Fintech Impact

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/

In this episode Jason Pereira talks with Kevin Knull, President of TaxStatus, about the innovations TaxStatus is bringing to the field through its seamless data integration with the IRS. Kevin discusses how the company sources taxpayer data, with the consent of the taxpayer, to help clients make well informed financial decisions. He highlights the broader applications and benefits including financial advising, loan origination, and identity verification. The episode also covers the importance of identity security and Kevin's vision for enhancing the quality of financial advice using comprehensive insights derived from IRS data.Episode Highlights:00:08: Jason Pereira welcomes Kevin Knull, president of TaxStatus, to discuss the role of his company in gathering IRS data to improve financial advising.01:23: Kevin talks about the foundation of TaxStatus, which was formed to address the challenges in obtaining taxpayer data from the IRS efficiently.04:41: Kevin Knull outlines the process of tying into the IRS, emphasizing the crucial step of obtaining taxpayer consent for data access.06:20: Kevin shares the extent of data pulled down from the IRS, offering a comprehensive picture of a taxpayer’s financial activities over the past decade.07:26: Jason expresses his amazement at the granular level of financial data available through TaxStatus.09:39: Kevin elaborates on various real-world use cases where this data proves beneficial, including lending, credit checks, financial advising, and more.12:42: Introduces the benefits of report generation that summarizes a taxpayer's financial data, facilitating better financial advice.15:06: Covers the importance of ongoing monitoring to prevent identity theft and fraudulent activities with real-time IRS updates.20:17: The discussion moves to the necessity of biometric authentication for addressing identity verification concerns in the financial landscape.Key Points:The consent-driven model of TaxStatus offers comprehensive access to IRS data, which can critically enhance financial advising and decision-making.Real-time monitoring by TaxStatus helps alert taxpayers and advisors about potential fraud and unexpected changes in tax records.Empowering financial professionals with complete data from the IRS facilitates more accurate and holistic tax and financial planning.The integration of biometric authentication may become essential in addressing modern identity security challenges in financial sectors.Tweetable Quotes:"Empowering decision-making with full transparency — that's the power of TaxStatus." – Kevin Knull"A treasure trove of financial insights is available at your fingertips with TaxStatus, guiding you to informed decisions." – Jason Pereira"Financial advisors should render advice on all available data, not just the easy-to-obtain." – Kevin Knull"Identity theft is an inevitability; vigilance and best practices are your best defence." – Jason PereiraResources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – SponsorPodcast Editinghttps://www.linkedin.com/in/knull/https://www.taxstatus.com/

In this episode, Jason Pereira interviews Chanddeep Madaan, the CEO and founder of Aya Care, a health spending account provider in Canada. The discussion focuses on Aya Care's mission to remove financial barriers for accessing health and wellness services. Madan explains how Aya Care uses technology to streamline the process, reducing the hassle of reimbursement, and enabling employees to utilize health spending accounts easily. They also explore the economic impact of traditional insurance versus the flexibility offered by Aya Care's solution.Episode Highlights:00:09: Introduction of the episode featuring Chanddeep Madaan, discussing his company Aya Care and its role in health spending account management.00:46: Chanddeep Madaan expresses gratitude for being invited to the podcast.00:51: Madan shares the inspiration and mission behind starting Aya Care, highlighting financial barriers in accessing health services in Canada.02:32: Jason Pereira aims to understand out-of-pocket expenses in existing health plans versus health spending accounts.02:49: A breakdown of out-of-pocket expenses, including dental, vision, and the non-coverage areas such as fertility and mental health services.06:32: Benefits of health spending accounts in Canada compared to similar models in the United States.07:31: Madan critiques bloat in healthcare administration costs and positions Aya Care as a cost-effective alternative.08:29: Pereira and Madan discuss the feasibility of Aya Care's solution being adopted by traditional insurance companies.09:17: Aya Care introduces Visa cards for direct health service payments, reducing financial strain on employees.11:58: Madan outlines different reimbursement experiences between traditional insurance, HSAs, and Aya Care's innovative solution.15:48: Pereira elaborates on employer attitudes and cost-control mechanisms in traditional vs. new-age health spending.21:54: Examination of the employee-centric approach fostering healthier and more productive workforces.25:10: Challenges and technological advancements in health spending account claims adjudication discussed.Key Points:Aya Care aims to innovate by removing friction in health spending account processes, contrasting traditional methods.There is an emphasis on using AI to streamline the claims adjudicating process, making it instant and cost effective.Madaan focuses on creating customizable spending accounts tailored for specific needs, such as mental health and fertility.Tweetable Quotes:"Removing financial barriers to access health and wellness is our mission." - Chanddeep Madaan"Imagine submitting a claim in an app and getting approved before you close it." - Jason Pereira"Our process is too seamless, but that’s what innovation is about." - Chanddeep Madaan"Aligning people towards a common mission has been challenging yet rewarding." - Chanddeep MadaanResources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – SponsorPodcast Editinghttps://ayacare.com/about-us/https://www.linkedin.com/in/cmadaan/

In this episode, Jason Pereira interviews Ben Borodach, co-founder and CEO of April, a FinTech company focused on integrating tax calculations into financial apps to help users make smarter financial decisions. Ben discusses his entrepreneurial journey, challenges faced when building April, and the importance of simplifying tax processes for consumers. The conversation delves into how April's technology leverages data to create a more efficient and seamless tax filing experience. It also touches on the potential for positive disruption in the financial industry by embedding tax-related services in financial apps.Episode Highlights:00:09: Introduction to the podcast and guest Ben Borodach of April. 00:55: Ben discusses his background and the creation of April.01:46: His experience at Deloitte and the shift to financial tech.02:33: Ventures into finance, technology, and company incubations.03:25: The unbundling and re-bundling of financial services.04:12: Tax as a neglected yet critical financial record-keeping tool.04:53: Using tax data for better financial outcomes for consumers.05:39: Identifying and acting upon the opportunity in tax technology.06:26: Choosing technology as the path for building April.07:10: Challenges in turning tax law into accessible code.07:50: Creating a user-friendly tax engine.13:09: Initial reactions from financial institutions to April's concept.14:41: Addressing the question of core competencies in tax services. 16:05: Room for improvement in the tax filing user experience.17:41: April's better, faster, and cheaper approach to tax filing.19:19: Overview of the process and partner interactions with April.22:09: April's goal to embed in major financial interactions.23:40: Wish for improved technology partnership with the US government.24:23: The biggest challenge faced: building the tax engine.25:24: Excitement about contributing positively to the American economy.Key Points:Embedding tax services within financial apps can simplify tax processes and leverage financial data. A technology-first approach is crucial for creating scalable, efficient tax solutions.Partnering with financial institutions presents both an opportunity and a challenge for Fintech innovations.There is significant room for improvement in the tax filing experience, aiming for user-friendly, real-time processes.April is positioned to reshape financial interactions by making tax services a core component of financial apps.Tweetable Quotes:"Nobody was really doing a great job of everything altogether." - Ben Borodach"The tax code is more of an expression of our collective social fabric than just a taxation law." - Ben Borodach"Our incentives are aligned with delivering a great efficient tax experience." - Ben Borodach"We're part of the American story, contributing positively to its economy." - Ben BorodachResources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – SponsorPodcast Editinghttps://www.linkedin.com/in/benborodach/https://www.getapril.com/