Knudge with Dave Connolly | E209

Helping advisors and clients get things done.

On today’s episode, Jason is going to talk to Dave Connolly, co-founder, and CEO of Knudge. Knudge is an automated client communication and collaboration tool that ensures that financial planning and advice are done digitally and effectively.

Episode Highlights:

  • 0.40: Knudge is trying to solve a shared pain point in the industry, helping clients take action on the advice given. Knudge is a platform that allows advisors to have a repeatable process for assigning action items to their clients, says Dave.

  • 02.44 Dave explains that Shaun, his co-founder, thought that in his CRM, he could assign action items internally, which would send reminders to his clients, and he can come to his staff so, why can’t he do that with his clients and that was the vision for Knudge.

  • 04.00: We are all busy with our careers and everything else in life, and some things are in our best interest to deal with financially, and if you have an advisor that’s actually like helping with that, it can be a huge value, says Dave

  • 04.59: Jason suggests that at the end of the day, a financial plan without implementation is equivalent to just expensive toilet paper. It’s pretty much pointless.

  • 06.05: Dave says that we are learning that advisors are using knudge, providing some voiceover around the use of knudge with their clients in the meeting, and explaining that they are using this new technology to help ensure that nothing falls through the cracks.

  • 08.03: We have integrations with Red Tail and wealth box. We’re working on integrations with other CRMs, and either way, we have a CSV import, so it’s really easy to bring your contacts into knudge, says Dave.

  • 10.50: Dave says that we have a library of templates that knudge’s authored, but you can create any number of templates for your own firm’s service offerings. 

  • 12.10: Dave explains that the reminders go out even if a client is unregistered, and the advisor can also invite them to receive text communications from knudge. They can also elect to receive push notifications and install the Knudge app on their mobile device. 

  • 14.04: Knudge allows recipients to specify their preferred time of day to receive reminders. In addition to that, they can specify a specific day or time to receive a notification about that item on any discrete action item. 

  • 16.50: We set out to build this platform that allows advice and has a repeatable process for managing the client action items and automating all follow-ups. We are getting great feedback from our clients that it’s working, says Dave.

  • 18.15: In Knudge, putting all action items into a list and having due dates associated with them, knudge can provide peace of mind for both clients and advisors, says Dave.

  • 20.09: Dave explains that with a knudge, we have a lot of exciting ideas for future integrations around enhancements concerning behavioral change, optimizing the product to make it more powerful for advisors to streamline their workflow even further.

  • 22.24: There is a lot of room for not just formal financial advisors to use knudge, but for financial coaches, for organizations trying to help the impoverished get out of their current situation. 

  • 26.03: Knudge is not a back-office tool. It’s taking your CRM and contacts and making them real users on the other side who receive communications from you via this automated platform.

  • 27.23: The advisors using knudge seem to be good people concerned with helping their clients. If we can help them do their job better and more efficiently, they can help more clients with potentially a higher level of service, which is encouraging.

3 Key Points

  1. The things that have long-term implications on your overall financial well-being require some guidance earlier in life.

  2. Knudge is not different than what you would put into an email. It has got a title details section and then parameters around when you want it to post and how you want the reminders to go.

  3. Not many companies are bold enough to put their full road map and future road map on their website and let people vote on it, says Jason.

Tweetable Quotes

  • “Everyone being busy these days and having a trusted advisor reminding you to take action on your work things that are easy to kick down the road or ignore are welcome.” – Dave

  • “I don’t know where to start as an advisor, so talk to me about getting started. I want to facilitate all the reminders that you’re doing.” – Jason

  • “You stop to think about the fact that you’re going to be part of the pipes that get actions to be taken to better people’s lives through the financial planning services they are delivering.” – Jason

  • “Once you have established a diversified and properly managed portfolio, the planning side has far more ROI in terms of time spent on someone’s life.” - Jason

Resources Mentioned:

Fintech ImpactJason PereiraFintech