Precise FP Revisited with Sebastian Skwarek | E206

Digitized data acquisition and on-boarding.

Jason talks to Sebastian Skwarek, co-founder of PreciseFP. PreciseFP was a guest way back on episode 26 in the summer of 2018 with Co-Founder Don Whalen. Don talked about their digital onboarding platform or digital data gathering platform for financial advisors.

Episode Highlights:

  • 1.25: Sebastian explains PreciseFP is the virtual data gathering and client onboarding platform, provides the ability to customize a client journey fully, bring data in-house, and then share that data with the tools that advisors use.

  • 1.52: The single biggest obstacle is data acquisition, especially in the financial planning realm because the amount of data we need to gather to do the job correctly is pretty substantial, says Jason.

  • 2.22: There are many features with PreciseFP, but the key feature is that the advisors who come to PreciseFP are ready to use block finders and personalized and customizable fact-finders ready to use as the box. 

  • 7.47 Big chunk of the time and cost is associated with client onboarding and data gathering, and we at PreciseFP eliminate that, says Sebastian.

  • 8.36 Jason asks, you guys already have many custodial forms, so is account onboarding also possible here? 

  • 10.12: Either CRM or financial planning software if we do not integrate with a given financial software, so either way, you will be able to move the data from a client-facing application, which is PreciseFP, into your CRM and then into financial planning software.

  • 12.08: Sebastian says that they wanted to make sure what they were implementing, the features they were released, should be used by advisers. It is not something they came up with because they thought these would be helpful. 

  • 14.00: Jason says that the big news with you guys is that you got acquired earlier this year by Docupace. Can you speak to that? 

  • 20.03: Invest the time now, and you won’t touch it again for God knows how many years, suggests Jason.

  • 20.53: Sebastian says that they are proud of their customer support because this is where we meet our clients. We will always give you a walk-through the minute you sign up. We are going to reach out to you within 48 hours. We are going to schedule a meeting with you to make sure you understand what you are getting into and how easy it is to navigate through PreciseFP. 

  • 24.03: Sebastian says that we can implement everything, but we want to make the system easy to use and manageable at the end of the day. We wanted to bring a difference in a benefit to invite.

3 Key Highlights

  1. The main features of PreciseFP is to build a journey from start to finish and automated components that are the fact-finders, PDF markers; it is a CRM or financial planning software.

  2. Sebastian says that they want to make and enable the right tech that they can use within your practice. Data gathering is one thing, and then managing that information once it comes to you elegantly and adequately on a bucket.

  3. Sebastian says that they are building a fantastic ecosystem that will become a norm within the wealth industry. There is more to come in the next six months.

Tweetable Quotes

  • “Lead generation pieces are built interactive client engagements that you can take out of the box as we give them from a template library or build your own.” – Sebastian

  • “We build dynamic forms that do not overwhelm the user with the number of fields that the user sees on the screen. You don’t want to send a client 1000 fields to fill when maybe only 40 are relevant.” – Sebastian 

  • “Docupace does a fantastic job on the back end of any wealth management firm. They have a massive engine with rules and workflows, but they were missing the front-end piece.” – Sebastian

  • “You cannot ever compare Google forms or fillable PDFs because the difference is first impression counts with your clients.” – Sebastian

  • “With PreciseFP, we give you the ability to send a secure questionnaire without any password. You can pick an option that allows you to collect that information securely.” – Sebastian

  • “Everybody requests different things, and balancing what’s right and what will not work is a real challenge.” – Sebastian

Resources Mentioned:

Fintech ImpactJason PereiraFintech