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Willing Wisdom Index with Tom Deans (Founder) | E95

Ep. 95

Summary:

In this 95th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host welcomes Thomas William Deans, founder of the Willing Wisdom Index and author of Every Family’s Business, about how his tool helps both clients and advisors improve outcomes. 


Episode Highlights: 

● 00:43: – The Willing Wisdom Index is a client advising tool used as a conversation starter. 

● 01:34: – 80% of inherited money is taken to a new financial advisor because no one reaches out to the surviving family. 

● 03:00: – His main message in his book Every Family’s Business is that you shouldn’t gift your family business to your kids; they should have to risk their own financial capital to buy it. 

● 03:42: – Family business owners are less likely to have a will. 

● 05:48: – Leaving your estate in disarray when you die can create so much future resentment from surviving family. 

● 06:22: – Half of all financial advisors don’t have their own will, or financial succession planners without their own financial succession plan. 

● 08:13: – Using the Willing Wisdom Index gives you a checklist to go through, and then provides you with your to-do list to work on with your financial advisor and takes about 8 minutes. 

● 11:09: – The advisor should have copies of all the documents so that when a client gives instruction, you can make sure it isn’t conflicting or nullifying other documents. 

● 11:53: – The risk of problems arising increases with older clients who may have some level of dementia, so not only do the clients need to be protected, but there are obvious business liability issues as well. 

● 13:41: – Advisors get better results when there is transparency with the clients and they share their report from the Willing Wisdom Index with their clients. 

● 14:30: – Using the tool isn’t about getting a perfect will immediately but about gaining confidence and comfort with the subject in order to be able to revisit it each year. 

● 16:20: – The Index makes recommendations to increase your score, like ensuring the client has a lawyer, power of attorney documents, a healthcare directive, etc. 

● 17:15: – Advisors should be having family meetings so they get to know the spouses and children money is being left to in wills. 

● 18:02: – Even the children with average wealth who are seen as unprofitable clients are the future big ticket clients because they are the ones who will end up with the inherited wealth. 

● 19:30: – The Index serves as a prospecting tool as well because you can simply share the link for those who are curious. 

● 20:50: – When advisors say they’re looking for clients with high net worth, Tom asks what they’re doing to attract families. 

● 23:06: – It is much harder to disregard someone’s wishes when they have told you directly, face-to-face, in a family meeting, than it is to ignore a piece of paper. 

● 24:58: – Tom wishes more advisors had the confidence to do their own estate planning. 

● 28:26: – Tom suspects that people with a will tend to live longer because of reduced stress, contradicting the superstition that it hastens death. 

● 30:56: – Success in the industry tends to be measured by production not client outcome or retention. 


3 Key Points 

1. Client retention is achieved through referring family members, which will happen 

organically through the process of estate planning. 

2. Advisors can improve client relations through transparency and personal stories of 

following their own advice. 

3. Having difficult conversations now has massive payoff later when you’re dealing with the 

death of a loved one. 


Tweetable Quotes: 

● “I love the advisors who are in the business of succession planning with their clients yet they have no succession plan of their own. It’s like, do you go to a chef who doesn’t eat his own cooking?” –Tom Deans 

● “It’s one thing to hear it on a piece of paper from a lawyer, it’s something else entirely for us to sit down and for them to hear from mom and dad directly. It’s a lot harder to disregard that wish when it’s told to you.” –Tom Deans 


Resources Mentioned: 

● Facebook – Jason Pereira’s Facebook 

● LinkedIn – Jason Pereira’s LinkedIn 

● FintechImpact.co – Website for Fintech Impact 

● https://willingwisdom.com/ 

● Tom Deans: Twitter, Linkedin, YouTube

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2/11/2020

ConnectionPoint with Daryl Hatton (CEO) | E108

Ep. 108
Summary:In this 108th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host welcomes Daryl Hatton, Founder and CEO of Connection Point, to talk about Connection Point’s crowdfunding model, some major successes challenges the platform has faced, the psychology behind philanthropy, and more.Episode Highlights:● 00:35: – Connection Point is a social commerce company that helps people crowdfund money for personal and professional/non-profit organizations.● 02:50: – Connection Point began as a fundraising site for unregistered and non-charitable non-profits like children’s sports teams.● 05:25: – They were one of the 30 companies included in Facebook’s beta for the Timeline feature to know how it worked ahead of time.● 06:20: – The site allows companies and groups to use their own branding on their funding campaigns.● 07:10: – The site includes technology called Coco Pay to allow companies to help potential customers crowd fund to purchase their product. For example, individuals with mobility issues crowd-funding to purchase a bike.● 13:10: – The platform has now had to prevent defendants in violent crimes from fundraising for their legal defense due to the negative pushback from the community.● 14:45: – The platform can be used to collect subscription or membership payments from supporters.● 17:52: – It is free to begin using Connection Point and even to fundraise (less transaction fees, which no one can avoid) and optional to add a “tip” to each transaction for the platform.● 20:53: – University of California used the platform to raise over $3 million to fund a study into the human microbiome.● 22:50: – Another group funded several projects at Burning Man.● 24:18: – If Daryl could change one thing it would be for people to take a broader view of what crowdfunding can be and be used for beyond the GoFundMe model.● 29:00: – If you can see the impact of your donation, you’re more likely to give again.● 30:22: – The biggest challenge has been funding and finding investors.● 31:50: – What Daryl finds most exciting is the cumulative impact that Connection Point can have.● 32:42: The platform has raised $160 million for over 200,000 projects in over 40 countries so far.3 Key Points1. Connection Point expands how people think about crowdfunding and its potential usecases.2. Millennials are more philanthropic than we give them credit for.3. Small donations on small projects can make a huge cumulative impact on the world.Tweetable Quotes:● “I think it should be all about my customer and their brand experience, not mine. I’m not trying to push my Indiegogo and Kickstarter brand, I’m trying to say hey, what’s your product?” –Daryl Hatton● “One of the things we’re looking at is how do we make philanthropy more of an entertaining experience? Because the feelings we get from giving are very similar to the feelings we get when we consume entertainment, like a movie.” –Daryl Hatton● “Good natured people are a platform” – Daryl HattonResources Mentioned:● Website – Jason Pereira’s● Facebook – Jason Pereira’s● LinkedIn – Jason Pereira’s● FintechImpact.co – Website● Connection Point website – https://connectionpoint.com/● Fundrazr website – https://fundrazr.com/● Community website -● Daryl Hatton Twitter – https://twitter.com/darylhatton● Daryl Hatton Linkedin – https://www.linkedin.com/in/darylhattonFull Transcript
2/4/2020

Limelight Health with Garrett Viggers (Co-Founder) | E107

Ep. 107
Summary:In this 107th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host interviews Garrett Viggers. Co-Founder at Limelight Health, a company that is working to digitize the entire experience of insurance applications from start to finish. Garrett Viggers talks about how Limelight Health got started, obstacles in getting the industry to accept innovation, and not trying to be a one-stop solution for everything.Episode Highlights:● 00:08: – Check out JasonPereira.ca to sign up for the newsletter and notifications.● 00:51: – Garrett Viggers describes Limelight Health.● 02:07: – What really drove the foundation of Limelight Health?● 04:35: – How did his first experiences go with insurance companies trying to show them that there is a better way?● 11:16: – Limelight Health is not overextending itself to try to be a policy admin system, CRM, or an enrollment platform.● 11:54: – Are they running into the ‘one magic bullet solution’ syndrome in the insurance world?● 14:56: – It is important to understand the ecosystem.● 16:14: – What is causing the pushback from admins?● 18:12: – What have been the success stories?● 20:41: – The strategy to make things difficult is not a winning strategy.● 27:12: – Jason shares a common podcast saying, ‘The reason that fintech exists is because traditional carriers allowed it to exist.”● 33:21: – What would Garrett change in his business or his industry?● 36:40: – What has been the biggest challenge in his business?● 39:44: – What is the most exciting thing Garrett Viggers is working on?3 Key Points1. Streamlining down to one tech solution has negative effects such as increasing risk not getting a great solution and needs not being met.2. Getting broker admins to accept online enrollment instead of paper is of high value.3. You can’t build your experience for the naysayers who want to operate the way they did 20 years ago.Tweetable Quotes:● “We are really focused on new business renewals and making that a beautiful experience for group products & group carriers working with their distribution partners.” – Garrett Viggers● “We started with medical. We went from phone, iPad, to full desktop because the feedback was, ‘Hey, does it work on Internet Explorer 6?’ We were thinking, can you just use Google Chrome?’” – Garrett Viggers● “We realised that we have to solve the carrier’s problem so they can actually best serve their brokers.” – Garrett ViggersResources Mentioned:● Facebook – Jason Pereira’s● LinkedIn – Jason Pereira’s● FintechImpact.co – Website● JasonPereira.ca – Website● Linkedin –GarrettViggers● Limelight Health – WebsiteFull Transcript
1/28/2020

Utrust with Filipe Castro (CIO) | E106

Ep. 106
In this 106th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host welcomes Filipe Castro, co-founder and CIO of Utrust, to talk about Utrust’s growth strategy, how blockchain payment technology competes with credit cards and other existing forms of payment, the future of payment tech, and more.Episode Highlights:00:55: – Utrust is a platform that enables e-commerce merchants to accept various forms of cryptocurrency as payment.01:24: –Filipe met his co-founders online in 2010 in cryptocurrency and blockchain forums.03:30: –On the merchant’s side, they don’t have to worry about the accounting or conversion of cryptocurrency, because Utrust handles all of that automatically on the back end and the merchant simply receives their US Dollars or Euros or whichever currency they operate under.04:28: – For the user, you select Utrust as your payment method, which takes you to the Utrust website and allows you to select and set up your crypto wallet with a QR code.06:00: – Utrust currently has ten vendors using the platform because they had to select the optimal vendors to start the platform with in order to optimize the experience and collect the data needed to scale up effectively.07:30: – Utrust has competitors, but most of the vendors that were interested in using Utrust approached them, not the other way around, partly because it’s free to integrate.09:23: – Filipe believes Utrust is the best solution because it has the strongest community support and a seamless integration, which is crucial for a blockchain technology.10:17: – Transaction fees are competitive with regular credit cards, at only 1%.11:30: – Currency conversion happens almost instantaneously to protect both the merchant and the consumer, so the merchant gets the price they listed and the consumer isn’t overcharged due to fluctuating conversion.13:04: – Utrust is compatible with any wallet that supports scanning a QR code.14:38: – Having a diverse range of merchants on board with Utrust allows them to collect more accurate metrics to perfect the platform more quickly.19:20: – For the user, there is almost immediate settlement of payment, and for the merchant you get a notification of incoming payment and the settlement depends on the cryptocurrency protocol.22:37: – Filipe is paying attention to growing competition, but acknowledges that we are still in the building phase of this space where major players haven’t entered crypto yet.27:30: – If Filipe could change anything, it would be for all the communities in blockchain to simply get along better and coexist better.28:53: – The biggest challenge has been establishing a company culture and building a team as a startup.29:45: – Filipe is excited by the way Utrust is changing the future of payments to empower consumers and merchants.3 Key PointsUtrust gives online vendors more payment options to be more competitive.Collecting metrics from a deliberately crafted pool of users will enable you to develop and scale your business more quickly.The future of payments is a seamless digital experience.Tweetable Quotes:“We always want to protect the merchant, just to make sure that whatever the quoted price that they put in their system, they’re going to get that minus 1%, always.” –Filipe Castro“We’re trying to get metrics to perfect the system. The best way to get different metrics is to integrate with different types of businesses that have different users, have different patterns of usage, sell different types of goods, have different frequencies.” –Filipe CastroResources Mentioned:Website –Jason Pereira’s WebsiteFacebook – Jason Pereira’s FacebookLinkedIn – Jason Pereira’s LinkedInFintechImpact.co – Website for Fintech ImpactUtrust websiteUtrust TwitterFilipe Castro TwitterFull Transcript