Lumiant with Santiago Burridge| E258

Engaging clients about their values.

In today's episode of the Fintech impact, Jason is going to talk to Santiago Burridge, executive chairman of Lumiant. It is a platform that helps advisors discover what really matters to their clients and helps them have more deep and meaningful conversations and guides them along the way to a deeper and more meaningful and prosperous engagement.

Episode Highlights

  • 0.38: All the extraordinary conversation that happens between an advisor and a client currently now goes into a filing cabinet and we anchor experience in something we can control, which is a product, says Santiago.

  • 1.15: Santiago wanted to create a place where any great advice firm gets this cannot be people dependent. It must be process driven, must be systemic, and must be unquestionably built around the client.

  • 2.48: Santiago built Lumiant with a simple idea that they wanted to create a process where every client was treated individually around what was important to them.

  • 4.33: You can't help people in relation to their life unless you understand what drives them in life and that is their values and it's not their goals because goals change, and values tend to not, says Santiago.

  • 9.21: If you lead with the client's life, not with your product, the client is going to work with you and that's the subtle pride pitch between selling and serving, says Santiago.

  • 11.00: As per Santiago, they have got a place now where the advisor comes and says, "this is the experience I want to run for my clients," and Santiago has built that. 

  • 12.28: Normally conversations are done using pen, paper and notepad but in our it's Alexa. Alexa just records the conversation with the client and brings it to text.  It is done without any file mode and that is extremely powerful, says Santiago.

  • 17.55: The computers aren't the thing. Computers are the thing to get us to the thing and the financial plan is not the thing. The financial plan is the thing to get the things. The values and goals are the thing that gets you to that thing, which is financial planning, says Jason.

  • 18.24: When clients are interacting at a mile on a secure portal, they can offer questions. But in terms of the ongoing engagement and demonstration, what does the client centered experience piece of this look like, asks Jason.

  • 21.53: Santiago keeps reminding advisors that you have two personas that walk in your door, and you have a piece of technology stack that talks to one of the personas which are about 10% of your clients who are financial spouses.

  • 23.23: When you are in a bad health situation or need surgery, the doctor is the shining star and the most important person in your world. But when everything is going ok or not ok or just average every day, financial planners are the most important.

  • 24.38: One wish for something to change in the industry is that 51% of advisers should be women. It's currently 16 to 20% and it's a disgrace and it's a poor reflection on what we do, says Santiago.

  • 27.13: The only thing you must control in your journey with your client is the client experience because that's the only thing that matters. Santiago has had a lot of trouble convincing advisors because they have been trained so well by a product industry to products they are offering.


3 Key Points

  1. 90% of people who walk in to see an advisor and non-financial spouses, they generally do not know what they need to do, and these non-financial spouses have been utterly ignored by our profession forever, says Santiago.

  2. When we thought about bringing the whole client journey through a platform, it is values, goals, key advice, strategies and tasks to achieve and live the best life and what risk are they willing to accept to live their best life, says Santiago.

  3. Santiago is building nudges into the part forms and the ability to remind their clients of things that they need to do. But it's more than a task.


Tweetable Quotes

  • "When we thought about technology that has been used in the financial services industry today, we realized that everything's been built for the sale." – Santiago

  • "Profession listens to the client, understands what's important to them and with that information, they grant consent to design and experience for those clients to align their money to what's important to them and live their lives that are most important to them." – Santiago

  • "The idea of just selling someone the product is we're just focusing on the end payable because that's what results in the money. We're not focusing on the absolute purpose for why people do things and that's true across almost the entirety of industry in the world." - Jason

  • "Everybody wants change, but no one wants to change and it's the most frustrating thing in the world." – Jason

  • "Supporting entrepreneurialism and independence, helping this industry achieve its potential is the thing that excites me to continue the work, day and night since I was a kid." - Santiago

Resources Mentioned

Fintech ImpactJason PereiraFintech