Libretto with Jeff Coyle | E325
Taking a total wealth approach to financial planning.
In this episode of Fintech Impact, host Jason Pereira welcomes Jeff Coyle, CEO of Libretto, a platform designed to revolutionize financial planning by incorporating a comprehensive view of a client's total asset picture. They dive deep into how Libretto's innovative approach, which includes human capital and off-book assets, aims to meticulously craft financial plans that ensure more accurate, personalized, and future-proof financial strategies. Jeff shares insights into the methodology behind Libretto, its foundational principles, and the transformative impact it seeks to achieve in the wealth management landscape.
Episode Highlights:
00:11: Jason introduces the episode and guest Jeff Coyle from Libretto, setting the stage for a deep dive into how the platform aims to revolutionize financial planning by considering a comprehensive asset picture for clients.
00:41: Jeff expresses gratitude for the opportunity to share Libretto's mission and methodology. The platform's goal to "make every client feel like they're worth a hundred million" is highlighted, underscoring Libretto's commitment to delivering personalized advice at scale.
01:47: The genesis of Libretto is explored. Jeff shares his background in managing wealth for affluent families and the evolution of Libretto from personal necessity to a tool designed to democratize sophisticated wealth management practices for a broader audience.
02:47: The conversation turns to the core methodology of Libretto, where Jeff outlines the platform's holistic approach. This includes considering all assets and liabilities in financial planning, like human capital and social security, to construct a more complete and robust financial strategy for clients.
03:17: Libretto's comprehensive financial structure management is explained in detail. Jeff delves into how Libretto includes various elements like mortgages, pensions, and even future earnings in its analysis to provide a fully rounded financial plan.
05:05: Discussion shifts to the challenges and innovations involved in capturing a complete financial picture of clients, including off-balance-sheet items that significantly influence wealth management strategies.
06:09: Jeff discusses the importance of understanding a client's entire financial structure, not just their portfolio, to effectively manage risk and tailor investment strategies that are truly reflective of a client’s needs and goals.
08:32: The practical application of Libretto's methodology in client interactions and the benefits of a holistic view are examined. Jeff shares how this approach not only benefits clients by providing tailored advice but also positions advisors as more insightful and comprehensive in their planning.
09:47: The conversation highlights the challenges and opportunities in educating the industry and clients about adopting new, more comprehensive planning methodologies.
11:43: Jason and Jeff discuss the outputs of the Libretto process, emphasizing how the platform facilitates informed decision-making and strategic planning for both advisors and clients.
13:22: The future of financial planning and the potential industry-wide adoption of methodologies like those pioneered by Libretto are contemplated.
14:21: The dialogue continues to unpack the nuances and potentials of Libretto’s method, delving into examples, theorizing future impacts, and sharing aspirations for the platform and financial planning norms.
Key Takeaways
Incorporating a holistic view of a client's financial life, beyond just their investment portfolio, can significantly enhance the tailored advice and strategic planning provided by financial advisors.
Understanding and including human capital, off-book assets, liabilities, and future resources like pensions and social security benefits can lead to more robust and personalized investment strategies.
Educating both clients and the industry on the benefits of this comprehensive approach is crucial for its wider adoption and for revolutionizing standard financial planning practices.
Tweetable Quotes
"Make every client feel like they're worth a hundred million." - Jeff Coyle
"A financial plan should be as unique as the individual it serves, considering every possible aspect of their financial life." - Jeff Coyle
"Adopting new methodologies for financial planning not only benefits clients but distinctly positions advisors in the market." - Jason Pereira
Resources Mentioned:
Facebook – Jason Pereira's Facebook
LinkedIn – Jason Pereira's LinkedIn
Woodgate.com – Sponsor
https://libretto.io/
https://www.crunchbase.com/person/jeffery-coyle