Fintech Impact

In this insightful episode of Fintech Impact, Jason engages with Brian Portnoy and Andrew Smith Lewis, pioneers behind Lydia, a groundbreaking venture that marries behavioral finance and artificial intelligence. This dialogue explores how Lydia is set to revolutionize the way financial advisors interact with clients, making the advisory process more human through technology.Episode Highlights:00:47: Andrew takes the lead to describe Lydia's vision. He portrays Lydia as an empathetic AI collaborator, designed to improve advisors' interactions with clients for better outcomes. He emphasizes the project's humanistic approach, highlighting the ambition to use technology not as a replacement but as an enhancer of human capabilities. This vision challenges conventional fears about technology undermining human roles.04:12: Both Brian and Andrew narrate their personal and professional journeys, leading up to their collaboration on Lydia. Their stories emphasize the value of cross-disciplinary insights in creating solutions that address complex challenges, like enhancing the advisory process with AI.18:24: The discussion about Lydia's technological backbone emphasizes its unique approach of remembering and learning from interactions with advisors. This personalized touch demonstrates how AI can be tailored to add value to professional growth and client relationships.24:41: Toward the end, the conversation pivots to the broader implications of Lydia and similar technologies on the industry. Jason Pereira and his guests contemplate the future of financial advising amid rapid technological advancements, highlighting the potential for transformative change in how advisors connect with and support their clients.Key Takeaways:Lydia represents a significant leap forward in integrating behavioral science and AI to enrich financial advisory services. The technology aims to deepen the advisor-client relationship, making advisory processes more intuitive and empathetic.The collaboration between experts in behavioral finance and AI underscores the potential of interdisciplinary approaches in tackling industry challenges. By focusing on the human aspects of financial advising, Lydia aims to enhance the quality of advice and client outcomes.The development of Lydia emphasizes the importance of personalized learning and growth for financial advisors. Through AI, advisors can gain nuanced insights into their practices, evolving their approach to meet client needs effectively.Tweetable Quotes: "Lydia is about amplifying human brilliance, not replacing it with technology." - Andrew"Understanding your clients goes beyond the financial; it's about human connections." - Brian"In the era of AI, embracing technology to enhance our humanity is not just possible; it's necessary." - AndrewResources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – SponsorPodcast Editinghttps://www.linkedin.com/in/brianportnoy/ https://www.linkedin.com/in/aslives/ 

In this episode of Fintech Impact, Jason interviews Chris, the Managing Director of Taiko Advisor. Taiko Advisor, powered by its parent company Taiber Kosmala and Associates, leverages institutional research and technology to offer bespoke investment solutions through an OCIO (Outsourced Chief Investment Officer) model. The conversation delves into the establishment of Taiko, its value proposition for financial advisors, and the nuanced details of operating a tech-enabled OCIO in today's financial environment.Episode Highlights:00:10: Jason introduces the episode and welcomes Chris from Taiko Advisor, setting the stage for a conversation about how Taiko combines traditional investment consulting with modern technology to create customized investment platforms for financial advisors.03:41: Delving deeper, Jason probes into the partnership dynamics between Taiko and investment managers, exploring how Taiko sources managers through an institutional lens, and the due diligence involved in these partnerships to ensure clients receive competitive pricing and access to unique investment opportunities.05:35: The narrative progresses to how Taiko implements these tailor-made investment programs. Chris outlines how strategies are built out within the advisors' systems and how Taiko's unique portal facilitates direct communication and trading requests between advisors and Taiko's back-office team.07:07: Transitioning to the technology and discovery phase, Chris emphasizes the importance of understanding each advisory firm's unique setup and needs, discussing how Taiko customizes its services to align with clients' existing technologies and processes.09:48: The conversation wraps up with insights on the ongoing support Taiko provides, including quarterly investment committee meetings that offer in-depth reviews of model portfolios, manager performance, and relevant market observations.12:56: Looking to the future, Chris speaks about Taiko's plans to expand its offerings, particularly within the alternative investment space, leveraging the team's institutional experience to source compelling private equity, credit, and real assets opportunities.Key Takeaways Taiko Advisor offers a unique value proposition for financial advisors by providing institutional-grade investment consulting combined with scalable technological solutions.The OCIO model enables advisors to outsource complex investment decisions, allowing them to focus on client relationships and business growth.Continuous innovation, particularly in the realm of alternative investments, reflects Taiko's commitment to addressing evolving market demands and advisor needs.Tweetable Quotes:"Leveraging institutional heritage with innovative technology allows us to serve advisors in a scalable format." - Chris"Our aim is to empower advisors to grow their business and serve their clients better." - Chris"Introducing scale to your business doesn't mean losing personalization." - ChrisResources Mentioned: Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – SponsorPodcast Editinghttps://www.linkedin.com/in/cahorvath/https://www.taikoadvisor.com/

In this episode of Fintech Impact, Jason talks to Tom Rieman, CEO and founding partner of Practice Intel. Practice Intel is a platform that leverages a data-driven approach to aid advisors in understanding and expanding the organic growth of their businesses. Through detailed insights into their operational effectiveness and the impact of their advisory relationships, the platform aims to illuminate pathways for improvement and scaling. The conversation delves into the origins of Practice Intel, the role of data in refining advisory services, and how advisors can leverage these insights for substantial growth.Episode Highlights: 00:08: Jason Pereira shares an overview of Practice Intel's mission to enhance advisory growth through data analytics. Tom Rieman expresses enthusiasm about the platform's capabilities and its genesis from a realization of the industry's commoditized nature and the power of data in distinguishing exceptional advisors.02:32: Tom highlights the transformative potential of bringing industry-level research to the individual practice level, allowing advisors to measure and improve upon key advice attributes as perceived by their clients. This marked a departure from general industry insights to actionable, practice-specific data.05:47: The dialogue examines the relationship between advisor perceptions of their service quality and client-reported experiences. This gap often reveals areas for significant improvement, illustrating the platform's role in helping advisors close the divide between expectation and reality.11:12: The conversation turns to the implementation and feedback process for advisors using Practice Intel. Tom shares anecdotes of advisors' realizations and actions following insights gathered from the platform, showcasing the tangible effects of data-driven improvements on advisory practices.21:03: Tom expresses optimism about the potential to shift a significant portion of the industry toward delivering on the full promise of advisory services through data-driven insights, emphasizing the transformative impact this would have on clients and the profession as a whole.Key Takeaways:The transition from industry-level insights to actionable, practice-specific data can significantly enhance the effectiveness and growth of financial advisory services.Comprehensive advice, deep understanding of client values and goals, and trust form the foundation of high-value advisory relationships that encourage client advocacy and loyalty.Real-time feedback and dynamic insights into the advisory process empower advisors to iterate and improve their services continuously, aligning more closely with client needs and expectations.Tweetable Quotes: "Understanding the gap between how advisors perceive their service and the actual client experience can unlock transformative growth opportunities." - Tom"The power of data is in its ability to prompt reflection, action, and improvement in the most critical aspects of financial advisory." - Tom"Elevating the financial advice profession is not just about enhancing advisor success; it's about fundamentally improving client lives and outcomes." - JasonResources Mentioned: Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – Sponsorhttps://www.linkedin.com/in/tom-rieman/https://pracintel.com/home 

In this episode of Fintech Impact, host Jason Pereira welcomes Ryan VanGorder, CEO of Opto Investments, to delve into how Opto Investments revolutionizes private market investments through technology. Throughout their discussion, they explore the challenges of information fracturing in the private markets and how Opto aims to bridge that gap for the wealth management community.Episode Highlights:00:11: Jason Pereira introduces the episode, highlighting the focus on Opto Investments, a tech-driven solution aiming to streamline the fragmented private market landscape. This introduction sets the stage for an in-depth exploration of how technology can enhance wealth management.00:29: Ryan VanGorder shares Opto Investments' mission to integrate private markets into modern wealth management more seamlessly. He emphasizes the company's partnership-driven model, which includes holistic portfolio construction, intuitive workflows, and customized solutions tailored to advisors' needs and their clients.01:21: The conversation turns to the origin of Opto Investments, conceptualized by tech entrepreneur Joe Lonsdale. Ryan details how the vision for Opto was to create a tech-centric platform for private investments that prioritizes alignment with client interests, unveiling the strong foundation and ambitious $45 million Series A funding that propelled the company forward.02:27: Ryan elaborates on the inherent challenges within private markets, including the opaqueness and accessibility barriers. He outlines Opto's three-pillar strategy to address these issues: alignment of interests, exclusive access to untapped opportunities, and tech-driven efficiency, aiming to demystify the private markets for advisors and their clients.04:37: This segment dives deeper into each of Opto's foundational pillars. The discussion covers how co-investing establishes trust, the importance of exclusivity in accessing alpha, and the significant role of technology in simplifying the investment process, from portfolio construction to post-trade management.09:14: Ryan details the technological advancements Opto implements to streamline the cumbersome processes traditionally associated with private market investments. From pre-trade analysis to tax reporting, Opto seeks to replicate the ease of public market transactions for private market investments.Key Takeaways:Opto Investments' technology-driven approach is designed to make private market investments more accessible and efficient for wealth managers and their clients, emphasizing the need for alignment, exclusive access, and operational efficiency.Co-investing not only builds trust with advisors but also demonstrates Opto's commitment to their investment choices, setting a foundation of shared interests and objectives.The future of Opto Investments lies in enhancing its platform to facilitate even smoother transitions and interactions within the private markets, promising a significant shift towards greater transparency and efficiency.Tweetable Quotes:"Bringing technology to investors and advisors to confidently invest in private markets eliminates the opaqueness and magnifies opportunities." - Ryan VanGorder."Our mission is to reshape how wealth management perceives private markets, offering technology as the bridge to simplify the complexities." - Ryan VanGorder."The heart of Opto Investments lies in solving inefficiencies within the private market space, paving the way for clear, accessible investment pathways." - Ryan VanGorder.Resources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – Sponsorhttps://www.optoinvest.com/ 

In this episode of Fintech Impact, Jason interviews Gary Fooks, CEO and Co-Founder of 8Twelve Mortgages. They dive deep into how 8Twelve Mortgages is revolutionizing the mortgage broker industry by enhancing the collaboration experience among advisors, mortgage brokers, and consumers through digital reinvention. This discussion sheds light on the motivations behind the creation of 8Twelve Mortgages and how it's setting new standards for efficiency and customer satisfaction in the mortgage space.Episode Highlights00:50: Gary delves into the inception story of 8Twelve Mortgages, painting a picture of a mortgage brokerage envisioned as a one-stop digital shop. He draws comparisons to Amazon's disruption in retail, aiming to mirror such efficiency within the mortgage sector. This innovative ambition underlines 8Twelve's foundational goal: to streamline and modernize the often cumbersome process of mortgage transactions for all parties involved.01:45: Gary outlines his methodology for revolutionizing the mortgage process, stressing the importance of direct involvement and the incremental introduction of efficiencies. By engaging directly with families and optimizing each step of the mortgage process, 8Twelve has significantly enhanced the speed and effectiveness of their service, a testament to their commitment to innovation and customer care.04:16: Gary explains how 8Twelve leverages technology to overcome the inefficiency and manual nature of traditional mortgage brokering. By automating and streamlining the process, 8Twelve not only improves the client experience but also empowers brokers to handle transactions more efficiently, choosing to grow their business or achieve better work-life balance.05:02: In this segment, Gary talks about the integration of financial advisors in the mortgage process, ensuring they remain informed and involved throughout their client's journey. This collaborative approach underscores the importance of maintaining the advisor-client trust continuum and aligning mortgage solutions with the client's broader financial objectives.06:27: Gary and Jason discuss the tangible impact of 8Twelve's innovations on the mortgage process, particularly how they reduce the time and effort involved. Gary's insights reveal how technology not only accelerates transactions but also enhances the quality of service provided to both consumers and advisors.Key Takeaways8Twelve Mortgages is pioneering a digital reinvention in the mortgage brokerage space, emphasizing efficiency, transparency, and improved collaboration.By integrating technology into every step of the mortgage process, 8Twelve has significantly reduced transaction times and enhanced the consumer and advisor experience.The future of mortgage brokerage lies in holistic, technology-driven solutions that proactively manage and optimize clients' financial goals and outcomes.Tweetable Quotes"In our quest to disrupt the mortgage industry, we've embraced technology at every step, proving that efficiency and clarity are not just possible; they're essential." - Gary Fooks"8Twelve Mortgages isn't just changing the game; we're redefining how stakeholders experience the mortgage process, from initiation to completion." - Gary FooksResources MentionedFacebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – Sponsorhttps://8twelve.mortgage/https://www.linkedin.com/in/garyfooksmortgages/

Jason welcomes Jeff Coyle, CEO of Libretto, a platform designed to revolutionize financial planning by incorporating a comprehensive view of a client's total asset picture. They dive deep into how Libretto's innovative approach, which includes human capital and off-book assets, aims to meticulously craft financial plans that ensure more accurate, personalized, and future-proof financial strategies. Jeff shares insights into the methodology behind Libretto, its foundational principles, and the transformative impact it seeks to achieve in the wealth management landscape.Episode Highlights: 00:11: Jason introduces the episode and guest Jeff Coyle from Libretto, setting the stage for a deep dive into how the platform aims to revolutionize financial planning by considering a comprehensive asset picture for clients.03:17: Libretto's comprehensive financial structure management is explained in detail. Jeff delves into how Libretto includes various elements like mortgages, pensions, and even future earnings in its analysis to provide a fully rounded financial plan.05:05: Discussion shifts to the challenges and innovations involved in capturing a complete financial picture of clients, including off-balance-sheet items that significantly influence wealth management strategies.06:09: Jeff discusses the importance of understanding a client's entire financial structure, not just their portfolio, to effectively manage risk and tailor investment strategies that are truly reflective of a client’s needs and goals.08:32: The practical application of Libretto's methodology in client interactions and the benefits of a holistic view are examined. Jeff shares how this approach not only benefits clients by providing tailored advice but also positions advisors as more insightful and comprehensive in their planning.09:47: The conversation highlights the challenges and opportunities in educating the industry and clients about adopting new, more comprehensive planning methodologies.11:43: Jason and Jeff discuss the outputs of the Libretto process, emphasizing how the platform facilitates informed decision-making and strategic planning for both advisors and clients.13:22: The future of financial planning and the potential industry-wide adoption of methodologies like those pioneered by Libretto are contemplated.14:21: The dialogue continues to unpack the nuances and potentials of Libretto’s method, delving into examples, theorizing future impacts, and sharing aspirations for the platform and financial planning norms.Key Takeaways Incorporating a holistic view of a client's financial life, beyond just their investment portfolio, can significantly enhance the tailored advice and strategic planning provided by financial advisors.Understanding and including human capital, off-book assets, liabilities, and future resources like pensions and social security benefits can lead to more robust and personalized investment strategies.Educating both clients and the industry on the benefits of this comprehensive approach is crucial for its wider adoption and for revolutionizing standard financial planning practices.Tweetable Quotes "Make every client feel like they're worth a hundred million." - Jeff Coyle"A financial plan should be as unique as the individual it serves, considering every possible aspect of their financial life." - Jeff Coyle"Adopting new methodologies for financial planning not only benefits clients but distinctly positions advisors in the market." - Jason PereiraResources Mentioned: Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – Sponsorhttps://libretto.io/https://www.crunchbase.com/person/jeffery-coyle

In this episode of Fintech Impact, host Jason Pereira welcomes Ritik Malhotra, Co-Founder and CEO of Savvy Wealth, to discuss the intricacies of their digital platform designed to empower financial advisors. They dive into the platform's capabilities, its origin story, and the pressing challenges it aims to solve in the financial advisory landscape, enhancing both the advisor's efficiency and the client experience.Episode Highlights:00:11: Jason introduces Ritik Malhotra and Savvy Wealth, a platform revolutionizing how financial advisors manage and grow their practice by automating non-client facing tasks and implementing modern technological solutions.01:11: Ritik shares the journey from experiencing personal financial advisory needs to the inception of Savvy Wealth, driven by his dissatisfaction with traditional advisory services and a vision to enhance the industry through technology.02:12:Through his personal quest for a financial advisor, Ritik discovered the significance of the advisor-client relationship and the value advisors bring in navigating complex financial decisions, which shaped the philosophy behind Savvy Wealth.03:51: The realization of widespread advisor frustrations with existing technological and operational constraints led Ritik to envision Savvy Wealth as a comprehensive solution catering to the modern demands of both advisors and their clients.04:51: Ritik describes the unique approach of developing both the advisory business and the technological platform concurrently, underlining the innovative strategy that sets Savvy Wealth apart.05:06: The initial focus on improving the onboarding process revealed the broader potential for technology to significantly enhance advisor efficiency and the overall client experience.07:23: Exploring the pivotal role of technology in reshaping the advisory landscape, Ritik discusses the development of a comprehensive, integrated platform designed to streamline operations and elevate service delivery.07:50: Ritik details the seamless, automated, and enriched client journey facilitated by Savvy Wealth, from discovery and onboarding to ongoing maintenance and interaction through an intuitive client dashboard.10:43: Advisors praise the efficiency gains and enhanced client relationships made possible by the Savvy Wealth platform, highlighting the transformative impact on their practice.Key Points:Savvy Wealth's platform is a testament to the powerful role of technology in augmenting the capabilities of financial advisors, enabling them to focus more on client relationships and strategic advisory roles.The platform eschews traditional, manual processes in favour of automation and integration, ensuring a smooth, streamlined experience for both advisors and their clients.The development of Savvy Wealth underscores the importance of listening to industry needs and working closely with advisors to create solutions that address real, pressing challenges in the financial advisory landscape.Tweetable Quotes "Excited to do this and share how we're transforming the advisory landscape." - Ritik Malhotra"Making something people want, seeing it solve real problems for advisors, that's what excites me." - Ritik Malhotra"Efficiency isn't just a buzzword; it's the heart of what Savvy Wealth brings to financial advisors." - Jason PereiraResources Mentioned Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – Sponsorhttps://www.linkedin.com/in/ritikmalhotra/https://www.savvywealth.com/ 

In this episode of Fintech Impact, Jason Pereira welcomes back Corey Westphal, from Mobile Assistant. Having first appeared on the show in August 2019, Corey discusses the evolution of Mobile Assistant since his last interview, focusing on its adaptation for the future. Together, they delve into how Mobile Assistant has innovated dictation services for financial advisors, enhancing data accuracy and integration with client relationship management (CRM) systems.Episode Highlights:00:10: Jason Pereira opens the episode by welcoming listeners to Fintech Impact and introduces his guest, Corey Westphal, highlighting his return to discuss the progress of Mobile Assistant since their last conversation in 2019. They touch on the significant changes in the world and industry since then.00:59: Detailing the core functionality of Mobile Assistant, Corey describes how the service simplifies documentation for financial advisors through a template-driven dictation process, emphasizing the human aspect of their U.S.-based transcription service and the high accuracy of their notes.02:34: Reflecting on 2019, Corey speaks about the growth of their company and how their remote workforce setup fortified them against the operational challenges presented by global lockdowns, allowing them to focus on innovation.06:56: The introduction of the Assistant Template Manager (ATM) allowed organizations to standardize dictation processes by creating and distributing templates across teams, enhancing the consistency and efficiency of data capture.11:30: Addressing the challenges and opportunities presented by AI, Corey emphasizes the importance of starting with accurate data as a "source of truth" for AI tools to be truly effective and reliable.18:05: Looking forward, Corey shares his vision for how Mobile Assistant's structured data capture can streamline financial advisors' workflows, from improving client interactions to automating documentation processes.26:00: Corey identifies the challenge of technology adoption among financial advisors and shares how Mobile Assistant is addressing this with shorter, more engaging onboarding videos to ease users into adopting dictation technology in their daily routines.28:24: Corey shares what excites him most about his work - the positive impact it has on his employees and the opportunity to provide valuable, fulfilling careers within his company, underscoring the personal satisfaction he derives from his role and the company's growth.Key Points:Accurate data is the cornerstone of effective technology application in the financial industry, particularly with the advent of AI tools.The introduction of features like dictation templates and the Assistant Template Manager emphasizes Mobile Assistant's focus on improving ease of use and standardization in data capture, leading to more efficient and consistent documentation practices among financial advisors.The future of Mobile Assistant and similar technologies lies in further automating and integrating financial documentation processes, potentially revolutionizing how advisors interact with clients and manage data.Tweetable Quotes: "Accuracy is not a nice-to-have, it's a requirement. And that's what Mobile Assistant excels at." - Corey"We're living in a TikTok world, and no one wants to watch a half-hour training. Making onboarding quick and engaging is key to technology adoption." - Corey"Our mission is to be the source of truth when it comes to client meeting interaction data." - CoreyResources Mentioned: Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – Sponsorhttps://www.linkedin.com/in/mobileassistantceo/ 

Jason interviews Ryan Eisenman, Co-founder and CEO of Arch, a revolutionary platform designed to streamline the handling of alternative investments for advisors and their back offices. Throughout the conversation, they delve deep into the challenges of managing investments in the private markets, how Arch addresses these issues by aggregating and digitizing investment data, and the broader implications for both investors and advisors.Episode Highlight:00:33: Ryan Eisenman briefly appreciates being a part of the podcast, leading to a deeper conversation about the genesis of Arch. The discussion lays the foundation, revealing how the pain points of investing in private markets drove the creation of Arch as a digital solution to aggregate and interpret diverse investment documents into a seamless, unified platform.05:20: Demonstrating the operational aspect of Arch, Ryan elaborates on how the platform gathers, digitizes, and structures data, ensuring a single source of truth for investment information. This process fundamentally transforms PDFs into actionable insights, directly contributing to more informed investment decisions.09:40: Addressing the expansion of Arch database, Ryan articulates how new client onboarding serves as a gateway to enriching the platform's investment information repository, thereby streamlining the process for future clients and enhancing the comprehensiveness of Arch service.10:28: The operational mechanics of onboarding new investments on Arch are laid out, benchmarking the efficiency and scalability of the platform in accommodating a diverse range of private equity positions and alternative investments within a structured timeline.12:15: The discussion shifts to capturing the reception from advisors and the inherent value proposition Arch introduces to the marketplace, addressing historical challenges in initial client acquisition and emphasizing the transformational impact on both advisors' operational capabilities and client experiences.15:09: The episode concludes with a forward-looking perspective, where Ryan shares his vision for Arch to evolve into a comprehensive operational framework for managing alternative investments, emphasizing the long-term goal of broadening access to alternative investments for a wider demographic of investors.Key Points:The integration of technology in managing alternative investments can significantly alleviate the administrative burdens for both advisors and investors, centralizing and digitizing data for enhanced decision-making.Establishing partnerships and gaining acceptance from vendors and asset managers is crucial for innovative platforms like Arch to scale and streamline the investment management process in the private market sector.By focusing on automating the retrieval and structuring of investment data, Arch aims to not only improve the investment management experience but also increase accessibility to alternative investments for a broader audience. Tweetable Quotes:"By simplifying the complex, we make alternative investments more accessible and manageable." - Ryan Eisenman"Transforming customer pain points into empowering experiences drives our innovation at Arch." - Ryan EisenmanResources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – Sponsorhttps://www.linkedin.com/in/ryan-eisenman-21811246/