Fintech Impact

In this episode of Fintech Impact, Jason Pereira interviews Jimmy Gill from Versoft Consulting about the intricacies of investment technology and data migrations. The conversation explores the challenges of integrating various investment technologies, outlining how Versoft Consulting assists in streamlining technology stacks for financial advisors. They delve into the complexities of data migration between portfolio management systems, highlighting the diverse issues encountered during such transitions and offering insights into best practices for successful conversions. The episode wraps up with discussions on how comprehensive solutions and problem-solving approaches can significantly alleviate operational inefficiencies within the finance industry.Episode Highlights:00:33: Jason thanks Jimmy Gill of Versoft Consulting for joining the podcast.00:35: Jimmy introduces Versoft Consulting, its mission, and services in the finance sector.01:20: Explanation of Versoft’s services, including portfolio management, data conversions, and consulting.01:29: Discussion on the origin and history of Versoft Consulting.03:34: The complexities involved in data migrations from one platform to another.04:26: Real-life story of migrating 30 years of transaction history.05:33: Issues firms encounter with portfolio management and accounting platforms.07:08: Best practices for conversion and timelines for migrating systems.12:08: Common pitfalls and considerations during platform migrations.14:12: Importance of data quality and the role of Versoft Consulting in migrations.16:49: Navigating trust issues with new technology platforms.19:20: Volume of data and time estimation challenges in migrations.21:51: Weird data anomalies and how Versoft confronts them during migrations.32:09: Jimmy’s passion for solving complex data problems in fintech.34:18: Conclusion and wrap-up of the episode, encouraging listeners to seek migration help from Versoft.Key Takeaways:Data migrations in the financial sector are fraught with challenges, requiring expert handling to ensure accuracy and efficiency.The industry suffers from a lack of standardized data formats, complicating technology integrations significantly.Having dedicated personnel or consultants focused entirely on technology transitions can prevent bottlenecks and delays.Effective communication and planning are crucial for maintaining timelines and minimizing disruptions during platform migrations.Firms often benefit significantly from adopting streamlined, automated processes for operational efficiencies.Tweetable Quotes:"Data migrations: not just shifting data, but overcoming challenges to ensure efficient financial operations.""In financial tech, the quirks and complexities are the puzzle pieces we love to solve.""Adopting new tech isn't just about the systems; it's about finding the right solutions for your firm."Resources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – SponsorPodcast Editinghttps://versoftconsulting.com/team/jimmy-gill/https://www.linkedin.com/in/jameswgill/

Jason Pereira interviews Arnulf Hsu, CEO and Co-founder of GReminders. Arnold discusses the company's journey from being a client notification system to becoming an AI powered end-to-end meeting management platform tailored for financial advisors. The conversation dives into how GReminders focuses on automating the entire client meeting lifecycle through AI and intricate integrations with CRM systems. Arnold also highlights the significant time savings GReminders offers financial advisors and shares insights into the company's client-focused approach to software development and enhancements.Episode Highlights:00:08: Jason Pereira introduces the show and his guest, Arnulf Hsu of GReminders, explaining its role in meeting workflow management for financial advisors.00:30: Arnold thanks Jason for having him on the show.02:55: Arnold emphasizes the platform's use of workflow automation and AI to enhance the client meeting experience from start to finish.03:10: He shares GReminders' origin story, initially starting as a client notification system linked with Google Calendar.05:39: Arnold explains the process for financial advisors to easily schedule meetings with clients using GReminders' features.07:08: Discusses the successful development of various features based on client feedback and needs.09:19: Talks about the importance of having a smaller, fully integrated tech stack for financial advisors.10:50: Highlights the significant time savings reported by their customers and the positive impact on revenue.12:59: Arnold touches on the future directions GReminders might take, including AI assistants and enhanced client engagement.15:43: Jason concludes that the conversation was concise due to the clarity of GReminders' value proposition.18:30: Arnold expresses his passion for solving business problems and maintaining a rapid software development cycle.Key Takeaways:GReminders enhances productivity for financial advisors by automating the meeting lifecycle, integrating deeply with CRMs.The platform offers significant time savings, allowing advisors to focus more on meaningful tasks that drive revenue and client satisfaction.A strategic focus on vertical markets enables GReminders to tailor its offerings to the specific needs of financial advisors.The rapid iteration cycle in software development allows the company to quickly adapt and improve based on client feedback.Tweetable Quotes:"We're an AI-powered end-to-end meeting management platform built for financial advisors." - Arnulf Hsu"We believe a smaller tech stack that is more deeply integrated tends to be better." - Arnulf Hsu"Business problems are my thing; I understand them and can help solve them." - Arnulf HsuResources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – SponsorPodcast Editinghttps://www.greminders.com/https://www.linkedin.com/in/arnulfhsu/

Jason Pereira interviews David Silverstein, Founder of Ned, a white label online platform aimed at enhancing lender transparency and cash flow visibility for small to medium-sized businesses. Silverstein discusses the origin of Ned, emphasizing transparency and trust between lenders and borrowers, and explains how Ned facilitates cash flow lending with real-time borrower insights. He further explores the challenges faced by conventional lending systems and how Ned addresses these by offering innovative solutions for lenders to design custom capital products, thereby enhancing their market share and efficiency. The conversation delves into the significance of real-time cash flow data, enabling better risk assessment and lending practices.Episode Highlights:00:08: Introduction to the podcast and David Silverstein, founder of Ned.00:27: David Silverstein expresses appreciation for being on the show.00:30: David gives an overview of Ned's platform capabilities and offerings.01:41: The origin story of Ned and how it was founded to resolve friction in business lending.03:03: Discussion on the challenges lenders face and how Ned solves these issues.04:10: Exploration of how typical lending infrastructure has been outdated.06:03: Jason highlights the archaic nature of traditional lending and the need for frequent cash flow assessments.10:01: David discusses how Ned facilitates better lender-borrower relationships.14:48: More insights into how Ned enables smarter, safer lending through better borrower data.17:16: David addresses Ned's impact on the acceleration of growth for lending companies.23:58: Future goals and innovations Ned is working toward.27:54: David’s wish for change in the company's operations or sector being in the area of change management.29:08: Discussion about pricing as one of the biggest challenges currently faced by Ned.30:21: The excitement behind Ned's mission and its impact on borrowers and lenders alike.32:19: Closing remarks and appreciation from Jason to David.Key Takeaways:Ned enhances lender-borrower relationships through a platform that prioritizes transparency and trust.Real-time cash flow data is crucial for modern lending, enabling better risk assessment and decision making.The platform reduces underwriting time and improves repayment consistency, fostering better business outcomes.Future innovations at Ned focus on utilizing borrower data to improve loan strategies and growth potential.Tweetable Quotes:"The relationship between a borrower and a lender is pretty darn intimate." - David Silverstein"The old way of underwriting a small business loan is misaligned with today's economy." - David Silverstein"Our DNA was built with revenue-based repayments, automating balance checks and transparency." - David Silverstein"It's all about the borrowers. It's all about intimate relationships and long-lasting relationships." - David SilversteinResources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – SponsorPodcast Editinghttps://www.nedhelps.com/https://www.linkedin.com/in/david-silverstein-b904a27b/

Jason Pereira interviews Vickie Lewin, Chief Growth Officer of Amplify, to discuss their wealth tech platform designed to enhance the advisor and client experience. Vickie explains how Amplify was born within the RIA Ashton Thomas and highlights its evolution into a standalone technology platform aimed at addressing common challenges faced by advisors. Amplify's focus on reducing complexity, creating seamless workflows, and offering a comprehensive trade engine are discussed, alongside a dive into their future roadmap and technology enhancements. The episode concludes with insights on the importance of building platforms that resonate with industry needs.Episode Highlights:00:28: Vickie expresses gratitude for the introduction and humorously notes the accuracy.00:32: Jason asks Vickie to elaborate on Amplify's offerings.00:36: Vickie outlines Amplify's inception from an RIA seeking better tech solutions. 01:32: Discussion on the platform's features, trade engine, and model marketplace.02:42: The journey of Amplify from an internal tool to a marketable product.03:39: Amplify's separation from Ashton Thomas and its growth trajectory.04:26: Jason summarizes the typical entrepreneurial trajectory in wealth tech.05:08: Discussion on the importance of technology understanding advisor needs.05:27: Vickie talks about the user perspective benefits seen in the platform.05:58: Delving into Amplify's integrated and simplified tech stack approach.10:38: The importance of the client experience in Amplify's offerings.12:06: Overview of Amplify's operational and tech characteristics.18:50: Additional features like risk scoring and optimization strategies.21:12: Advisor feedback on the platform's intuitive design and partner support.22:28: Discussion around cost vs. total value offered by Amplify.24:08: Amplify's approach to incorporating client feedback into platform updates. 25:36: Vickie shares her desire for faster tech development in Fintech.27:14: Challenges faced during Amplify's separation process from Ashton Thomas.28:30: Vickie's enthusiasm for building and innovating within the tech space.Key Points:Amplify was created to provide a seamless and less complex solution for RIAs, starting from a frustration with existing tech tools.The platform leverages in-house trade engine capabilities to streamline processes and reduce dependency on multiple software systems.Amplify aims to balance advanced functionality with ease of use, focusing on both advisor and client experiences.Future updates on Amplify's platform will prioritize user feedback and continued enhancement of their robust model marketplace.Tweetable Quotes:"If you’ve gotta make this hard for somebody, make it hard for me, make it easy for my client." - Vickie Lewin"It’s fun to build, it’s fun to hire people, it’s fun to have an idea and be able to apply it quickly." - Vickie LewinResources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – SponsorPodcast Editinghttps://amplifyplatform.com/https://www.linkedin.com/in/vickie-edwards-lewin/

In this episode of Fintech Impact, Jason Pereira interviews Mark Friedenthal, Founder and CEO of Tolerisk, about the innovative risk profiling platform his company offers to financial advisors. Mark explains how Tolerisk differentiates itself by integrating financial data into client risk profiles, providing a more holistic understanding of both risk tolerance and capacity. He discusses the company's origins and challenges, highlighting the improvements Tolerisk has made over traditional methodologies like Monte Carlo simulations. The conversation underscores the importance of proper client profiling in risk assessment and the significant role Tolerisk plays in bridging investment management with financial planning.Episode Highlights:00:09: Introduction to the podcast episode and the guest, Mark Friedenthal, CEO of Tolerisk.01:04: Mark shares the origins of Tolerisk and the problems it aims to solve with client risk profiling.02:07: Development of a solution for profiling client tolerance that integrates with financial information.03:29: Discussion on the learning curve in managing a tech project and developing a solution tailored to clients.05:56: Overview of how traditional risk tolerance metrics work and introduction to Tolerisk’s novel approach.07:34: Explanation of using psychometric profiles to measure willingness to accept risk, and the limitations of other methods.14:08: Tolerisk evaluates the likelihood clients will run out of money alongside risk assessments.17:12: Explanation of Tolerisk’s improvements over traditional Monte Carlo simulations, using historical data effectively.21:03: Creating a tailored approach to help better engage clients and reduce compliance risk for advisors.22:08: Discussion of the benefits of proper risk assessment and client profiling in avoiding financial pitfalls.23:07: Importance of understanding the right level of risk for clients and ensuring decisions are bespoke.26:42: Difference between fiduciary advisory and suitability in terms of risk management. 28:01: Mark discusses the wish for democratization of technology access among advisors.Key Points:Tolerisk offers a sophisticated platform for integrating financial data into risk profiling, providing a more holistic approach to assessing client risk tolerance and capacity.Proper client risk profiling is crucial in financial advising, not only for better client outcomes but also for reducing compliance risks.Advisors need improved technology access to personalize client advice and strengthen corporate culture aligned with fiduciary duties.Tweetable Quotes:"Risk is a Goldilocks exercise; it needs to be just right for each client, right now." - Mark"Tolerisk bridges investment management and financial planning to ensure robust and tailored client outcomes." - Jason"A mathematical approach to risk profiling can enhance decision-making and inspire client confidence." - MarkResources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – SponsorPodcast Editinghttps://www.tolerisk.com/https://www.linkedin.com/in/friedenthal/

Jason Pereira interviews Miles Paschini, CEO of FV Bank, an innovative Fintech startup. The discussion revolves around FV Bank's mission to bridge traditional banking with cutting edge financial technologies like blockchain and FinTech solutions. Miles reflects on his journey in the payments industry and highlights FV Bank's efforts to cater to FinTech and blockchain companies by offering compliant and tech-forward banking services. The episode dives into the challenges of building a bank of the future and explores emerging trends like the growing importance of stable coins and real-time money movement.Episode Highlights:00:09: Jason Pereira introduces the podcast and guest Miles Paschini, CEO of FV Bank, highlighting its innovative approach to providing banking services for SMEs using blockchain.00:30: Miles explains the meaning of FV Bank, emphasizing their focus on combining traditional banking with Fintech and blockchain technologies.01:21: Jason inquires about the history and inception of FV Bank.01:21: Miles discusses his career trajectory and how it led to the founding of FV Bank, including past ventures and challenges faced with traditional banks.03:29: Miles details the unique approach of FV Bank, owning both the technology stack and banking charter, differentiating it from other challenger banks.04:32: Discussion on the complexity and fragmentation of the current banking technology landscape and FV Bank's approach to integrating advanced compliance.05:40: Addressing traditional banking inefficiencies and FV Bank's pursuit of improving money movement leveraging stable coins.08:23: Challenges of building a banking infrastructure that merges the best of prebuilt solutions and innovative technology for compliance and efficiency.09:30: Exploration into FV Bank's vertical integration strategy and its impact on customer offerings.12:18: FV Bank's focus on SMEs in the Fintech space and plans to expand their value proposition beyond this core market.18:10: Discussion on lowering technical barriers for businesses by integrating stable coins into traditional banking services.20:12: The importance of regulatory and compliance focus in supporting advanced transaction processes securely.Key Points:FV Bank bridges traditional banking systems with emerging Fintech and blockchain technologies to offer innovative banking solutions.The integration of stable coins is set to transform money movement, significantly reducing transaction times and enhancing global trade efficiency.Despite technological advancements, regulatory clarity remains a pivotal factor for scaling the blockchain and Fintech industries.Tweetable Quotes:"We're trying to build a bank that bridges the legacy system with Fintech and blockchain." - Miles Paschini"Stable coin offers a transformative avenue for real-time international transactions." - Miles Paschini"Regulatory clarity is the missing piece to truly unleash blockchain's potential in finance." - Miles PaschiniResources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – SponsorPodcast Editinghttps://www.fvbank.us/https://www.linkedin.com/in/milespaschini/

Jason Pereira interviews Helen Yang, Founder and CEO of Andes Risk, a financial technology company offering a next-generation risk assessment platform for financial advisors. The conversation highlights how the company employs behavioral finance to enhance investment strategies and provide personalized financial advice. Jason Pereira delves into the origins and implementation of Andes Risk, uncovering how it integrates into existing workflows to assess risk tolerance and behavioral biases. Helen emphasizes the importance of blending technology with psychological insights to improve investor outcomes and touches on the ongoing development in this space.Episode Highlights:00:09: Introduction to Helen Yang, founder and CEO of Andes Risk, and the purpose of the podcast conversation.00:31: Helen talks about Andes Risk and its focus on a risk and behavioral finance solution for advisors.00:52: Discussion transitions into the origin story of Andes Risk and Helen's passion for behavioral finance. 01:58: Exploring the integration of behavioral finance into risk assessment processes. 02:56: Helen describes different investor types and tailoring messages to them during market turmoil. 03:44: Examination of how Andes Risk integrates into existing advisory workflows and the value of embedding these tools.05:18: Explanation of how Andes Risk uses modular questionnaires to continuously assess and educate investors.07:14: Details about how Andes Risk provides a comprehensive investor profile report.08:12: Introduction of the Behavioral Risk Index, quantifying investor behavioral risks.09:10: Helen emphasizes the importance of behavioral awareness and learning for investors.10:45: Discussion on how advisors can demonstrate their value through behavioral coaching.13:49: Talking about how Andes Risk identifies behavioral biases in investors.18:29: Insight into the ongoing processes for managing and evolving risk assessments.21:07: Helen's views on the misconceptions in the industry and her ambition to standardize the methodologies.24:28: Helen’s aspirations for Andes Risk to become the industry standard.Key Points:Andes Risk aims to integrate behavioral finance into financial advising, offering a personalized approach to managing investment risks.The platform's modular questionnaires allow for an ongoing assessment of investor behavior, providing continuous insights and education.Behavioral risk indexes provide a quantifiable measure of an investor's behavior, aiding advisors in tailoring their coaching strategies.Helen Yang seeks to establish Andes Risk as an industry standard by correcting common misconceptions and providing better insights.Tweetable Quotes:"Andes Risk helps advisors manage investments by understanding investor behavior." - Helen Yang"We have solved the investment problem, now it’s time to solve the investor problem." - Helen Yang"Advisors wanted to demonstrate their value; behavioral coaching adds up to 200 bps." - Helen YangResources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – SponsorPodcast Editinghttps://andesrisk.io/https://www.linkedin.com/in/helenyangcfa/

In this episode of Fintech Impact, Jason Pereira interviews Jeff Marsden, Chief Product Officer at PureFacts, a leader in revenue management for financial advisory and investment management firms. They explore the complexities of revenue management, including regulatory challenges, individualized advisor fee structures, and data integration from multiple sources. The discussion also touches on the company’s strategic acquisitions, the integration of AI to enhance data quality and operational efficiency, and future industry trends like outcome based models in wealth management.Episode Highlights:00:09: Introduction by Jason Pereira about Jeff Marsden and PureFacts, focusing on complexities in revenue management.00:27: Jeff Marsden expresses his pleasure in being on the show.00:29: Jeff Marsden discusses the history of PureFacts and their global expansion.01:09: Jeff digs into the DNA and history of the company, emphasizing late 90s billing systems.02:54: Conversation about fee complexities, daily moving numbers, and regulatory influences.03:52: Discussion on regulations, data calculations, and advisor relationship complexities.04:54: Description of the comprehensive and customizable nature of PureFacts' platform.05:01: Details about the different advisors’ unique propositions and fee models.05:32: Jason Pereira highlights challenges in calculating fees for numerous advisors at broker dealers.06:56: Jeff outlines the significant data challenge in revenue calculations and client transparency.07:42: Discussion on regulatory disclosure issues such as CRM3 and its complexities.08:27: Jason asks about comprehensive revenue management; Jeff explains technical and business perspectives.09:24: Jeff outlines the technical flow from data integration to output for client statements.11:07: Jason inquires about merging multiple companies; Jeff explains the strategy behind acquisitions.13:20: Discussion on the benefits of acquisitions for existing customers and market expansion.15:04: Jeff talks about three years of AI integrations improving data management and client service.18:02: Jason commends the reduction of burdens through AI, easing enterprise-grade software onboarding.Key Points:Revenue management in financial services is complex, involving regulations and unique fee structures for advisors.PureFacts integrates AI to improve data accuracy, operational efficiency, and onboard processes for new clients.Strategic acquisitions have enabled PureFacts to enhance their service offerings and expand geographically.Tweetable Quote:"AI is fundamentally transforming how we sanitize data and optimize operations for maximum client value." - Jeff Marsden"The future of wealth management is an outcome-based model focusing on true client value." - Jeff Marsden"Merging knowledgeable companies has created a powerhouse in comprehensive revenue management." - Jeff MarsdenResources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – SponsorPodcast Editinghttps://purefacts.com/https://www.linkedin.com/in/jeffmarsden/

In this episode, Jason Pereira interviews Sindhu Joseph, CEO, and Co-founder of CogniCor, an AI platform designed to transform the financial advisory industry. They discuss how CogniCor's AI co-pilot assists financial advisors by enhancing their productivity and enabling personalized client interactions. Sindhu shares the inspiration and technology behind CogniCor, emphasizing the platform's potential to democratize access to wealth. They also touch on AI's evolution beyond general AI and delve into CogniCor's multi-faceted capabilities that streamline advisors' workflows. The episode concludes with Sindhu's reflections on industry fragmentation and the company's mission to bridge wealth disparities.Episode Highlights:00:08: Introduction of Jason Pereira and the podcast episode featuring Sindhu Joseph, CEO of CogniCor.02:00: Discussion on the origin story of CogniCor and Sindhu's background in AI and finance.04:31: Overview of AI technology in CogniCor and its components, including machine learning and deductive reasoning.11:29: Explanation of CogniCor's practical applications for financial advisors, including personalization and workflow functionalities.16:14: Description of a typical day for a financial advisor using CogniCor's technology.19:27: Metrics on productivity gains and personalized client service achieved through CogniCor. 21:38: Future visions for CogniCor, focusing on integrating health data for comprehensive financial planning.23:04: Sindhu's wish for reduced data fragmentation in the industry.24:14: Challenges in educating the market about AI and promoting its adoption.25:13: Joseph's mission-driven excitement about CogniCor's potential impact on wealth democratization.26:19: Closing remarks and promotion for CogniCor and the podcast.Key Points:CogniCor is an AI-driven co-pilot designed to assist financial advisors by enhancing communication, task automation, and personalization.The platform leverages AI to streamline advisors' workflows, resulting in significant time savings and increased productivity daily.CogniCor aims to democratize wealth access by enabling financial advisors to extend their services to a broader audience.Sindhu believes that eliminating industry fragmentation through AI integration could significantly enhance operational efficiency.Future developments for CogniCor include incorporating health data to provide a comprehensive view of clients' financial and wellbeing profiles.Tweetable Quotes:"CogniCor is an attempt to democratize the access to wealth." - Sindhu Joseph"AI is more than gen AI; it's about creating intelligence artificially." - Sindhu Joseph"CogniCor provides a proactive co-pilot experience to financial advisors." - Sindhu Joseph"Today's financial advisors are really spoiled; I wish I had this tool." - Sindhu Joseph"Maintaining personalization at scale is one huge advantage AI brings to financial advising." - Sindhu JosephResources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – SponsorPodcast Editinghttps://www.cognicor.com/https://www.linkedin.com/in/sindhujoseph/