Elements Revisited with Reese Harper | E309
Providing engagement and advice from the top of funnel to full engagement.
On this episode of Fintech Impact, host Jason Pereira welcomes back Reese Harper, the CEO of Elements. It is a platform designed to provide faster and more effective financial advice. The innovative approach of Elements simplifies financial diagnostics, making it accessible to a diverse audience. The episode explores the evolving landscape of financial services and the need for simplicity and accessibility in wealth management.
Episode Highlights:
01:10: Reese transitions to discussing Elements, introducing it as a platform for faster and simpler financial vital signs. He also describes Elements as providing diagnostic reports for present-day financial health, comparing it to medical diagnostics.
03:05: Jason seeks clarification on the difference between financial vitals and financial planning. Reese distinguishes financial vitals as focusing on today and financial planning as a vision for the future, emphasizing strategy and self-actualisation.
04:29: Reese emphasizes the role of vitals in ongoing, easier client interactions, regardless of complexity. He explains the need for financial planning software to illustrate future plans and resolve client fears.
06:01: Reese refers to the Hippocratic Oath and avoiding unnecessary costs, discussing the difficulty in providing low-cost solutions for meaningful conversations. He also highlights the importance of not forcing clients to incur costs that aren't truly transformational for their stage of wealth.
07:07: Reese introduces the 12 vital signs measured by Elements, starting with liquidity score at the bottom of the periodic table. He details the bottom row of the periodic table, covering liquidity, retirement investments, real estate, business equity, and total term score.
09:11: Reese highlights the significance of the total term score in assessing overall retirement readiness based on net worth and annual spending.
11:45: Jason acknowledges the value of addressing fundamental financial problems before delving into long-term planning.
12:14: Reese discusses the psychological impact of Elements' vital signs, noting that they often alleviate client fears instead of inducing anxiety.
14:23: Reese contrasts Elements with traditional planning, highlighting its ability to show immediate impacts on scores without recalculating complex simulations.
15:52: Jason and Reese discuss "Elements Money" as a nurture campaign to help advisors have more personalized conversations with clients.
17:36: Reese introduces "Elements Money" as a nurture campaign, aiming to circulate personalized material tailored to each client's financial elements.
18:03: Jason draws parallels between "Elements Money" and the evolution of content marketing, highlighting its dynamic and impactful nature.
19:41: Jason and Reese discuss the potential pitfalls of automated personalization and the importance of avoiding spammy interactions.
20:06: Reese emphasizes the value of trust and genuine personalized interactions over automated approaches in financial advising. He highlights the interest generated by telling clients about their financial situation and the potential impact of personalized assessments.
23:58: Reese recounts a client's journey to building liquidity, demonstrating the effectiveness of personalized financial planning through "Elements Money."
26:48 Jason discussed the recent innovation with Elements Money, emphasizing its role in top-of-funnel conversion by allowing comfortable initial conversations without revealing deep financial details.
27:13 Reese expressed excitement about upcoming features like internal benchmarks and advisor target scores, aiming to allow advisors to set personalized target score ranges for clients.
29:34 Reese enthusiastically discussed the plan to introduce doctor's recommendations on the vital signs within the Elements Money app, offering a more personalized and visually appealing experience.
31:13: Reese narrows down the idea of giving back to one hour a week, suggesting an industry-wide commitment. He also notes the biggest challenge for Elements has been introducing a new category in an industry resistant to change.
32:59: Jason asks Reese about the excitement that keeps him motivated, with Reese expressing joy in continuous learning and the pursuit of meaning in his work.
Key Points:
Elements serves as a platform for assessing financial vitals, offering a quick and accessible way to analyse a client's current financial situation.
Financial vitals, unlike traditional planning, address the present needs and concerns of clients, providing insights that complement the future-oriented approach of financial planning.
Reese emphasizes the challenge in convincing clients, especially those with lower wealth levels, of the value of financial planning. Elements aims to bridge this gap by facilitating meaningful conversations at a lower cost.
Tweetable Quotes:
"Financial vitals are the pulse of your wealth, offering a real-time diagnosis, while financial planning paints the visionary picture of where your finances can journey in the long run. Both are essential for a holistic financial strategy.”
“Elements provides a simpler, faster set of financial vital signs that can be understood and acted upon by anyone, regardless of wealth level.”
"Championing a shift in the industry, Reese Harper highlights the need for professionals to offer low-cost, meaningful conversations. Elements provides a solution, empowering individuals to engage in transformative financial discussions without hefty fees.”
Resource Mentioned:
Facebook – Jason Pereira's Facebook
LinkedIn – Jason Pereira's LinkedIn
Woodgate.com – Sponsor