given the advancements in technology.Tweetable Quotes“The visualizer tool provides scenarios and simulations, helping clients and advisors understand the implications of different situations, such as one or both spouses passing away.” – Rafael“The platform has an API connection with Zillow, so when a client's real estate is sold, they receive a notification. The platform prompts the client and notifies the advisor, placing the advisor at the center of the relationship.” – RafaelThe only effective incentive for estate planning may be opting for a comprehensive financial planner who includes it in their scope of work and compensation structure.”- JasonResources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – Sponsorhttps://www.wealth.com/https://www.linkedin.com/in/rafaelloureiro/
296. Cubed with Elliott Limb | E29637:43Jason talks to Elliott Limb, founder and CEO of Cubed. It is a company assisting fintech companies scale, while mitigating the high failure rates commonly faced by startups.Episode Highlights 00:21 Elliott discusses Cubed's mission, which is to help fintech companies overcome high failure rates. Cubed serves as growth partners, actively involved in running and growing fintech businesses.06:45: Elliott acknowledges that the cultural divide between traditional finance and fintech is a common issue. He mentions that this divide is gradually improving, but it has been a significant challenge in the past.09:37: Jason seeks advice from Elliott on how to prevent the challenge of knowing when to decline potential sales and engage in the difficult conversations with clients who demand hyper-specific, non-scalable solutions that offer significant financial incentives for custom development work.10.25: Companies should take a more strategic approach rather than jumping straight into execution, even if it means walking away from potentially lucrative opportunities initially.14:51: Jason acknowledges that for technical founders and entrepreneurs, constantly seeking funding can be frustrating and time-consuming.16:39: Jason and Elliott discuss common issues faced by fintech companies and methodologies for course correction.23:57: Elliott's assessment suggests that the fintech industry faces unique challenges related to due diligence, investor experience, and rapid funding cycles, which could contribute to a higher failure rate compared to other sectors in the venture capital market.36:02: Elliott is driven by the goal of making the market better and increasing innovation within the fintech sector.3 Key PointsElliott provides a holistic view of the challenges and responsibilities that both start-ups and investors face in the fintech industry. He highlights the need for strategic planning, rigorous measurement, and a strong focus on team execution to improve success rates.Elliott explains that Cubed's involvement with fintech companies from the venture capital side usually happens for three main reasons: Due Diligence Support, Portfolio Review and Turnaround Assistance.Jason and Elliott highlight the need for fintech founders to strike a balance between loyalty to early employees and the necessity of bringing in diverse talent that can help the company navigate the challenges of growth and innovation.Tweetable Quotes“Building a great piece of software is not enough for success; you must consider distribution and other business aspects.” – Jason“Companies should position their technology in a way that clearly demonstrates how it will improve the customer's business and provide a sustainable business model.” – Elliot“Companies often hire experienced individuals but fail to provide the necessary enablement and alignment to ensure success.” - ElliotResources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – SponsorLinkedIn – Jason Pereira's LinkedIn
295. Lenker with John Lenker and Kevin deLaplante | E29544:40Jason talks to John Lenker, founder and Chief Vision Officer of the marketing firm and Kevin deLaplante Partner & Chief Knowledge Officer. Lenker is a growth consulting firm that specializes in assisting early-stage startups in achieving product-market fit and establishing a recognizable brand before their launch. They emphasize on the challenges startups encounter, including a lack of market analysis and a tendency to prioritize technical development over other critical aspects of their business. Linker aims to help startups navigate these challenges and achieve their growth goals.Episode Highlights 05:19: Kevin mentions that some startups exhibit what he refers to as "pathological behavior," which involves making decisions that are not in their long-term rational self-interest, such as burning through limited funds or making poor decisions.06:02: Some startups, especially those with an engineering perspective, focus solely on building their technology because they believe it will revolutionize the market.07:42: John talks about the importance of early-stage analysis and planning in the fintech industry to avoid common pitfalls and challenges faced by startups.08:41: John explains that they sophisticated tools and financial models, including customer lifetime value simulation engines, to guide early-stage decision-making for fintech startups.17:02: John shares a real-life example of an individual who worked for a major platform company for several years.3 Key PointsJohn highlights one of the primary reasons startups fail in their endeavors, which is a lack of proper market opportunity analysis. He emphasizes the importance of examining the need in the marketplace, identifying the target audience and buyers, assessing the competitive landscape, and understanding the current solutions available and their market adoption status.John talks about the importance of thorough market research, timing, and branding in the success of entrepreneurial ventures, including fintech startups.The discussion emphasizes the process of crafting a brand that becomes the undeniable solution in the market.Tweetable Quotes“Many entrepreneurs have not fully thought through their business situation, making it essential to guide them in clarifying their goals and increasing the likelihood of achieving them.” – John“There is often a disconnect between how the client perceives the problem and the reality, which becomes apparent through discussions and discovery processes.” – John“Branding involves making people believe in you and your initiative, which creates a tailwind for your work.” – JohnResources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – SponsorLinkedIn – Jason Pereira's LinkedInPodcast Editing