Lumiant with Santiago Burridge| E258
Jason talks to Santiago Burridge, executive chairman of Lumiant. It is a platform that helps advisors discover what really matters to their clients and helps them have more deep and meaningful conversations and guides them along the way to a deeper and more meaningful and prosperous engagement.
- 0.38: All the extraordinary conversation that happens between an advisor and a client currently now goes into a filing cabinet and we anchor experience in something we can control, which is a product, says Santiago.
- 4.33: You can't help people in relation to their life unless you understand what drives them in life and that is their values and it's not their goals because goals change, and values tend to not, says Santiago.
- 9.21: If you lead with the client's life, not with your product, the client is going to work with you and that's the subtle pride pitch between selling and serving, says Santiago.
- 17.55: The computers aren't the thing. Computers are the thing to get us to the thing and the financial plan is not the thing. The financial plan is the thing to get the things. The values and goals are the thing that gets you to that thing, which is financial planning, says Jason.
- 23.23: When you are in a bad health situation or need surgery, the doctor is the shining star and the most important person in your world. But when everything is going ok or not ok or just average every day, financial planners are the most important.
- 24.38: One wish for something to change in the industry is that 51% of advisers should be women. It's currently 16 to 20% and it's a disgrace and it's a poor reflection on what we do, says Santiago.
3 Key Points
- 90% of people who walk in to see an advisor and non-financial spouses, they generally do not know what they need to do, and these non-financial spouses have been utterly ignored by our profession forever, says Santiago.
- When we thought about bringing the whole client journey through a platform, it is values, goals, key advice, strategies and tasks to achieve and live the best life and what risk are they willing to accept to live their best life, says Santiago.
- Santiago is building nudges into the part forms and the ability to remind their clients of things that they need to do. But it's more than a task.
- "When we thought about technology that has been used in the financial services industry today, we realized that everything's been built for the sale." – Santiago
- "Everybody wants change, but no one wants to change and it's the most frustrating thing in the world." – Jason
- "Supporting entrepreneurialism and independence, helping this industry achieve its potential is the thing that excites me to continue the work, day and night since I was a kid." - Santiago
- Facebook – Jason Pereira's Facebook
- LinkedIn – Jason Pereira's LinkedIn
- Woodgate.com – Sponsor
Wax with Richard Vinhais | E268
Jason talks to Richard Vinhais CEO of WAX. It is a platform for ensuring collectible items of high value and making sure that if anything goes wrong with your treasured collectible or sentimental value object that basically you are protected. In addition, they have helped people with custody and leverage of these assets with that.Episode Highlights1.42: Richard talks about his background and how his journey started. 08.22: Chubb is the world's largest publicly traded property and casualty insurer. They have 200 billion in assets, maybe 40 billion plus in gross premium. They are who you want and they kind of concentrate on the high network space. 10.10: Richard talks about the lending business that they launched the previous quarter which is really in pilot.11.15: Richard explains in the collection management process there is an element of doing kind of a rapid income analysis on the individual rapid employment data. 13.14: Richard shares how they determine the value of assets and what is the process that they follow. 17.08: Cash is not as cheap as it, it was even six months ago. If you look back even a year ago when money was virtually free, that is just not the market conditions today. But there is still always a space for an individual that's looking for a quick infusion of cash, says Richard. 19.05: Once we are vaulting, we are responsible that means the insurance needs to be fully in place. The conditions of the vault need to be exceptional, says Richard.22.05: As per Richard, understanding the collector mindset is everything because every collector, they have their own tribe. Every collector also has their why behind, why they collect.25.12: As per Richard, they could open up the valves to allow anybody to enter their ecosystem which will certainly grow the top line of the business, but as claims start rolling in because they not thinking about the quality of what is coming in, then you are no longer running a profitable business. 3 Key PointsRichard explains the technology aspect of Wax and where is the tech coming to play, and how is he delivers Insurance on collectibles?Richard talks about the range of products that they have launched or will launch in future. The list included the collection management, model line insurance, lending, and then vaulting.Richard talks about appraisals, how that was going to work and how it changes the current experience.Tweetable Quotes"Collectibles are now seen as an alternative investment whereas in the past it was just kind of seen as a toy or a strange hobby or target demo has disposable income." - Richard Vinhais"The lending product was an experiment that we put into play last quarter, and we see this as a great way for individuals to kind of unlock value in the collectibles that they have." - Richard Vinhais"The amount of research we went into to find the correct vaulting partner was staggering, mainly because we want to make sure we're doing right by our clients, and we don't have to worry about it." - Richard VinhaisResources MentionedFacebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – Sponsorhttps://www.wax.insure/about
Conquest Planning with Brad Joudrie and Ken Lotocki | E267
Jason talks to Brad Joudrie and Ken Lotocki. Brad is the Chief Revenue Officer of Conquest, and Ken Lotocki, Chief Product. Today they are going to talk about the changes, growth and challenges that have occurred in the past 2.5 years. Episode Highlights1.16: Brad and Ken talk about conquest planning and its origin stories.02.24: Ken talks about the adoption of new technologies and innovation in Conquest Planning. 03:30: There's a lot of in every other profession out there in terms of innovation, whether it's medical profession or legal profession or so on, more and more tools are being built to help make it easier for that professional essentially to do their job and financial planning, specifically building that plan.05.02: Brad and Ken discuss about the challenges they faced and how they implemented processes that helped them to save lot of time and effort.06.14: Jason mentions how Sam built strategies such a way to help advisors work with their clients and understand exactly what's being recommended to them.09.35: It's an easy enough conversation to explain to a client that if you delay you get more money, says Brad.11.18: Brad explains how Sam has shaved hours off the process using automation. 19.02: Ken and Brad discuss about the work and the process of hiring people.21.58: Ken explains how they invest heavily in technology.25.10: Ken talks about their partners and how they are very happy with the stable of partners they have from a venture perspective.27.01: Brad and Ken talk about the next feature or next thing that they are going to do in the company.33.03: There has only been three companies Jason has known of that have ever sold financial planning software outside of their own jurisdiction effectively.45.52: We understand better how advisors and financial professionals are working with their clients today and then have conquest to be agile itself to work within their ecosystem, says Ken.48.16: Ken shares how they are in a different situation than they were when they first sat down.53.21: There are a lot of good advisors, a lot of great advisors out there just approach it.3 Key PointsBrad and Ken talk about the launching of Conquest Planning and how as the company grew it adopted cloud technologies and innovation. Brad and Ken talk about the business and how big the team was when they first started in the company.Brad explains how the company's scaling was almost as a B2B as opposed to an enterprise product.Tweetable Quotes"The club speed knows which club to hit knows the distance, the thing and but in the end it's the advisor." – Brad"You landed the single biggest enterprise contract last year that none of the competition probably heard of yet, so kudos I think that's a testament to just how differentiating you are in the product market." – Jason"We have kept our team reasonably lean, I would say on the distribution side of the House, and that has been fairly intentional." – Brad"I love what we do and I love the fact that everyone in our company is passionate like we were." - KenResources MentionedFacebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – Sponsor
InvestorCom with Dave Carr-Pries | E266
Jason talks to Dave Carr-Pries, Vice President – consulting services at InvestorCom. Today they are going to talk about how the implementation of CFR and Reg BI has basically panned out in the last year and where the successes and challenges are? Episode Highlights1.31: InvestorCom is a fintech company, they provide software really focusing on helping the industry make better financial decisions, and with that means their focus is on compliance solutions that aim to make being compliant as intuitive as possible and removing friction and barriers from advisors of dealers. 2.58: Without an advisor or an investor doing anything, when fund companies change their products or things change about their products, suddenly a portfolio may become unsuitable, says Dave.7.23: Dave discusses what is the kind of data points for the elements that you look for significant change.09.30: People like complaining about work and it's like this is not hard. You need to have investment thesis for how you actually manage portfolios and do it consistently and then you just have to look for changes that are pertinent to that, says Jason.14.02: Dave shares how they filter and pass data down to people and give them what to look at.15.30: When an advisor is presented with kind of a relative comparison, things do move slowly and we are starting to see a trend and making recommendations of products that stack up, says Dave.17.40: Jason discusses how it is not hard from the advisory perspective to have a documented process.20.01: Anyone who just basically buys nothing, but passive indexes have an easy time says Jason.22.01: As an advisor professional judgment is about identifying red flags and if there are any red flag be prepared to document your justification relative to those flags.29.30: We put out a process, our documentations are in place, this is really called practice management 101, says Dave.31.02: To not think through the advisor experience and how to make this a manageable experience is a gross failure of management like that, says Dave.3 Key PointsJason and Dave talk about the big changes in regulations both in Canada and US and InvestorCom dealt with the changes. Dave explains how they have taken self-monitor solution that builds the industry audit trail and added advisor alerts. Dave shares that they are working on the product recommendation side and how to do that product comparison or consideration of primitives.Tweetable Quotes"People probably made decisions that weren't good or interpretations that the regulator won't agree to." - Jason"This kind of change management or change monitoring process mean thanks to the regulator's kind of a new thing. So, no one really knows what that magnitude is." - Dave "My concern is people for shooting an arrow and then drawing the bullseye around it." – JasonResources MentionedFacebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – SponsorDave – LinkedIn