Purpose with Som Seif | E183

Innovating.

Host Jason Pereira talks to Som Seif – CEO and Founder of Purpose Financial. In today’s episode, Som is going to give his unique perspective on the FinTech industry.

  

Episode Highlights: 

  • 0.50: Som talks about “Purpose” and the idea behind its launch. He adds that they are re-inventing the business in 4 core areas – Asset Management, Retirement, Wealth Management, and Small Business owners.

  • 03.04: Jason highlights Som’s venture capital history and success stories. 

  • 03.28: Som shares his vision about the FinTech industry. 

  • 05.57: Som discusses how he partners with people who have similar visions like him.

  • 07.14: “We have a deep understanding of our customers and their journey; this is how we solve their problems,” says Som. 

  • 09.17: Som gives detailed insight on how his company solves a customer’s problem. He also discusses the global product that they have created. 

  • 11.19: Jason and Som discuss about the regulators. Jason says that the regulators are willing to listen if you are willing to work with them. 

  • 13.12: “Innovation is extremely important in the Fintech company,” says Som.

  • 14.15: While striving for innovation, Som is constantly searching for an answer to the question – “What is going to be the ETF 2.0?”

  • 14.42: At present, Som is learning the Tokenization of things; as per him, this is the next big thing. 

  • 17.12: Som talks about a prevalent mindset that “People who have little money, makes no money.” But Som thinks otherwise.

  • 18.42: Jason asks the listeners to imagine a universe that has something different. He says one has to come out of past methods of doing business and innovate and chart out new ways.

  • 18.59: The problem with the FinTech industry is they think on average economics, says Som.

  • 20.57: Jason brings up the topic of non-technology solutions, one that is of monumental importance in the future in the financial ecosystem.

  • 23.59: Som talks about the interesting products and processes they have launched. He also talks about the “Mortality Credit” that goes to the beneficiary.

  • 26.01: Som talks about his organization’s goal “To create income for an indefinite time period.” 

  • 27.01: Som explains how he is a big believer in the advisor’s role. 

  • 29.27: The game that big institutions are playing gives advisors the cash flow, says Som.

  • 31.01: Jason and Som point out how customers want holistic solutions to their financial problems.

  • 32.20: Som advice “If you want to true high-net-worth advisor, you should have a planning mentality to truly engage the entire balance sheet of a customer as opposed to the money that you are managing for them.” 

  • 33.23: Som talks about the biggest challenges faced by him. 

  

 3 Key Points:

  1. Som shares interesting work areas of his business. He also gives insights on his vision and how he likes to connect with like-minded professionals. 

  2. Jason explains how we are in the early innings of replacing ETFs. 

  3. Jason and Som discuss the problems that incurred the FinTech industry. They also talk about the wrong assumptions that often circulate regarding small investors.

Tweetable Quotes:

  • “Everything looks like an opportunity in retrospect that they are going to bounce back.” - Som Seif 

  • “There is a lot to learn if you have a good relationship with the regulators.” - Som Seif

  • “Regulators wants to see innovation and change.” - Jason Pereira

  • “Imagine a universe with something different.” - Jason Pereira

  • “There is a significant amount of people who needs financial advice.” - Som Seif

Resources Mentioned:

Fintech ImpactJason PereiraFintech