Fintech Impact

In this episode of Fintech Impact, Jason interviews Ali Zahedi, CEO of Infinite Systems, about their comprehensive portfolio management software, Harmony, and its impact on the Canadian wealth management industry. Allie shares the origins of Infinite Systems, emphasizing the company's commitment to providing end to-end, integrated solutions for wealth managers and their move towards exploring inorganic growth opportunities through acquisitions. The conversation delves into the challenges and rewards of building a tech based solution from the ground up, the importance of team cohesion, and the company's future visions focusing on both enhancing existing services and exploring adjacent opportunities.Episode Highlights:00:10: Introduction to FinTech Impact and today's focus on Infinite Systems and their Harmony platform.00:29: Ali Zahedi expresses gratitude for being featured on the podcast.00:32: A brief overview of Infinite Systems is provided.00:52: The conversation shifts to the origins of Infinite Systems and the identification of industry needs.02:07: Allie elaborates on the end-to-end services and core components provided by Harmony.04:33: The challenges of building an all-encompassing system and the internal development strategy are discussed.05:49: In-house development history, the programming-centric approach, and the importance of system integration.07:11: Strategies to balance client-specific needs with universal features within the system.09:04: The implementation and onboarding process for new clients transitioning to the Harmony platform.10:40: Challenges in data migration and the value of custodial data in the onboarding process.13:41: Discussion on strategic market focus and the potential for exploring advisory services.Key Points:Infinite Systems has significantly impacted the Canadian wealth management industry with its end-to-end platform, Harmony.The company attributes its success to a strong, internally driven development approach and a commitment to comprehensive, integrated solutions.Future growth strategies include exploring inorganic opportunities through acquisitions and expanding into adjacent service areas.Client feedback emphasizes the platform's comprehensiveness and the superior quality of customer service offered by Infinite Systems.There's a strong belief in the potential for growth through greater risk-taking in the conservative Canadian financial industry.Tweetable Quotes:"Started 20 years ago, Infinite Systems focuses on providing foundational technology to wealth managers." - Ali Zahedi"Harmony was born out of a need for a fully integrated end-to-end portfolio management system." - Ali Zahedi"Our strength is programming, leading us to develop a comprehensive in-house solution." - Ali Zahedi"The biggest reward is our team. Working with best friends and turning visions into reality is the dream." - Ali ZahediResources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – SponsorPodcast Editinghttps://www.inf-systems.com/management-team/https://www.linkedin.com/in/zahediali/ 

In this episode of Fintech Impact, host Jason Pereira interviews Michael Watson, head of Axos Advisor Services, on how Axos aims to revolutionize the traditional custodial and banking services for RIAs (Registered Investment Advisors). Axos, a digital bank established in 2000, evolved from a consumer-focused bank to a comprehensive provider offering commercial banking, securities business, and custodial services. The acquisition of E-Trade's custody business is highlighted as a strategic move to diversify and solidify Axos' position in the market. Watson details the company's commitment to providing high-touch, personalized services and the integration of digital banking solutions catering to RIAs and their clients, emphasizing the importance of service quality, efficiency, and not competing with advisors for clients.Episode Highlights: 00:09: Introduction to Axos Advisor Services and its aim to integrate custodian servicing with banking for RIAs.00:27: Michael Watson expresses his pleasure in joining the conversation and discussing Axos' services.00:34: Axos' journey from being one of the first digital banks founded in 2000 to expanding into commercial banking and securities by acquiring a clearing firm and eventually E-Trade's custody business.03:07: The evolution of Axos from its inception as Bank of Internet to a comprehensive digital and commercial banking provider.05:20: Watson emphasizes Axos' commitment to outstanding service, citing the differentiation in their approach to onboarding RIAs and providing personalized, efficient solutions.08:32: The conversation moves towards Axos' capability in providing digital workflows and eliminating operational inefficiencies through automation.13:55: Early feedback on Axos' integrated banking and brokerage services following their launch, highlighting the digital convergence for an improved client experience.16:33: The discussion includes the initial success of banking offerings since launch and the eagerness among RIAs to adopt these services.Key Takeaways: Axos Advisor Services aims to be a pivotal player in blending custodial services with banking for RIAs, leveraging its digital bank foundation to offer streamlined, efficient solutions.The acquisition of E-Trade's custody business illustrates Axos' strategic initiative to diversify and enhance their offerings in a competitive market.Commitment to service excellence and the integration of digital banking functionalities are central to Axos' strategy in fostering relationships with RIAs and their clients.Tweetable Quotes: "In a world where digital transformation defines success, Axos brings banking and custodial services into a new era for RIAs." - Michael Watson"Service excellence isn't just a goal; it's our commitment to every RIA we partner with." - Michael Watson"Advisors need banking solutions that understand and complement their unique offerings, not compete with them." - Michael WatsonResources Mentioned: Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – SponsorPodcast Editinghttps://www.linkedin.com/in/michael-watson-33222a1/ 

In this episode of Fintech Impact, Jason Perra interviews Rahim Harji, CEO of Datasoft Group, a leading online digital effects and payment settlement platform. Harji discusses the origins of DataSoft Group, its flagship platform FX office, and how it facilitates financial transactions globally for small to medium businesses, easing the complex problem of managing money across borders. Additionally, he touches on the challenges and advancements in international payments, regulatory compliance, and the future direction of the company, including automation and integration efforts aimed at streamlining financial processes for businesses.Episode Highlights:00:09: Introduction to Rahim Harji, CEO of Datasoft Group, discussing the company’s role in facilitating global financial transactions.00:27: Rahim thanks the host for having him on the show.00:29: Rahim is asked to elaborate on DataSoft Soft and its services.01:27: Exploration into the origin story of DataSoft Group and how it came to be.02:44: Discussion on the common challenges small and medium businesses face with international payments and FX.04:40: How DataSoft Group helps mitigate issues around opaque exchange rates and associated fees.07:19: Overview of the full range of services provided by Datasoft Group.10:22: The productivity benefits clients experience by partnering with DataSoft Group.12:40: Strategies on how DataSoft Group reaches its customers without a traditional sales team.17:37: Rahim's wish for instilling more entrepreneurial spirit within the team.20:09: What excites Rahim about working at Datasoft Group and the fintech industry.Key Takeaways:DataSoft Group is at the forefront of easing the complexities of global financial transactions for small to medium sized businesses.The company’s flagship platform, FX office, helps in mitigating challenges related to international payments and foreign exchange, promoting efficiency through automation.A significant aspect of DataSoft Group's success lies in its ability to streamline regulatory compliance and enhance productivity, reducing the burden on businesses.The company’s ongoing focus on innovation and partnership reflects its commitment to solving contemporary financial challenges while advocating for digitization and strategic financial management.Tweetable Quotes:"We specialize in helping small medium businesses with moving money around the world, simplifying what is usually a complex process." - Rahim Harji"Our platform allows our financial services clients to be transparent, leveraging straight through processing." - Rahim Harji"We believe in power in partnerships; our success is a testament to the brilliant minds and dedication of our team." - Rahim HarjiResources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – SponsorPodcast Editinghttps://www.datasoft.global/about/company/who-we-are/https://www.linkedin.com/in/rahimharji/ 

In this episode of Fintech Impact, Jason welcomes Andrew Altfest of FP Alpha, an innovative platform at the intersection of artificial intelligence (AI) and financial planning. Andrew discusses FP Alpha's mission to automate advanced planning for financial advisors, democratizing services previously available only to the wealthiest clients through specialized teams. The platform has evolved to offer a comprehensive suite of tools for advisors, including estate planning, tax scenario comparisons, and integration with other financial tech tools, aiming to make the planning process more efficient and effective. Jason and Andrew delve into the challenges and triumphs of developing and scaling FP Alpha and the broader implications of AI in enhancing the human aspect of financial planning.Episode Highlights:00:09: Introduction to the episode and guest, Andrew Altfest of FP Alpha, discussing the evolution of his platform in the AI space for financial advice.00:43: Andrew expresses his excitement to return to the show and discuss the advancements of FP Alpha since his last appearance.00:51: Andrew details the functionality of FP Alpha, emphasizing automation in advanced planning and the democratization of financial services once available only to the wealthiest.03:19: Andrew reflects on FP Alpha's journey from its concept to the present day, highlighting the addition of numerous first-of-its-kind features and the broadening of its service offering.05:02: Andrew discusses new features like estate snapshots and the platform's integration with various data sources to enhance the planning process.08:06: There's a deep dive into FP Alpha's offerings, including estate lab features, scenario comparisons, and tax planning tools which have been enhanced since 2021.11:32: Andrew articulates the benefits of integrating advanced planning into advisory services, emphasizing business growth, deeper client relationships, and succession planning.Key Takeaways FP Alpha leverages AI to democratize advanced financial planning, allowing advisors to serve high-net-worth clients more efficiently.The platform fills the gap left by traditional financial planning softwares by automating estate, tax, and insurance planning.Continuous innovation and integration with other financial technologies enhance FP Alpha's usability and comprehensiveness, making it a powerful tool for financial advisors.Tweetable Quotes "FP Alpha democratizes advanced financial planning with AI, opening doors to previously specialized services for a broader client base." - Andrew Altfest"With FP Alpha, advisors can now delve deeper into estate, tax, and insurance planning, areas often overlooked by traditional planning softwares." - Andrew Altfest"True innovation in FinTech, like FP Alpha, doesn't just improve existing tools; it creates new possibilities for advisors and their clients." - Andrew AltfestResources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – SponsorPodcast Editinghttps://fpalpha.com/about/https://www.linkedin.com/in/andrew-altfest-cfp/ 

In this episode of FinTech Impact, host Jason Pereira welcomes back Davyde Wachell, CEO and founder of Responsive AI, a company focused on leveraging artificial intelligence (AI) to enhance advisor insight and productivity in the financial sector. They discuss the evolution of Responsive AI from its initial concept as a robo-advisory service to its current state offering a next best action ecosystem for financial advisors. The conversation also covers the broader implications of AI in finance, including the challenges of implementing AI solutions effectively and the potential for AI to transform client-advisor interactions for better financial decision making.Episode Highlights00:44: Davyde expresses gratitude for being invited back to the show.00:53: Davyde introduces Responsive AI and its flagship product, Prioritize, emphasizing its focus on advisor productivity and insight.01:34: The discussion dives into the history of Responsive AI, starting from its initial concept to its pivot towards serving advisors.03:39: Explanation of the "next best action" concept and its various implications in financial advising.05:00: Insight into the difficulties of implementing AI effectively within the financial sector and the necessity for streamlined data.07:10: Challenges of integrating complex AI solutions in an industry struggling with disparate and unstandardized data systems.08:17: How Responsive AI seeks to complement and enhance Salesforce implementations with focused AI applications in finance.10:23: Discussion about the real-world impact and efficacy of Responsive AI's solutions in improving business processes and advisor-client interactions.14:19: A critique of the current state of AI hype and the real challenges still facing its application in the financial sector.18:42: Davyde shares his perspective on the future development of AI and its implications for financial services.24:48: A wish for the industry to make faster and more honest decisions regarding technology and client service.Key Takeaways Consolidation and improved decision-making are key for financial services to leverage AI effectively. AI's potential in finance hinges on addressing data quality issues and focusing on enhancing advisor-client relationships.Implementing AI solutions like Responsive AI's can lead to significant improvements in productivity and decision-making for financial advisors.The future success of AI in finance requires a balanced approach that combines technology with human expertise and insight.Tweetable Quotes "AI in finance isn't just about the technology; it's about enabling smarter, faster decisions for advisors and their clients.” - Davyde"Data is the fuel of AI, but without proper refinement and focus, even the most advanced AI can't drive financial services forward.” – Davyde"The best AI implementations work as a centaur model –combining the strengths of human expertise with the power of artificial intelligence.” - DavydeResources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – SponsorPodcast Editinghttps://www.linkedin.com/in/davyde//https://www.responsive.ai/about 

In this episode of Fintech Impact, Jason interviews Brian McLaughlin, President of Orion Advisor Technologies, as he discusses the evolution of Orion and its impact on the FinTech space. Brian shares insights into the challenges of harmonizing technology and teams following acquisitions, and his personal mission to innovate within the industry. He emphasizes the significance of householding in financial planning and the potential of AI to revolutionize the field. Additionally, Brian highlights his aspiration to make financial services accessible to the middle class, underscoring technology's role in reducing delivery costs and improving service.Episode Highlights: 00:09: Introduction of Brian McLaughlin and his role at Orion Advisor Technologies, alongside his significant contributions to the advisor technology industry.00:32: Brian expresses excitement over finally connecting for the podcast episode, humorously acknowledging the previous push and pull.00:36: Discussion on the reciprocal podcast guest appearances between the speakers.00:47: An overview of Orion Advisor Technologies, emphasizing the company's breadth in providing end-to-end technology solutions for advisors.01:37: Mention of Orion’s status as a major player in the technology space for advisors and the episode's focus on technology over the TAM side.02:12: Brian shares his history in the industry, including the origin story of Redtail Technology and its growth over the years.04:53: The pivotal role of creating raving fans as a foundational mantra at Redtail, focusing on delivering exceptional service to both staff and clients.09:39: Discussion around the importance of integration in the software industry and Brian's approach to open collaboration.19:37: Insight into Orion's current focus on AI technologies, including the BFI tools and the transformative potential of AI in the industry.Key Takeaways:The significance of creating a company culture that prioritizes exceptional service can lead to long-term success and market dominance.Integration and collaboration within the FinTech sector are crucial for innovation and providing comprehensive solutions to advisors.Addressing the challenge of defining and harmonizing various aspects of a business, including company culture and technological integration, is key post acquisition.The potential of AI and machine learning to revolutionize the financial services industry, particularly in optimizing operational efficiencies and personalizing client services.Tweetable Quotes:"Creating raving fans is at the heart of our success – focusing on making both staff and clients exceptionally happy." - Brian McLaughlin"Integration is not just about technology; it's about people and companies working together towards a common vision." - Brian McLaughlin"AI has the potential to be a game-changer in financial services, enabling advisors to serve their clients like never before." - Brian McLaughlinResources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – SponsorPodcast Editinghttps://orion.com/thought-leader/brian-mclaughlinhttps://www.linkedin.com/in/redtail/ 

In this episode of Fintech Impact, host Jason hosts Tanmai Sharma, the CEO and Founder of Collation.AI. The discussion revolves around how Collation.AI addresses the pervasive issue of data integration challenges within financial services through AI-driven solutions. By focusing on creating a centralized data warehouse and utilizing AI chatbots for workflow operations, Sharma shares insights on enhancing data utility and streamlining services in the sector. Episode Highlight:00:09: Jason introduces the episode and guest Tanmai Sharma, CEO and Founder of Collation.AI. Understanding the company's mission illuminates the episode's focus on solving data integration and workflow challenges in financial services through advanced AI technologies.04:29: Sharma underscores the flexibility and scalability of their solution compared to traditional methods, which often rely on manual data management. This part of the conversation emphasizes the efficiency and accuracy benefits of using AI and bots for data synchronization tasks.08:54: The role of artificial intelligence in enhancing data management and user interaction with Collation.AI's platform is discussed. Sharma elaborates on how AI aids in analyzing unstructured data and simplifying interactions through moderated conversations with a chatbot. 11:11: Discussing the future vision for Collation.AI and the broader Fintech sector, Sharma speculates on the move towards data standardization. This future direction promises to further streamline data handling across platforms, potentially revolutionizing how financial data is managed and utilized. 14:36: Sharma reflects on his professional journey and the evolution of Collation.AI. His insights provide a personal perspective on the challenges and opportunities in leveraging technology to solve complex data issues in the Fintech domain.Key Points:The integration of AI and bot technology in managing financial data can significantly reduce the complexity and enhance the efficiency of data workflows.Collaboration between technology providers and financial professionals is key to addressing the ongoing challenges of data integration, accuracy, and utilization. The journey of adapting advanced technologies in traditional sectors like finance underscores the importance of experience, knowledge, and continuous innovation in solving industry-wide problems.Tweetable Quotes:"It should be a criminal offense to have the data and not use it correctly." - Tanmai Sharma"We're not competing with anyone; our competitor is a human being. Our solution is in a very different zip code." - Tanmai Sharma "Every customer gets a separate data warehouse...it's easier, cheaper, faster, more reliable." - Tanmai SharmaMentioned Resources:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – SponsorPodcast Editinghttps://www.linkedin.com/in/tanmai-sharma-9b1777/https://collation.ai/ 

In this episode, Jason Pereira interviews Jim Sinai of Vanilla, an innovative platform changing how advisors and clients engage in estate planning. Vanilla simplifies the estate planning process, making it more accessible and meaningful by integrating technology to facilitate conversations around legacy and wealth distribution. The discussion covers Vanilla's origin, its impact on the advisory industry, and how it enhances client-advisor relationships through strategic estate planning.Episode Highlights:00:10: Jason introduces the episode and guest, Jim Sinai, the Chief Marketing Officer at Vanilla. Vanilla is spotlighted as a pioneering online estate advisory platform, aimed at fostering deeper connections between advisors and clients through estate planning.02:52: Jason reflects on the traditional shortcomings of estate planning in the advisory industry and how Vanilla fills this gap by creating a definitive value proposition for clients.06:28: Jim outlines the typical workflow for clients using Vanilla, illustrating how the platform empowers advisors to offer personalized and impactful estate planning experiences, from initial assessments to executing updated estate plans. 09:38: The destructive potential of poorly organized estates on family harmony is discussed, underscoring the value of thoughtful estate planning facilitated by Vanilla's platform. 11:31: Sinai details the "last mile" of estate planning with Vanilla, explaining how clients come to realize the discrepancies between their current estate plans and their intentions, leading to necessary adjustments or complete overhauls of their documents. 15:05: Jim highlights how Vanilla also serves as a bridge to engage the next generation in estate planning, addressing the common issue of heirs departing from their parents' advisors. 17:24: Jason wraps up the interview by exploring the broader aspirations within the industry and the challenges Vanilla faces in encouraging more advisors to prioritize estate planning in their practice.Key Points:Vanilla is pioneering a shift in estate advisory, focusing on the relationship and conversation between advisor and client rather than just the documents. Effective estate planning can significantly impact family harmony and legacy, addressing concerns beyond simple wealth distribution. The platform engages not only the current generation but also future heirs, ensuring a comprehensive approach to family wealth and legacy planning. Advisors using Vanilla report transformative experiences in client engagement, highlighting the platform's ability to visualize and simplify complex estate planning concepts.Tweetable Quotes:"Vanilla is changing the narrative around estate planning from documents to discussions." - Jim Sinai "Estate planning done right is about building relationships that go deeper than money." - Jim Sinai"Every family has a legacy. Vanilla helps define and protect it for generations." - Jim Sinai Resources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – SponsorPodcast Editinghttps://www.linkedin.com/in/jimsinai/https://www.justvanilla.com/ 

In this episode, we dive deep into the world of compliance and archiving with Larry Shumbres, CEO, and founder of Archive Intel. Archive Intel leverages AI to revolutionize the way businesses handle compliance, offering a singular platform to manage and mitigate risks effectively. We explore the challenges and opportunities in the sector, the role of AI in compliance, and how Archive Intel is setting new standards for efficiency and user experience.Episode Highlights:00:10 - Introduction to the podcast. Jason Pereira, the host, welcomes listeners to the show and introduces Larry Shumbres, CEO, and founder of Archive Intel. The discussion sets the stage for a deep dive into the significance of AI-powered compliance in the financial sector. 00:33 - Larry expresses gratitude for the opportunity to discuss Archive Intel on the podcast, highlighting the importance of sharing knowledge on compliance solutions. 00:35 - The inception story of Archive Intel. Larry narrates how conversations with investment advisors and broker dealers highlighted the need for a modern compliance archiving solution, leading to the establishment of Archive Intel. 01:42 - Archive Intel's value proposition. Larry outlines how the platform is designed to streamline the archiving of communications across emails, social media, and texting, using AI to drive efficiency and reduce compliance risks. 02:31 - Addressing the limitations of previous solutions. The conversation shifts to the problems with existing compliance archiving solutions, such as siloed products and the labor-intensive review process, setting the context for Archive Intel's integrated approach.05:24 - Focusing on the financial industry. Larry discusses the strategic decision to cater exclusively to the financial sector, improving user experience and efficiency by narrowing the platform's focus. 06:10 - Artificial Intelligence in Archive Intel. Larry dives into how AI is used to streamline processes, reduce false positives, and enhance the review process, underscoring the company's forward-thinking approach. 10:42 - Evolution of Archive Intel and AI models. Larry shares insights into the development journey of Archive Intel's AI capabilities, highlighting the iterative process of improvement. Key Points:The advent of AI in compliance represents a pivotal shift towards more efficient and less error-prone processes.Intel's use of AI to handle compliance tasks signals a significant advancement in the field.Specializing in a niche area, like the financial sector, allows for deeper understanding and better solutions for industry-specific challenges.Tweetable Quotes:"Building AI solutions is like teaching a child to walk or talk; it takes time and adjustment." - Larry"Let users communicate on their preferred channels and focus on effectively archiving those communications." - Larry "AI in compliance is not just about automation; it's about elevating the entire compliance process to new standards of efficiency and precision." - LarryResources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – SponsorPodcast Editinghttps://www.linkedin.com/in/larryshumbres/https://archiveintel.com/