fpPathfinder with Michael Lecours | E177

Checklists and flowcharts that enable advisor consistency and efficiency.

Host, Jason Pereira, talks to Michael Lecours. He is the Co-Founder of fpPathfinder. It is a flow-charting tool for advisors so that they can make better and consistent decisions. 

Episode Highlights:

  • 0.40: Jason is a fan of fpPathfinder, because of its sheer simplicity.

  • 1.28: Michael talks and fpPathfinder, and how it helps advisors to make informed decisions using different formats of checklists.

  • 1.57: Flow charts provided by fpPathfinder, helps on the decision-making front.

  • 2.54: Jason is impressed by fpPathfinder, and he says that an advisor who sign-up with the company can really count on it.

  • 3.32: Jason and Michael talk about the constantly changing regulations in the United States.

  • 4.03: While talking about Michael’s company, Jason points out that “The fact that we are outsourcing the cognitive decision making is just remarkable.”

  • 04.14: Jason is curious to know about the creation and story of fpPathfinder.

  • 05.00: For Michael it all started with simple errors and how to provide some clarity to a client; he made a flowchart, which was widely loved and appreciated amidst the Financial Advisors. 

  • 07.24: Michael shares how his company constantly updates the checklists, and then they try to add one or two resources every month.

  • 08.14: Michael gives insights on the background research that they do. Inevitably fpPathfinder has 3000 Financial Advisors who use its services. 

  • 10.25: Jason inquiries about the order of decision points in a flowchart.

  • 10.51: As the first step of creating a flowchart, Michael or his team members come up with the issues. Then they step back and think about the unintended effect of the flow. 

  • 11.21: Michael talks about the challenges that he faces while building up flow charts in a computer or software. He prefers to build flowcharts on a piece of paper with sticky notes.

  • 12.04: fpPathfinder was launched as a grand experiment, and one of the biggest pieces of feedback that they got early on was - “We like the flowcharts and the checklists but get your fpPathfinder off there and let me put my logo instead.” 

  • 12.23: Financial advisors did not want their clients to see fpPathfinder’s logo in the flowcharts; so one of the biggest improvements that Michael did was allow for white labelling. One was not able to change the content but was able to change the colors.

  • 13.05: A year ago, Michael and other decision-makers of fpPathfinder took a big step; a lot of their resources started interacting with the CRM systems. 

  • 15.57: Michael says that they don’t get a lot of push backs from the compliance department. 

  • 16:14: Michael says that they don’t give any recommendations to Financial Advisors; they simply say to their clients that “Consider doing this.”

  • 18.21: Jason talks about Michael’s book and the interesting stories it has. 

  • 20.30: Michael talks about his future aspirations with fpPathfinder. There are several resources that Michael and his team are planning to work on.

  • 21.33: Michael talks about tailored checklists that they are going to introduce in the future. Depending on a client’s situation, there will be a checklist that makes more sense. 

  • 21.52: Another aspect that Michael will be looking at is making the user experience more easier. 

  • 24.25: As a Financial Advisor, Michael’s biggest wish is for the industry to integrate at a higher level. 

  • 25.02: Michael reveals the one biggest challenge that he has faced to bring the company to where it is today.

  • 27.24: All day long Michael and his team focuses on what they do best. There is no project in a team where they are dragging their feet. 

3 Key Points:

  1. Michael explains that fpPathfinder makes checklists and flowcharts to help advisors be more diligent in the planning process and have more diligent conversations about financial planning topics with their clients.

  2. Michael talks about “How what started as a simple PDF of a flowchart, fpPathfinder now uses various technologies. It is also integrating with different partners. 

  3. Jason asks Michael, “You have got this far with what you have done. What are your future aspirations for fpPathfinder?”

Tweetable Quotes:

  • “In financial planning, things that were earlier very popular are now critical to review.” - Michael Lecours

  • “Some of the most brilliant ideas are the simplest.” - Jason Pereira

  • “Setting-up a flowchart is a lot more difficult than it appears.” - Jason Pereira

  • “Reverse mortgages can make or break somebody’s retirement.” - Michael Lecours

Resources Mentioned:

Fintech ImpactJason PereiraFintech