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Fintech Impact

Jason Pereira

1
Followers
4
Plays
Fintech Impact

Fintech Impact

Jason Pereira

1
Followers
4
Plays
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About Us

Fintech Impact is an exploration of the fintech world where we interview different fintech entrepreneurs about what they do, their story, and what their impact is on consumers, incumbents, and the industry is as a whole.

Latest Episodes

Better Money Choices with Doug Dahmer (CEO) | E105

Summary:In this 105th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host welcomes Doug Dahmer, CEO of Better Money Choices, to talk about democratizing financial planning, having a long-term view of planning, and more.Episode Highlights:● 00:32: – Better Money Choices is a financial platform that puts the power in the consumer’s hands.● 01:25: – Before Better Money Choices, Doug founded Retirement Navigator.● 02:22: – Better Money Choices allows consumers to gamify their choices to explore what their financial options are.● 04:50: – The biggest obstacle to financial planning is the initial data collection, so the Better Money Choices platform has a wizard that allows for that data collection in 7.5 minutes or less, and to identify the places that need further detail and clarity later.● 08:59: – Financial planning is a verb, not a noun.● 10:20: – Better Money Choices is owned by the client and can be shared with any other financial advisor if the client wants a second opinion.● 13:12: – The platform is based on the idea of adult learning; it isn’t effective to tell an adult what to do, but if you give them the tools to learn, then they’ll come to you for help.● 20:24: – Doug is able to duplicate a client’s plan to play around with it and explore options without touching their actual plan, but then can send that new version of the plan back to the client for review.● 21:50: – It’s almost never as easy or simple as choosing one option or another.● 24:06: – Financial advisor decisions are best guesses at the time of the decision based on the information they have and the factors at play.● 26:17: – The majority of Doug’s time is spent reassuring high-income people that they can spend money and won’t run out of money, which sounds strange to the average person who typically overspends.● 27:40: – Doug pushes clients to decide if their current life is the best life they can live, if this is their goal, or if they can reallocate their money to get closer to goals.● 31:27: – If Doug could change one thing in the industry, it would be to democratize access to financial planning.● 32:06: – Doug’s biggest challenge has been the current state of the financial services industry and the lack of new thinking.● 35:06: – What excites Doug the most is that the need out there is so huge, and he wants to get out there as fast as he can.3 Key Points1. Financial planning isn’t a one-time action, but an ongoing process.2. Better Money Choices empowers clients to learn the process and help them makedecisions or propose changes to a financial advisor themselves instead of relying entirely on someone else to tell them what to do.3. People should stop looking at financial choices as permanent or definitive when the best anyone can do is to make their best guess based on the information they have at the time.Tweetable Quotes:● “Close to 30 years of financial planning has taught me that it’s not the latte’s that are killing financial plans. What’s killing financial plans is that people aren’t getting what they want because they don’t know what they want.” –Doug Dahmer● “More of one thing usually means less of another. What choice do you want to make? Your life will be defined by those choices, but now for the first time in your life you have a tool that allows you to discover the outcome of those choices before you make them.” –Doug DahmerResources Mentioned:● Facebook – Jason Pereira’s Facebook● LinkedIn – Jason Pereira’s LinkedIn● FintechImpact.co – Website for Fintech Impact● Better Money Choices website – http://web.bettermoneychoices.com/index.html● Doug Dahmer Twitter – https://twitter.com/dougdahmer2Full Transcript

36 MIN2 d ago
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Better Money Choices with Doug Dahmer (CEO) | E105

Soarpay with Scott Hawksworth (SMD) | E104

Summary:In this 104th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host interviews Scott Hawksworth, Sales and Marketing Director at Soar Payments. Soar Payments is a company that focuses on providing payment solutions to higher risk businesses in the United States. Scott Hawksworth explains chargebacks, examples of high-risk businesses that banks tend to have trouble with, and the value that Soar Payments offers to its clients.Episode Highlights:● 00:33: – Scott Hawksworth defines Soar Payments.● 01:11: – Soar Pay was launched in 2015 in Houston, Texas.● 03:10: – What are examples of higher-risk industries from the standpoint of payment processing companies and banks?● 06:38: – Scott explains a chargeback and why the threshold is a small number.● 10:51: – How is Soar Payments solving this problem?● 12:11: – Soar Payments’ goal is to present merchants in places where they have the best chance of getting appr...

28 MIN1 w ago
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Soarpay with Scott Hawksworth (SMD) | E104

Wealthbar & Snap Projections with Tea Nicola (CEO) & Pawel Brzeminski | E103

Summary:In this 103rd episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host welcomes Tea Nicola, Co-founder and CEO of Wealthbar, and Pawel Brzeminski, Founder and CEO of Snap Projections, to talk about what led to their companies’ partnership, fintech’s rise and the financial planning industry’s move towards technology, and more.Episode Highlights:● 00:46: – Wealthbar is one of Canada’s first robo-advisors.● 01:18: – Snap Projections is a financial planning platform for advisors.● 02:38: – Tea was interested in Snap Projections after using it herself for years as a solution to having to do calculations in Excel and then manually transfer data over into reports for clients.● 04:33: – Pawel was interested in the relationship because he wanted a partner to help grow and improve the platform.● 06:44: – Snap Projections has helped Wealthbar grow because it has been helpful to own software that allows advisors to wo...

38 MIN2 w ago
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Wealthbar & Snap Projections with Tea Nicola (CEO) & Pawel Brzeminski | E103

Haven Life with Yaron Ben-Zvi (CEO) | E102

In this 102nd episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host welcomes Yaron Ben-Zvi, founder of Haven Life, to talk about how he ended up in the life insurance industry, the problems he found once he got there, and how Haven Life aims to fix those problems.Episode Highlights:00:36: – Haven Life is a service that rethinks how people purchase life insurance policies using better tech.01:24: – Yaron started Haven Life because he was shocked at how outdated the process was when he went to purchase his first life policy after the birth of his first child.04:25: –Every step of purchasing life insurance had tons of friction that Yaron believed could be alleviated using technology, from understanding the product to applying to underwriting and the customer decision.05:25: –Jason notes that Yaron includes policy examples in the application process to remove the intimidation factor.06:54: –The best insights while developin...

25 MIN3 w ago
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Haven Life with Yaron Ben-Zvi (CEO) | E102

Mylo with Phil Barrar (CEO) | E101

Summary:In this 101st episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host welcomes Phillip Barrar, founder of the Mylo savings and investment app, to talk about banking differences in Canada versus the EU, banking regulations, and more.Episode Highlights:● 00:33: – Mylo is an app that rounds up your purchases and invests the change to help you work towards your savings goals.● 03:18: – Phillip started Mylo after he was already teaching his friends and family savings techniques.● 04:24: – Canada has an under-banked population and aren’t saving or investing.● 04:40: – 53% of Canadians have under $1,000 in their bank account.● 04:54: – For Phillip, it’s about inclusion; how do you make products more accessible and affordable and remove friction points?● 09:06: – The roundup process in Mylo helps people go from saving nothing to saving their first $1,000 in a year.● 09:15: – Users can also set up recurring deposits in addition to the roundup.● 09:47: – Users typically save between $10-30 in roundups over the course of a week.● 10:16: – Mylo is not investment focused, it’s life goal-focused for users.● 10:46: – Each goal you set up in Mylo has its own risk profile and allows you to invest differently depending upon the goal time frame and your preferences.● 12:29: – Mylo isn’t monetized off of robo-investor fees, but from $1-3/month subscription fees.● 13:24: – Mylo also offers cash back offers with partner brands.● 16:01: – Phillip is expanding Mylo into the EU.● 16:50: – Banks regularly change their websites and APIs to break connections with third party aggregator apps.● 18:09: – Companies in most English-speaking countries are afraid to expand to the EU because it’s multilingual and multi-domicile, but for Mylo, which was founded in the bilingual Montreal, it felt natural.● 22:55: – Mylo partners with Canada Helps and allows you to connect a goal to a charity and directly give to them through the platform.● 23:28: – Mylo recently launched a beta version of Mylo Advisor, which allows you to ask a one-off question to a financial planner.● 24:58: – Most Mylo users are high-income users for the age group.● 28:45: – If Phillip could change one thing in the industry it would be to push people on the regulatory side to be more open to change more quickly in order to remove friction.● 30:10: – The biggest challenge has been that the bar to get funding is so much higher in fintech than in other industries due to the money needed to navigate regulatory bodies.● 31:59: – What most excites Phillip are the messages he gets from users.3 Key Points1. Canada is an underbanked population that does not save or invest its money.2. Mylo is focused on helping users achieve their financial goals.3. Banking security comes from regulation not from the size of the bank.Tweetable Quotes:● “We need to be able to start putting together the right practices in place. It’s something everyone wants to do. It’s more financial literacy through doing versus more financial literacy through learning or education.” –Phillip BarrarResources Mentioned:● Facebook – Jason Pereira’s Facebook● LinkedIn – Jason Pereira’s LinkedIn● FintechImpact.co – Website for Fintech Impact● https://mylo.ai/

34 MIN2019 DEC 24
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Mylo with Phil Barrar (CEO) | E101

Episode 100 with Michael Kitces | E100

Summary:In this 100th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host welcomes Michael Kitces of the Nerd’s Eye View blog, XYPN, and AdvicePay, to talk about product iteration, specialization within the field of financial planning and more.Episode Highlights:● 01:40: – Michael ended up in financial services by accident after majoring in Psychology and minoring in Theatre in undergrad.● 02:55: – Michael had a job selling life insurance policies, and he hated it and was bad at it, but luckily ended up finding mentorship from the one certified financial planner in the company.● 06:25: – Michael sees the evolution of the fintech space as having several small epochs.● 08:35: – Developers tried making a holy grail all-in-one software which resulted in every area of the program being mediocre.● 09:02: – The rise of APIs have turned the industry upside down, allowing financial planners to create their own perfect all-in-one solution.● 12:55: – Small companies that specialize can evolve so much faster than any enterprise software ever could.● 16:22: – Michael observes that most fintech software companies in the US are homegrown, with developers trying to solve problems, rather than big venture-funded startups.● 18:00: – Scaling your product to enterprise solutions means pivoting to a lot of enterprise features and iterations instead of iterating on your core product for end users.● 19:45: – Because enterprise companies evolve more slowly, when they approach smaller companies for solutions they’re often asking them to move backwards to match where their advisors are in their mindsets.● 22:20: – Michael believes that financial planning software has the most room for disruption of any software category.● 25:30: – It is still useful to know old, antiquated programming languages because companies that have evolved slowly and are still written in old code need people who understand that architecture in order to modernize it.● 27:45: – Michael sees a lot of companies trying to solve culture and training problems with technology instead of addressing the real issues.● 29:20: – Companies trying to pivot to financial planning advice without certified financial planners means the employees are selling the plan as a product rather than providing advice as added value.● 31:10: – In order to reduce liability that comes up with offering advice, companies centralize their planning departments and put excessive compliance procedures in place.● 33:24: – A lot of specialized programs are cropping up to streamline processes for things like planning for your money management in the event that you are cognitively impaired with dementia, for parents and children managing student loans, etc.● 37:50: – If Michael could make one change to the industry it would be to decrease the requirements to be called a financial advisor.● 39:00: – The biggest challenge Michael has faced is figuring out how to get out of his own way.● 40:53: – What excites Michael and gets him out of bed in the morning is, surprisingly, checking his email.3 Key Points1. The development of APIs has allowed for much faster iteration and development.2. You can’t solve company culture problems with tech.3. The fintech space has so much room for disruption and specialization.Tweetable Quotes:● “You’re still going to get out-expertised, out-devved, out-scaled, out-manned, because the independent companies have been able to get so large. I think it’s a thing that could not have happened until the internet showed up and API connectivity became possible.” – Michael KitcesResources Mentioned:● Facebook – Jason Pereira’s Facebook● LinkedIn – Jason Pereira’s LinkedIn● FintechImpact.co – Website for Fintech Impact● https://www.kitces.com/● https://www.kitces.com/blog/category/21-financial-advisor-success-podcast/● https://www.xyplanningnetwork.com/● https://advicepay.com/● https://twitter.com/MichaelKitces● https://www.pinnacleadv

44 MIN2019 DEC 17
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Episode 100 with Michael Kitces | E100

Learnedly with John Waldron (CEO) | E99

Summary:In this 99th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host welcomes John Waldron, founder of Learnedly, to talk about how financial services firms handle ongoing education.Episode Highlights:● 00:30: – John explains Learnedly as Lynda.com/LinkedIn Learning but for Canadian financial services professionals.● 01:37: – John founded Learnedly because he found that it’s empowering to learn new ways to help your clients, and he wanted to make that learning accessible.● 02:55: – There was a demand in the industry for video-based content that was accessible on mobile.● 05:00: – A lot of Learnedly is inspired by and based in part on Lynda.com, which has now even sent Learnedly business.● 06:51: – With things changing in the industry and with technology so quickly, a platform that can be updated and referenced in real-time became more and more necessary.● 08:42: – With short-form courses like this, you can make a commitment to lifelong learning with only 30 minutes a week.● 09:25: – People are most motivated to learn and retain the information the best when they are in a position of needing to know something, and then put that knowledge to use shortly thereafter.● 11:00: – We take for granted how incredible a resource YouTube is, providing all this education for free, but you have to wade through a lot of low-quality content and Learnedly is a curated, high-quality platform.● 11:30: – Learnedly costs only $20 per month, in alignment with John’s belief that education is a right, not a privilege, and should be priced accordingly.● 12:15: – John shares how he was introduced to the financial services world by taking a Securities course in order to learn how to be responsible with his own money.● 17:00: – Some of Learnedly’s courses are approved for Continuing Education credits, and users can expect a true mobile experience with video that can stream on desktop, tablet, or phone, and can be downloaded for offline viewing.● 19:03: – Everything on Learnedly is researched and written beforehand, and video content takes ten times the effort of merely writing when you have to prepare, film, and edit the videos.● 20:55: – Learnedly has received positive feedback thus far and they plan to grow exponentially over the next six months.● 23:09: – In addition to supporting your current work needs, Learnedly can be used to grow your skills and help you advance in your career.● 28:10: – An advantage to Learnedly is that because their content is so modular, in 1-2 minute videos, if something changes in the industry, they only have to edit and replace small clips rather than entire courses.● 29:13: – If John could change one thing in the industry, it would be the level of complacency.● 31:50: – AI and automation are real things that will impact the industry in the future.● 33:35: – The advisors who believe that automation will eliminate their jobs are usually the advisors who don’t often deal with people face-to-face and those who treat their jobs in a highly transactional way that could easily be replaced by a computer.● 36:53: – The biggest challenge has been that Learnedly is a subscription service, so getting the content ready for launch and continuing to build the library was a big lift.● 39:18: – John is most excited about filling the need for education among the financial services industry.3 Key Points1. Learnedly supports an attitude of lifelong learning.2. Learnedly disrupts the traditional model of very expensive, outdated certification courses.3. The future is not a choice between human labor and automation, but will inevitably be a hybrid.Tweetable Quotes:● “People learn more and they retain more when they need to know something. When they’re in that moment where they need to know, that’s when they are motivated to learn and when their retention is the greatest.” –John Waldron● “One of the other big challenges is that regulations do change, taxes change, new tax

45 MIN2019 DEC 10
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Learnedly with John Waldron (CEO) | E99

Information Venture Partners with Toan Huynh (Partner) | E98

Summary:In this 98th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host welcomes Toan Huynh, from the VC firm Information Venture Partners, to talk about automation, what an “early stage” company means to IVP, and how to explain venture capital to a five-year-old.Episode Highlights:● 00:42: – Information Venture Partners is a venture fund that focuses on enterprise SaaS in the financial services market.● 01:02: – Research confirms that the spend by financial services SaaS companies will triple every year of the millennium.● 01:20: – They are an early stage investor that works to help scale a company.● 04:52: – The company Toan worked for became partners with Salesforce early in its life.● 08:33: – IVP is interested in piping and helping banks and other companies digitize their back end and digitize the user experience and employee experience.● 09:28: – Online SaaS platforms are more flexible than downloadable software; it turns a fixed cost into a variable cost.● 13:14: – When talking to entrepreneurs, Toan reminds them that they are solving a problem in a way of doing things that a company has been entrenched in for many years, so you can’t just march in and say stop what you’re doing.● 13:35: – The sales cycle in these scenarios isn’t quick as a result.● 14:50: – Automation isn’t scary, it’s necessary.● 15:38: – True automation isn’t here yet.● 17:02: – YayPay is a company in their portfolio that automates accounts receivable to free up CFOs to manage financial planning and strategy instead of collections.● 18:37: – Another company in their portfolio is Procurify, which provides insights on expense management.● 20:05: – Knowtions Research uses natural language processing and AI to improve health insurance for people with preexisting conditions or terminal illness, and how to use the same systems to help insurance companies combat fraud and abuse.● 21:10: – Start your business where you can test your model and troubleshoot.● 22:45: – To Toan, funding eligibility for IVP means being a fintech company aiming to solve a problem in the financial services or healthcare space.● 23:37: – Companies they fund are “early stage” companies, which means different things to different funders and depends upon whether your clients are individuals or enterprise.● 25:47: – If Toan could change one thing about her industry, it would be to improve gender parity.● 27:50: – Try not to make the excuse of a pipeline issue for not hiring diversely; instead, take a risk on somebody.● 28:17: – Toan advocates for bringing back the apprenticeship model.● 28:52: – Entrepreneurs should take a long view of their partnerships; money is only half the equation, and the other half is growing a team.● 31:05: – One of IVP’s biggest challenges has been marketing.● 32:40: – Toan explains venture capital to her five year old as “growing baby companies.”3 Key Points1. Companies that IVP funds are ones that are working to solve a problem in the financialservices or healthcare industries, mainly by digitizing and automating processes that improve user experience.2. Automation isn’t a threat, it’s necessary for the industry to stay competitive.3. Citing a pipeline issue is no excuse for lack of diversity in hiring.Tweetable Quotes:● “Automation is a necessity for us to compete globally.” –Toan Huynh● “Founders become funders... We need to be consciously investing in non-traditional founders and diverse founders so we can spread the pool of potential wealth accumulation a little bit better. And that’ll create better opportunities for everybody.” –Toan HuynhResources Mentioned:● Facebook – Jason Pereira’s Facebook● LinkedIn – Jason Pereira’s LinkedIn● FintechImpact.co – Website for Fintech Impact● https://www.informationvp.com/● https://www.linkedin.com/in/toanhuynh● https://www.yaypay.com/● https://www.procurify.com/● https://www.knowtions.com/

34 MIN2019 DEC 3
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Information Venture Partners with Toan Huynh (Partner) | E98

BizEquity with Jason Early (CRO) | E97

Summary:In this 97th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host welcomes Jason Early, Chief Revenue Officer of the cloud-based business valuation platform BizEquity.Episode Highlights:● 00:43: – BizEquity is a cloud-based business valuation platform.● 01:25: – Jason Early comes from a financial services background.● 02:52: – A lot of business owners fixate on a number they think their company is worth and then are shocked when it isn’t as valuable as they thought, so BizEquity provides transparency to the valuation process for business owners.● 03:45: – BizEquity uses a simple seven-step process to input your financial data and watch the valuation number dynamically change throughout, then gives you a 20 page valuation report that benchmarks them against industry peers.● 07:05: – Traditional valuation assessments are only a snapshot in time, but using BizEquity means your advisor can come back to you la...

19 MIN2019 NOV 26
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BizEquity with Jason Early (CRO) | E97

nanopay with Laurence Cooke (CEO) | E96

In this 96th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host welcomes Laurence Cooke, founder of nanopay, a payment platform that allows vendors to settle payments faster than traditional banking infrastructure.Episode Highlights:● 00:31: – Laurence founded nanopay in 2013 with the goal of creating digital cash as opposed to a cryptocurrency.● 01:30: – At his former job in telecommunications, Laurence proposed offering free access to a SIM card so they could control all transactions and monetize it later, but the company wanted to determine how to monetize it first.● 01:57: – Jason agrees, using Facebook as an example of a company that got millions of people in their network for free and monetized later once they had a foundation.● 02:25: – Infrastructure used to require huge upfront costs for hardware, but now infrastructure is software and is much easier and cheaper to implement.● 03:00: – Jason points out that paying with a credit card is like a game of roulette, where you don’t know if it will be chip and PIN, swipe, contactless pay, Apple Pay, whether you will be asked for a signature, etc.● 04:08: – Laurence says that in Canada, there are about $50 billion in payment friction.● 04:57: – The poorest people end up paying the most for basic services.● 05:15: – nanopay’s goal is to make their money from the wealthiest people so they can offer free transactions to the poorest people.● 05:50: – Most improvements in payments have been in user interface and user experience, rather than the underlying infrastructure.● 06:32: – nanopay uses centralized blockchain technology rather than distributed.● 07:29: – Their infrastructure can do 60,000 transactions per second on a laptop, as compared to current infrastructure that can’t do 50,000 transactions per second.● 08:04: – nanopay’s cost per transaction per second is almost 100,000x cheaper.● 09:40: – Payments should work 100% of the time, like cash in a digital format.● 10:38: – nanopay focuses on solutions for banks and accounting firms rather than individual businesses, although a business can sign up using their SaaS platform.● 12:30: – To be a competitive business today, you need good telecom infrastructure and a good and thriving payment ecosystem.● 14:50: – For banks to compete against cryptocurrency to maintain the sovereignty of their currency, they have to digitize their currency.● 18:20: – You always have to be investing in cybersecurity in order to stay competitive.● 18:48: – They want to eventually open source all of their user interfaces.● 19:30: – nanopay allows for cloud deployment, and most of their business is in the cloud because it’s a much faster and easier way to innovate.● 20:39: – Major banks dealing with hundreds of billions of dollars of transactions and needing to manage cash flow and liquidity implement the infrastructure on premise and not in the cloud.● 22:00: – We have to get away from the mindset that we can’t innovate without permission.● 23:39: – Their biggest challenge has been wanting to move quickly, but have been delayed by regulatory issues in dealing with people’s money.● 24:18: – Most of their opportunities are abroad and not in Canada.● 26:08: – Laurance is most passionate about making a difference on a global scale.3 Key Points1. Building a base for free and monetizing later sounds backwards but often has muchlonger-lasting effects, like with Facebook.2. Most improvements to payment technology has happened at the user experience leveland not the underlying infrastructure where innovation is more sorely needed.3. Not being competitive in this market will lead to a devaluation of currency in favor of cryptocurrencies or other options with better, more trustworthy, faster infrastructure.Tweetable Quotes:● “It’s absurd that you can send a wire and not know where it is for days on end, and that can be a $16 million wire, but you know where your pizza is, which is only 16

28 MIN2019 NOV 19
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nanopay with Laurence Cooke (CEO) | E96

Latest Episodes

Better Money Choices with Doug Dahmer (CEO) | E105

Summary:In this 105th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host welcomes Doug Dahmer, CEO of Better Money Choices, to talk about democratizing financial planning, having a long-term view of planning, and more.Episode Highlights:● 00:32: – Better Money Choices is a financial platform that puts the power in the consumer’s hands.● 01:25: – Before Better Money Choices, Doug founded Retirement Navigator.● 02:22: – Better Money Choices allows consumers to gamify their choices to explore what their financial options are.● 04:50: – The biggest obstacle to financial planning is the initial data collection, so the Better Money Choices platform has a wizard that allows for that data collection in 7.5 minutes or less, and to identify the places that need further detail and clarity later.● 08:59: – Financial planning is a verb, not a noun.● 10:20: – Better Money Choices is owned by the client and can be shared with any other financial advisor if the client wants a second opinion.● 13:12: – The platform is based on the idea of adult learning; it isn’t effective to tell an adult what to do, but if you give them the tools to learn, then they’ll come to you for help.● 20:24: – Doug is able to duplicate a client’s plan to play around with it and explore options without touching their actual plan, but then can send that new version of the plan back to the client for review.● 21:50: – It’s almost never as easy or simple as choosing one option or another.● 24:06: – Financial advisor decisions are best guesses at the time of the decision based on the information they have and the factors at play.● 26:17: – The majority of Doug’s time is spent reassuring high-income people that they can spend money and won’t run out of money, which sounds strange to the average person who typically overspends.● 27:40: – Doug pushes clients to decide if their current life is the best life they can live, if this is their goal, or if they can reallocate their money to get closer to goals.● 31:27: – If Doug could change one thing in the industry, it would be to democratize access to financial planning.● 32:06: – Doug’s biggest challenge has been the current state of the financial services industry and the lack of new thinking.● 35:06: – What excites Doug the most is that the need out there is so huge, and he wants to get out there as fast as he can.3 Key Points1. Financial planning isn’t a one-time action, but an ongoing process.2. Better Money Choices empowers clients to learn the process and help them makedecisions or propose changes to a financial advisor themselves instead of relying entirely on someone else to tell them what to do.3. People should stop looking at financial choices as permanent or definitive when the best anyone can do is to make their best guess based on the information they have at the time.Tweetable Quotes:● “Close to 30 years of financial planning has taught me that it’s not the latte’s that are killing financial plans. What’s killing financial plans is that people aren’t getting what they want because they don’t know what they want.” –Doug Dahmer● “More of one thing usually means less of another. What choice do you want to make? Your life will be defined by those choices, but now for the first time in your life you have a tool that allows you to discover the outcome of those choices before you make them.” –Doug DahmerResources Mentioned:● Facebook – Jason Pereira’s Facebook● LinkedIn – Jason Pereira’s LinkedIn● FintechImpact.co – Website for Fintech Impact● Better Money Choices website – http://web.bettermoneychoices.com/index.html● Doug Dahmer Twitter – https://twitter.com/dougdahmer2Full Transcript

36 MIN2 d ago
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Better Money Choices with Doug Dahmer (CEO) | E105

Soarpay with Scott Hawksworth (SMD) | E104

Summary:In this 104th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host interviews Scott Hawksworth, Sales and Marketing Director at Soar Payments. Soar Payments is a company that focuses on providing payment solutions to higher risk businesses in the United States. Scott Hawksworth explains chargebacks, examples of high-risk businesses that banks tend to have trouble with, and the value that Soar Payments offers to its clients.Episode Highlights:● 00:33: – Scott Hawksworth defines Soar Payments.● 01:11: – Soar Pay was launched in 2015 in Houston, Texas.● 03:10: – What are examples of higher-risk industries from the standpoint of payment processing companies and banks?● 06:38: – Scott explains a chargeback and why the threshold is a small number.● 10:51: – How is Soar Payments solving this problem?● 12:11: – Soar Payments’ goal is to present merchants in places where they have the best chance of getting appr...

28 MIN1 w ago
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Soarpay with Scott Hawksworth (SMD) | E104

Wealthbar & Snap Projections with Tea Nicola (CEO) & Pawel Brzeminski | E103

Summary:In this 103rd episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host welcomes Tea Nicola, Co-founder and CEO of Wealthbar, and Pawel Brzeminski, Founder and CEO of Snap Projections, to talk about what led to their companies’ partnership, fintech’s rise and the financial planning industry’s move towards technology, and more.Episode Highlights:● 00:46: – Wealthbar is one of Canada’s first robo-advisors.● 01:18: – Snap Projections is a financial planning platform for advisors.● 02:38: – Tea was interested in Snap Projections after using it herself for years as a solution to having to do calculations in Excel and then manually transfer data over into reports for clients.● 04:33: – Pawel was interested in the relationship because he wanted a partner to help grow and improve the platform.● 06:44: – Snap Projections has helped Wealthbar grow because it has been helpful to own software that allows advisors to wo...

38 MIN2 w ago
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Wealthbar & Snap Projections with Tea Nicola (CEO) & Pawel Brzeminski | E103

Haven Life with Yaron Ben-Zvi (CEO) | E102

In this 102nd episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host welcomes Yaron Ben-Zvi, founder of Haven Life, to talk about how he ended up in the life insurance industry, the problems he found once he got there, and how Haven Life aims to fix those problems.Episode Highlights:00:36: – Haven Life is a service that rethinks how people purchase life insurance policies using better tech.01:24: – Yaron started Haven Life because he was shocked at how outdated the process was when he went to purchase his first life policy after the birth of his first child.04:25: –Every step of purchasing life insurance had tons of friction that Yaron believed could be alleviated using technology, from understanding the product to applying to underwriting and the customer decision.05:25: –Jason notes that Yaron includes policy examples in the application process to remove the intimidation factor.06:54: –The best insights while developin...

25 MIN3 w ago
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Haven Life with Yaron Ben-Zvi (CEO) | E102

Mylo with Phil Barrar (CEO) | E101

Summary:In this 101st episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host welcomes Phillip Barrar, founder of the Mylo savings and investment app, to talk about banking differences in Canada versus the EU, banking regulations, and more.Episode Highlights:● 00:33: – Mylo is an app that rounds up your purchases and invests the change to help you work towards your savings goals.● 03:18: – Phillip started Mylo after he was already teaching his friends and family savings techniques.● 04:24: – Canada has an under-banked population and aren’t saving or investing.● 04:40: – 53% of Canadians have under $1,000 in their bank account.● 04:54: – For Phillip, it’s about inclusion; how do you make products more accessible and affordable and remove friction points?● 09:06: – The roundup process in Mylo helps people go from saving nothing to saving their first $1,000 in a year.● 09:15: – Users can also set up recurring deposits in addition to the roundup.● 09:47: – Users typically save between $10-30 in roundups over the course of a week.● 10:16: – Mylo is not investment focused, it’s life goal-focused for users.● 10:46: – Each goal you set up in Mylo has its own risk profile and allows you to invest differently depending upon the goal time frame and your preferences.● 12:29: – Mylo isn’t monetized off of robo-investor fees, but from $1-3/month subscription fees.● 13:24: – Mylo also offers cash back offers with partner brands.● 16:01: – Phillip is expanding Mylo into the EU.● 16:50: – Banks regularly change their websites and APIs to break connections with third party aggregator apps.● 18:09: – Companies in most English-speaking countries are afraid to expand to the EU because it’s multilingual and multi-domicile, but for Mylo, which was founded in the bilingual Montreal, it felt natural.● 22:55: – Mylo partners with Canada Helps and allows you to connect a goal to a charity and directly give to them through the platform.● 23:28: – Mylo recently launched a beta version of Mylo Advisor, which allows you to ask a one-off question to a financial planner.● 24:58: – Most Mylo users are high-income users for the age group.● 28:45: – If Phillip could change one thing in the industry it would be to push people on the regulatory side to be more open to change more quickly in order to remove friction.● 30:10: – The biggest challenge has been that the bar to get funding is so much higher in fintech than in other industries due to the money needed to navigate regulatory bodies.● 31:59: – What most excites Phillip are the messages he gets from users.3 Key Points1. Canada is an underbanked population that does not save or invest its money.2. Mylo is focused on helping users achieve their financial goals.3. Banking security comes from regulation not from the size of the bank.Tweetable Quotes:● “We need to be able to start putting together the right practices in place. It’s something everyone wants to do. It’s more financial literacy through doing versus more financial literacy through learning or education.” –Phillip BarrarResources Mentioned:● Facebook – Jason Pereira’s Facebook● LinkedIn – Jason Pereira’s LinkedIn● FintechImpact.co – Website for Fintech Impact● https://mylo.ai/

34 MIN2019 DEC 24
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Mylo with Phil Barrar (CEO) | E101

Episode 100 with Michael Kitces | E100

Summary:In this 100th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host welcomes Michael Kitces of the Nerd’s Eye View blog, XYPN, and AdvicePay, to talk about product iteration, specialization within the field of financial planning and more.Episode Highlights:● 01:40: – Michael ended up in financial services by accident after majoring in Psychology and minoring in Theatre in undergrad.● 02:55: – Michael had a job selling life insurance policies, and he hated it and was bad at it, but luckily ended up finding mentorship from the one certified financial planner in the company.● 06:25: – Michael sees the evolution of the fintech space as having several small epochs.● 08:35: – Developers tried making a holy grail all-in-one software which resulted in every area of the program being mediocre.● 09:02: – The rise of APIs have turned the industry upside down, allowing financial planners to create their own perfect all-in-one solution.● 12:55: – Small companies that specialize can evolve so much faster than any enterprise software ever could.● 16:22: – Michael observes that most fintech software companies in the US are homegrown, with developers trying to solve problems, rather than big venture-funded startups.● 18:00: – Scaling your product to enterprise solutions means pivoting to a lot of enterprise features and iterations instead of iterating on your core product for end users.● 19:45: – Because enterprise companies evolve more slowly, when they approach smaller companies for solutions they’re often asking them to move backwards to match where their advisors are in their mindsets.● 22:20: – Michael believes that financial planning software has the most room for disruption of any software category.● 25:30: – It is still useful to know old, antiquated programming languages because companies that have evolved slowly and are still written in old code need people who understand that architecture in order to modernize it.● 27:45: – Michael sees a lot of companies trying to solve culture and training problems with technology instead of addressing the real issues.● 29:20: – Companies trying to pivot to financial planning advice without certified financial planners means the employees are selling the plan as a product rather than providing advice as added value.● 31:10: – In order to reduce liability that comes up with offering advice, companies centralize their planning departments and put excessive compliance procedures in place.● 33:24: – A lot of specialized programs are cropping up to streamline processes for things like planning for your money management in the event that you are cognitively impaired with dementia, for parents and children managing student loans, etc.● 37:50: – If Michael could make one change to the industry it would be to decrease the requirements to be called a financial advisor.● 39:00: – The biggest challenge Michael has faced is figuring out how to get out of his own way.● 40:53: – What excites Michael and gets him out of bed in the morning is, surprisingly, checking his email.3 Key Points1. The development of APIs has allowed for much faster iteration and development.2. You can’t solve company culture problems with tech.3. The fintech space has so much room for disruption and specialization.Tweetable Quotes:● “You’re still going to get out-expertised, out-devved, out-scaled, out-manned, because the independent companies have been able to get so large. I think it’s a thing that could not have happened until the internet showed up and API connectivity became possible.” – Michael KitcesResources Mentioned:● Facebook – Jason Pereira’s Facebook● LinkedIn – Jason Pereira’s LinkedIn● FintechImpact.co – Website for Fintech Impact● https://www.kitces.com/● https://www.kitces.com/blog/category/21-financial-advisor-success-podcast/● https://www.xyplanningnetwork.com/● https://advicepay.com/● https://twitter.com/MichaelKitces● https://www.pinnacleadv

44 MIN2019 DEC 17
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Episode 100 with Michael Kitces | E100

Learnedly with John Waldron (CEO) | E99

Summary:In this 99th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host welcomes John Waldron, founder of Learnedly, to talk about how financial services firms handle ongoing education.Episode Highlights:● 00:30: – John explains Learnedly as Lynda.com/LinkedIn Learning but for Canadian financial services professionals.● 01:37: – John founded Learnedly because he found that it’s empowering to learn new ways to help your clients, and he wanted to make that learning accessible.● 02:55: – There was a demand in the industry for video-based content that was accessible on mobile.● 05:00: – A lot of Learnedly is inspired by and based in part on Lynda.com, which has now even sent Learnedly business.● 06:51: – With things changing in the industry and with technology so quickly, a platform that can be updated and referenced in real-time became more and more necessary.● 08:42: – With short-form courses like this, you can make a commitment to lifelong learning with only 30 minutes a week.● 09:25: – People are most motivated to learn and retain the information the best when they are in a position of needing to know something, and then put that knowledge to use shortly thereafter.● 11:00: – We take for granted how incredible a resource YouTube is, providing all this education for free, but you have to wade through a lot of low-quality content and Learnedly is a curated, high-quality platform.● 11:30: – Learnedly costs only $20 per month, in alignment with John’s belief that education is a right, not a privilege, and should be priced accordingly.● 12:15: – John shares how he was introduced to the financial services world by taking a Securities course in order to learn how to be responsible with his own money.● 17:00: – Some of Learnedly’s courses are approved for Continuing Education credits, and users can expect a true mobile experience with video that can stream on desktop, tablet, or phone, and can be downloaded for offline viewing.● 19:03: – Everything on Learnedly is researched and written beforehand, and video content takes ten times the effort of merely writing when you have to prepare, film, and edit the videos.● 20:55: – Learnedly has received positive feedback thus far and they plan to grow exponentially over the next six months.● 23:09: – In addition to supporting your current work needs, Learnedly can be used to grow your skills and help you advance in your career.● 28:10: – An advantage to Learnedly is that because their content is so modular, in 1-2 minute videos, if something changes in the industry, they only have to edit and replace small clips rather than entire courses.● 29:13: – If John could change one thing in the industry, it would be the level of complacency.● 31:50: – AI and automation are real things that will impact the industry in the future.● 33:35: – The advisors who believe that automation will eliminate their jobs are usually the advisors who don’t often deal with people face-to-face and those who treat their jobs in a highly transactional way that could easily be replaced by a computer.● 36:53: – The biggest challenge has been that Learnedly is a subscription service, so getting the content ready for launch and continuing to build the library was a big lift.● 39:18: – John is most excited about filling the need for education among the financial services industry.3 Key Points1. Learnedly supports an attitude of lifelong learning.2. Learnedly disrupts the traditional model of very expensive, outdated certification courses.3. The future is not a choice between human labor and automation, but will inevitably be a hybrid.Tweetable Quotes:● “People learn more and they retain more when they need to know something. When they’re in that moment where they need to know, that’s when they are motivated to learn and when their retention is the greatest.” –John Waldron● “One of the other big challenges is that regulations do change, taxes change, new tax

45 MIN2019 DEC 10
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Learnedly with John Waldron (CEO) | E99

Information Venture Partners with Toan Huynh (Partner) | E98

Summary:In this 98th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host welcomes Toan Huynh, from the VC firm Information Venture Partners, to talk about automation, what an “early stage” company means to IVP, and how to explain venture capital to a five-year-old.Episode Highlights:● 00:42: – Information Venture Partners is a venture fund that focuses on enterprise SaaS in the financial services market.● 01:02: – Research confirms that the spend by financial services SaaS companies will triple every year of the millennium.● 01:20: – They are an early stage investor that works to help scale a company.● 04:52: – The company Toan worked for became partners with Salesforce early in its life.● 08:33: – IVP is interested in piping and helping banks and other companies digitize their back end and digitize the user experience and employee experience.● 09:28: – Online SaaS platforms are more flexible than downloadable software; it turns a fixed cost into a variable cost.● 13:14: – When talking to entrepreneurs, Toan reminds them that they are solving a problem in a way of doing things that a company has been entrenched in for many years, so you can’t just march in and say stop what you’re doing.● 13:35: – The sales cycle in these scenarios isn’t quick as a result.● 14:50: – Automation isn’t scary, it’s necessary.● 15:38: – True automation isn’t here yet.● 17:02: – YayPay is a company in their portfolio that automates accounts receivable to free up CFOs to manage financial planning and strategy instead of collections.● 18:37: – Another company in their portfolio is Procurify, which provides insights on expense management.● 20:05: – Knowtions Research uses natural language processing and AI to improve health insurance for people with preexisting conditions or terminal illness, and how to use the same systems to help insurance companies combat fraud and abuse.● 21:10: – Start your business where you can test your model and troubleshoot.● 22:45: – To Toan, funding eligibility for IVP means being a fintech company aiming to solve a problem in the financial services or healthcare space.● 23:37: – Companies they fund are “early stage” companies, which means different things to different funders and depends upon whether your clients are individuals or enterprise.● 25:47: – If Toan could change one thing about her industry, it would be to improve gender parity.● 27:50: – Try not to make the excuse of a pipeline issue for not hiring diversely; instead, take a risk on somebody.● 28:17: – Toan advocates for bringing back the apprenticeship model.● 28:52: – Entrepreneurs should take a long view of their partnerships; money is only half the equation, and the other half is growing a team.● 31:05: – One of IVP’s biggest challenges has been marketing.● 32:40: – Toan explains venture capital to her five year old as “growing baby companies.”3 Key Points1. Companies that IVP funds are ones that are working to solve a problem in the financialservices or healthcare industries, mainly by digitizing and automating processes that improve user experience.2. Automation isn’t a threat, it’s necessary for the industry to stay competitive.3. Citing a pipeline issue is no excuse for lack of diversity in hiring.Tweetable Quotes:● “Automation is a necessity for us to compete globally.” –Toan Huynh● “Founders become funders... We need to be consciously investing in non-traditional founders and diverse founders so we can spread the pool of potential wealth accumulation a little bit better. And that’ll create better opportunities for everybody.” –Toan HuynhResources Mentioned:● Facebook – Jason Pereira’s Facebook● LinkedIn – Jason Pereira’s LinkedIn● FintechImpact.co – Website for Fintech Impact● https://www.informationvp.com/● https://www.linkedin.com/in/toanhuynh● https://www.yaypay.com/● https://www.procurify.com/● https://www.knowtions.com/

34 MIN2019 DEC 3
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Information Venture Partners with Toan Huynh (Partner) | E98

BizEquity with Jason Early (CRO) | E97

Summary:In this 97th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host welcomes Jason Early, Chief Revenue Officer of the cloud-based business valuation platform BizEquity.Episode Highlights:● 00:43: – BizEquity is a cloud-based business valuation platform.● 01:25: – Jason Early comes from a financial services background.● 02:52: – A lot of business owners fixate on a number they think their company is worth and then are shocked when it isn’t as valuable as they thought, so BizEquity provides transparency to the valuation process for business owners.● 03:45: – BizEquity uses a simple seven-step process to input your financial data and watch the valuation number dynamically change throughout, then gives you a 20 page valuation report that benchmarks them against industry peers.● 07:05: – Traditional valuation assessments are only a snapshot in time, but using BizEquity means your advisor can come back to you la...

19 MIN2019 NOV 26
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BizEquity with Jason Early (CRO) | E97

nanopay with Laurence Cooke (CEO) | E96

In this 96th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host welcomes Laurence Cooke, founder of nanopay, a payment platform that allows vendors to settle payments faster than traditional banking infrastructure.Episode Highlights:● 00:31: – Laurence founded nanopay in 2013 with the goal of creating digital cash as opposed to a cryptocurrency.● 01:30: – At his former job in telecommunications, Laurence proposed offering free access to a SIM card so they could control all transactions and monetize it later, but the company wanted to determine how to monetize it first.● 01:57: – Jason agrees, using Facebook as an example of a company that got millions of people in their network for free and monetized later once they had a foundation.● 02:25: – Infrastructure used to require huge upfront costs for hardware, but now infrastructure is software and is much easier and cheaper to implement.● 03:00: – Jason points out that paying with a credit card is like a game of roulette, where you don’t know if it will be chip and PIN, swipe, contactless pay, Apple Pay, whether you will be asked for a signature, etc.● 04:08: – Laurence says that in Canada, there are about $50 billion in payment friction.● 04:57: – The poorest people end up paying the most for basic services.● 05:15: – nanopay’s goal is to make their money from the wealthiest people so they can offer free transactions to the poorest people.● 05:50: – Most improvements in payments have been in user interface and user experience, rather than the underlying infrastructure.● 06:32: – nanopay uses centralized blockchain technology rather than distributed.● 07:29: – Their infrastructure can do 60,000 transactions per second on a laptop, as compared to current infrastructure that can’t do 50,000 transactions per second.● 08:04: – nanopay’s cost per transaction per second is almost 100,000x cheaper.● 09:40: – Payments should work 100% of the time, like cash in a digital format.● 10:38: – nanopay focuses on solutions for banks and accounting firms rather than individual businesses, although a business can sign up using their SaaS platform.● 12:30: – To be a competitive business today, you need good telecom infrastructure and a good and thriving payment ecosystem.● 14:50: – For banks to compete against cryptocurrency to maintain the sovereignty of their currency, they have to digitize their currency.● 18:20: – You always have to be investing in cybersecurity in order to stay competitive.● 18:48: – They want to eventually open source all of their user interfaces.● 19:30: – nanopay allows for cloud deployment, and most of their business is in the cloud because it’s a much faster and easier way to innovate.● 20:39: – Major banks dealing with hundreds of billions of dollars of transactions and needing to manage cash flow and liquidity implement the infrastructure on premise and not in the cloud.● 22:00: – We have to get away from the mindset that we can’t innovate without permission.● 23:39: – Their biggest challenge has been wanting to move quickly, but have been delayed by regulatory issues in dealing with people’s money.● 24:18: – Most of their opportunities are abroad and not in Canada.● 26:08: – Laurance is most passionate about making a difference on a global scale.3 Key Points1. Building a base for free and monetizing later sounds backwards but often has muchlonger-lasting effects, like with Facebook.2. Most improvements to payment technology has happened at the user experience leveland not the underlying infrastructure where innovation is more sorely needed.3. Not being competitive in this market will lead to a devaluation of currency in favor of cryptocurrencies or other options with better, more trustworthy, faster infrastructure.Tweetable Quotes:● “It’s absurd that you can send a wire and not know where it is for days on end, and that can be a $16 million wire, but you know where your pizza is, which is only 16

28 MIN2019 NOV 19
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nanopay with Laurence Cooke (CEO) | E96
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