IPC Tech Panel with Adam Felesky, Dave Nugent, Daniel Eberhard, Zack Brown & Jason Pereira | E93
A panel discussion on fintech and its current, and future, impact on the advisory business.
In this 93rd episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host speaks at the IPC Technology Panel with moderator Adam Felesky and fellow panelists Dave Nugent, Daniel Eberhard, & Zack Brown.
Episode Highlights:
● 01:10: – Jason Pereira introduces himself as a technophile and host of this podcast.
● 02:18: – Dave Nugent introduces himself as part of the founding team of Wealthsimple.
● 04:04: – Daniel Eberhard introduces himself as the founder and CEO of KOHO, a competitor bank.
● 05:07: – Zack Brown introduces himself as part of the Dialogue team, a service that works with employers to provide their services to employees.
● 07:30: – Discussing how they use technology to improve marketing efforts and how small, incremental technological improvements have a cumulatively big impact.
● 10:20: – There’s a common misconception that technology is only used by people in their 20s, but many of these platforms have users in their 80s.
● 11:30: – Parents are now relying on their millennial children to do the research and influence their choices instead of the other way around.
● 13:10: – Zack Brown talks about how Dialogue has expanded from being about physical health towards mental health and overall wellness.
● 18:20: – The evolution in the financial services industry is a consolidation of services into one account, where in 20 years there will no longer be any need for separate Chequing and Savings accounts.
● 23:00: – Clients are going to choose the solution that’s best for them, so companies have to leverage technology to make their products scalable to attract the largest number of customers possible.
● 26:08: – The thing that most often derails a financial plan is unanticipated health issues.
● 28:58: – Fintech is moving towards helping people spend less time on the “stuff” of what they do and more time on developing the human relationships.
● 33:50: – Audience questions begin.
● 36:35: – Companies that survive see their value in more than just the heavy lifting and logistics, because clients could just go to a robo-advisor for that.
● 41:35: – Most fintech companies won’t be profitable for a period of time at the beginning, so investors are looking at what pain point they are looking to solve.
3 Key Points
1. Age has less to do with the adoption of fintech than one might expect.
2. Financial services seem to be moving towards consolidation and simplification.
3. There is a significant intersection between health and financial services.
Tweetable Quotes:
● “Know your value. Be confident in your value.”
● “We’re not just selling technology, we’re selling a human service. And if we can use technology to make humans more efficient which I think is ultimately what you all are trying to do here, then we’ve succeeded.” –Zack Brown
Resources Mentioned:
● Facebook – Jason Pereira
● LinkedIn – Jason Pereira
● FintechImpact.co – Website for Fintech Impact
● https://www.wealthsimple.com/en-us/
● https://www.koho.ca/
● https://www.dialogue.co/en