Fintech Impact Jason Pereira

Jason talks to Sharon Bauer, founder of Bamboo Data consulting. It is a niche privacy and security consulting firm that basically helps companies figure out how to foster trust and responsibly profit off the use of their data. Sharon's purpose is to empower businesses to make better decisions that will build sustainable privacy and security programs so that they can instil confidence in their customers, partners, and investors.
Episode Highlights
02.52: Data and monetization of private data came to be through companies like Google and Facebook.06.07: Sharon explains how laws were first and foremost designed around the surveillance economy.12.28: Sharon shares while setting up frameworks, what are the key best practice areas they look at. 17.02: Sharon explains the importance of having a standard contractual clause.19.20: Sharon talks about the misconception around data breach and how that happens.20.22: The SEC passed the rule that basically requires everybody to be certified if they are going to be a vendor that is used by someone licensed by them.26.33: If you are not going to respond to the liking of the individual or in a timely manner, they are going to go to the privacy commissioner.29.30: Sharon highlights awareness and bringing awareness to employees and making them feel really empowered that they are doing the right thing and that they are trying to work with their existing processes. 31.03: It takes 8 months to a year to truly implement a privacy program that is robust and operational.35.06: Privacy is not always top of mind for all companies. It is a huge, endeavor to educate, educate, educate, and bring awareness so that.
3 Key Points
Sharon explains how explains privacy program is for companies. If you have a chat on your website, an AI tool or maybe not even an AI tool, but it is recording. There is a transcript recording that chat and you are collecting information from the EU or UK users. You need to seek explicit consent.You need to make sure that the vendor that you are in business with also has good privacy and security practices and are not using that data for their own purpose.
Tweetable Quotes
"It has become a highly profitable stream of revenue to basically harvest this data and utilize its direct ads and doing a number of other things." – Jason"If you are collecting personal information from residents in the EU or UK or in the US, or any other legislate or jurisdiction, you need to consider whether those regulations also apply." – Sharon"Most recently Facebook came under fire again because they were collecting personal information for the purposes of hitting ads at them instead of seeking explicit consent to do that, what they did was they embedded it in the terms of use terms of service." - Sharon"I feel so fortunate to be working in an industry that is very collaborative and everyone is so supportive of each other." - Sharon
Resources Mentioned
Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – SponsorPodcast Editing

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Jason talks to Reese Harper, CEO of Elements. It is a financial planning company focused on delivering deep, meaningful conversations between clients and advisors, but specifically focused on the key things that they need to focus on in order to be effective in their financial planning journey. 
Episode Highlights
1.36: Reese shares how the idea of launching Elements came through? What factors motivated him?06.38: Reese tried to create a more efficient way to answer questions without him having to do any of the data entry or data maintenance. 07.49: As per Reese they are trying to get deeper in conversations, but not have as many extensive presentations as they are trying to put in front of people. 13.48: Saving money, spending money, paying taxes and paying debt are the four elements that are the four vital signs that cash flow is made-up of.16.02: Reese explains how the elements financial planning system scorecard works. 18.58: Reese discusses the obligation that they have as the software provider in a world where it's all about financial health. 21.28: As per Reese both benchmarks and heuristics are important and right now, they just have heuristics in the system. 23.37: Reese supports the idea of advisors using guidelines and benchmarks to motivate clients toward a healthier state when needed. 26.27: Insights engine is what are we going to surface to the advisor to show them what's going on with their clientele.30.12: Reese shares the success stories and how well the app is received by clients.33.37: Reese explains how their entire clientele is not on meetings. He is batching responses and he is doing it asynchronously.35.52: A DSO that employs like 200 dentists, it's really hard to cost effectively work with rank-and-file dentists, says Reese.
3 Key Points
Reese discusses an easy way to measure holistic financial health. He shares how the elements financial planning system helps clients to collect and organize financial data and then gives a snapshot of all their key financial health metrics–in one view.Reese talks about the three main ways that they use to interact with clients.The advisor mobile version is mostly meant for real-time analysis, and when you get on the phone with the client, you will be editing data on the fly with them. The web is there for triage and sort of book-level clientele, explains Reese. 
Tweetable Quotes
"If you ever tried to build your own software for your own needs, using your own money from profits from another business that like an advisory business to pay for software, you realize very quickly that it, it's very challenging." - Reese"You could really overwhelm people quite Quickly if you say we have to collect all the financial vital signs that exist in the world." – Reese"Benchmarking is kind of the V2 of what we see coming. It is when you can create internal when you have a large enough internal sample, you can start creating financial health metrics." - Reese"Almost everything that matters to you in your life has some representation on your phone screen." - Jason
Resources Mentioned
Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – Sponsorhttps://www.linkedin.com/in/reeseharper/

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Jason talks to Richard Vinhais CEO of WAX. It is a platform for ensuring collectible items of high value and making sure that if anything goes wrong with your treasured collectible or sentimental value object that basically you are protected. In addition, they have helped people with custody and leverage of these assets with that.
Episode Highlights
1.42: Richard talks about his background and how his journey started. 08.22: Chubb is the world's largest publicly traded property and casualty insurer. They have 200 billion in assets, maybe 40 billion plus in gross premium. They are who you want and they kind of concentrate on the high network space. 10.10: Richard talks about the lending business that they launched the previous quarter which is really in pilot.11.15: Richard explains in the collection management process there is an element of doing kind of a rapid income analysis on the individual rapid employment data. 13.14: Richard shares how they determine the value of assets and what is the process that they follow. 17.08: Cash is not as cheap as it, it was even six months ago. If you look back even a year ago when money was virtually free, that is just not the market conditions today. But there is still always a space for an individual that's looking for a quick infusion of cash, says Richard. 19.05: Once we are vaulting, we are responsible that means the insurance needs to be fully in place. The conditions of the vault need to be exceptional, says Richard.22.05: As per Richard, understanding the collector mindset is everything because every collector, they have their own tribe. Every collector also has their why behind, why they collect.25.12: As per Richard, they could open up the valves to allow anybody to enter their ecosystem which will certainly grow the top line of the business, but as claims start rolling in because they not thinking about the quality of what is coming in, then you are no longer running a profitable business. 
3 Key Points
Richard explains the technology aspect of Wax and where is the tech coming to play, and how is he delivers Insurance on collectibles?Richard talks about the range of products that they have launched or will launch in future. The list included the collection management, model line insurance, lending, and then vaulting.Richard talks about appraisals, how that was going to work and how it changes the current experience.
Tweetable Quotes
"Collectibles are now seen as an alternative investment whereas in the past it was just kind of seen as a toy or a strange hobby or target demo has disposable income." - Richard Vinhais"The lending product was an experiment that we put into play last quarter, and we see this as a great way for individuals to kind of unlock value in the collectibles that they have." - Richard Vinhais"The amount of research we went into to find the correct vaulting partner was staggering, mainly because we want to make sure we're doing right by our clients, and we don't have to worry about it." - Richard Vinhais
Resources Mentioned
Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – Sponsorhttps://www.wax.insure/about

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Jason talks to Brad Joudrie and Ken Lotocki. Brad is the Chief Revenue Officer of Conquest, and Ken Lotocki, Chief Product. Today they are going to talk about the changes, growth and challenges that have occurred in the past 2.5 years. 
Episode Highlights
1.16: Brad and Ken talk about conquest planning and its origin stories.02.24: Ken talks about the adoption of new technologies and innovation in Conquest Planning. 03:30: There's a lot of in every other profession out there in terms of innovation, whether it's medical profession or legal profession or so on, more and more tools are being built to help make it easier for that professional essentially to do their job and financial planning, specifically building that plan.05.02: Brad and Ken discuss about the challenges they faced and how they implemented processes that helped them to save lot of time and effort.06.14: Jason mentions how Sam built strategies such a way to help advisors work with their clients and understand exactly what's being recommended to them.09.35: It's an easy enough conversation to explain to a client that if you delay you get more money, says Brad.11.18: Brad explains how Sam has shaved hours off the process using automation. 19.02: Ken and Brad discuss about the work and the process of hiring people.21.58: Ken explains how they invest heavily in technology.25.10: Ken talks about their partners and how they are very happy with the stable of partners they have from a venture perspective.27.01: Brad and Ken talk about the next feature or next thing that they are going to do in the company.33.03: There has only been three companies Jason has known of that have ever sold financial planning software outside of their own jurisdiction effectively.45.52: We understand better how advisors and financial professionals are working with their clients today and then have conquest to be agile itself to work within their ecosystem, says Ken.48.16: Ken shares how they are in a different situation than they were when they first sat down.53.21: There are a lot of good advisors, a lot of great advisors out there just approach it.
3 Key Points
Brad and Ken talk about the launching of Conquest Planning and how as the company grew it adopted cloud technologies and innovation. Brad and Ken talk about the business and how big the team was when they first started in the company.Brad explains how the company's scaling was almost as a B2B as opposed to an enterprise product.
Tweetable Quotes
"The club speed knows which club to hit knows the distance, the thing and but in the end it's the advisor." – Brad"You landed the single biggest enterprise contract last year that none of the competition probably heard of yet, so kudos I think that's a testament to just how differentiating you are in the product market." – Jason"We have kept our team reasonably lean, I would say on the distribution side of the House, and that has been fairly intentional." – Brad"I love what we do and I love the fact that everyone in our company is passionate like we were." - Ken
Resources Mentioned
Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – Sponsor
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Jason talks to Dave Carr-Pries, Vice President – consulting services at InvestorCom. Today they are going to talk about how the implementation of CFR and Reg BI has basically panned out in the last year and where the successes and challenges are? 
Episode Highlights
1.31: InvestorCom is a fintech company, they provide software really focusing on helping the industry make better financial decisions, and with that means their focus is on compliance solutions that aim to make being compliant as intuitive as possible and removing friction and barriers from advisors of dealers. 2.58: Without an advisor or an investor doing anything, when fund companies change their products or things change about their products, suddenly a portfolio may become unsuitable, says Dave.7.23: Dave discusses what is the kind of data points for the elements that you look for significant change.09.30: People like complaining about work and it's like this is not hard. You need to have investment thesis for how you actually manage portfolios and do it consistently and then you just have to look for changes that are pertinent to that, says Jason.14.02: Dave shares how they filter and pass data down to people and give them what to look at.15.30: When an advisor is presented with kind of a relative comparison, things do move slowly and we are starting to see a trend and making recommendations of products that stack up, says Dave.17.40: Jason discusses how it is not hard from the advisory perspective to have a documented process.20.01: Anyone who just basically buys nothing, but passive indexes have an easy time says Jason.22.01: As an advisor professional judgment is about identifying red flags and if there are any red flag be prepared to document your justification relative to those flags.29.30: We put out a process, our documentations are in place, this is really called practice management 101, says Dave.31.02: To not think through the advisor experience and how to make this a manageable experience is a gross failure of management like that, says Dave.
3 Key Points
Jason and Dave talk about the big changes in regulations both in Canada and US and InvestorCom dealt with the changes. Dave explains how they have taken self-monitor solution that builds the industry audit trail and added advisor alerts. Dave shares that they are working on the product recommendation side and how to do that product comparison or consideration of primitives.
Tweetable Quotes
"People probably made decisions that weren't good or interpretations that the regulator won't agree to." - Jason"This kind of change management or change monitoring process mean thanks to the regulator's kind of a new thing. So, no one really knows what that magnitude is." - Dave "My concern is people for shooting an arrow and then drawing the bullseye around it." – JasonResources Mentioned
Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – SponsorDave – LinkedIn 

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Jason talks to Adrian Johnstone, Co-founder, and President of Practifi. Practifi is an advisor centric CRM that was developed on the Salesforce platform but is not Salesforce itself and has made a name for itself in terms of leveraging the advantage to build better automation workflows and tools for advisors.
Episode Highlights
0.44: Adrian explains that they use the term performance optimization platform in Practifi. They use salesforce as the chassis, but they are actually a product sitting on top and none of the nasty overlay stuff.6.07: Adrian explains that their system is designed to provide the answers to questions you are not yet thinking like, who do I need to call, what do I need to call them about, what might I have missed from a compliance perspective and serve that information up to the right person at the right time.9.20: Adrian told someone that they need to do something along the way is one thing, but what they have done is embed things like the data capture and data transfer within the workflow itself.13.44: Many people don't realize that Salesforce and Microsoft are in pretty much every business where Salesforce exists, but they don't necessarily play great together on their own.17.19: Adrian shares how they have built very specific integrations at an industry level, and they will continue to do that as well. 19.20: Adrian says that they also see newer firms coming into the market who look at integrating the Salesforce and what they find is that they are going to integrate to something that they know everyone has customized because there are a very few standard Salesforce instances out there.21.58: Anyone who's going to really exercise the technology, then we are a great solution because you don't lose any of the flexibility. You just gain such a strong starting position, says Adrian.
3 Key Points
Practifi is designed to cater for a multifamily office with complex relationship trees, many to many kinds of structures within there, as well as managing all of your other relationships.Adrian explains how they got away from standard stuff available on salesforce and built what Practifi Propel, which is an entire analytics suite and gives users the comprehensive time series data that one can really look at across the business.Adrian shares how he wants to create a more unified experience between the Salesforce and Microsoft Stacks because they know the Office 365 world is ubiquitous and they want to make that as seamless as possible.
Tweetable Quotes
"Having something purposely built versus generic from day one is a big advantage for anyone starting off from day one." - Jason"Practifi is not trying to be the solution to the retail banker. It's a solution to the wealth to the financial intermediaries." – Adrian"As the underlying platform changes, you are forced into reinvesting in building because it doesn't stand still and so you can't." – Adrian
Resources Mentioned
Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – Sponsorhttps://www.linkedin.com/in/adrianjohnstone/https://www.practifi.com/

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