Altruist with Jason Wenk | E375
Reinventing the custodial experience
This week’s podcast features an insightful discussion between host Jason Pereira and Jason Wenk, CEO of Altruist, a fintech company that is streamlining the custodian experience. They explore the origin of Altruist, how it came to fruition due to the inefficiencies faced in the financial advisory and custody space, and their journey in making the platform user-friendly and technologically advanced. Wenk details the importance of design thinking and maintaining operational efficiency while revolutionizing the existing financial systems. The conversation ends with Jason Wenk's enthusiasm about the potential of AI and other innovations in improving client outcomes.
Episode Highlights:
00:00:08: Introduction of Jason Wenk, CEO of Altruist, as a guest on the show.
00:00:26: Jason Wenk expresses his excitement about being on the show.
00:00:28: Host shares efforts in getting Jason Wenk on the podcast and his anticipation for the conversation.
00:00:43: Jason Wenk explains what Altruist stands for, discussing its functionalities as a digital custodian.
00:01:00: Wenk expands on the simplicity and elegance of Altruist's platform and what differentiates them from others.
00:01:06: Jason Wenk talks about the lengthy process in reshaping how custodians work with financial advisors.
00:02:09: Discusses his experience with TD Waterhouse as a startup and the challenges he faced.
00:02:45: Jason Wenk describes the obstacles faced in onboarding clients, trading, and other custodial processes.
00:03:27: Highlights how little has changed over the years despite technological advancement.
00:04:19: Shares frustration over the inefficiency and how it impedes client servicing.
00:05:01: Wenk’s journey in automating onboarding and other portfolio management procedures.
00:05:28: Discusses the cultural and structural shifts required for modernizing financial institutions.
00:06:30: Talks about the human element and risk in technological adaptations.
00:07:08: Further elucidation on building innovative ideas from scratch to benefit the client and advisors equally.
00:08:28: More on Altruist's goal for first principles building and avoiding traditional pitfalls.
00:10:04: Discusses the importance of selective customer base focus and not catering to the entire advisory market.
00:12:23: Focus on creating a platform that’s beneficial for clients, advisors, and their business model.
00:14:03: Importance of patience and strategic focus in long-term business profitability and success.
00:17:27: Balancing growth, operational efficiency and creating value for customers.
00:18:19: Emphasizes understanding market limitations and realistic growth strategies.
00:20:28: Discusses maintaining focus on first principles thinking and effective resource allocation.
00:21:53: Jason Wenk delves into design thinking and why Altruist decided on a new approach.
00:22:45: Challenges in building a comprehensive and modern custodian from scratch.
00:24:21: Insights on simplifying and enhancing the user interface to match consumer expectations.
00:25:06: Talks about the necessity for simplicity and rejecting majority of unwarranted requests.
00:26:40: Decision to hire talent outside the industry to foster innovation and minimize biases.
00:28:50: Affirmation of sticking to individual company principles and not replicating what’s already existing.
00:30:46: Encouragement of authentic storytelling and meaningful innovation.
00:31:01: Discusses the importance of transparency in client outcomes for custodians.
00:32:40: Shares challenges transitioning from a pre-revenue to a revenue-generating company.
Resources:
Facebook – Jason Pereira's Facebook
LinkedIn – Jason Pereira's LinkedIn
Woodgate.com – Sponsor
Jason Wenk, CEO of Altruist - LinkedIn