In this episode of Fintech Impact, Jason interviews Gary Fooks, CEO and Co-Founder of 8Twelve Mortgages. They dive deep into how 8Twelve Mortgages is revolutionizing the mortgage broker industry by enhancing the collaboration experience among advisors, mortgage brokers, and consumers through digital reinvention. This discussion sheds light on the motivations behind the creation of 8Twelve Mortgages and how it's setting new standards for efficiency and customer satisfaction in the mortgage space.

Episode Highlights

• 00:50: Gary delves into the inception story of 8Twelve Mortgages, painting a picture of a mortgage brokerage envisioned as a one-stop digital shop. He draws comparisons to Amazon's disruption in retail, aiming to mirror such efficiency within the mortgage sector. This innovative ambition underlines 8Twelve's foundational goal: to streamline and modernize the often cumbersome process of mortgage transactions for all parties involved.
• 01:45: Gary outlines his methodology for revolutionizing the mortgage process, stressing the importance of direct involvement and the incremental introduction of efficiencies. By engaging directly with families and optimizing each step of the mortgage process, 8Twelve has significantly enhanced the speed and effectiveness of their service, a testament to their commitment to innovation and customer care.
• 04:16: Gary explains how 8Twelve leverages technology to overcome the inefficiency and manual nature of traditional mortgage brokering. By automating and streamlining the process, 8Twelve not only improves the client experience but also empowers brokers to handle transactions more efficiently, choosing to grow their business or achieve better work-life balance.
• 05:02: In this segment, Gary talks about the integration of financial advisors in the mortgage process, ensuring they remain informed and involved throughout their client's journey. This collaborative approach underscores the importance of maintaining the advisor-client trust continuum and aligning mortgage solutions with the client's broader financial objectives.
• 06:27: Gary and Jason discuss the tangible impact of 8Twelve's innovations on the mortgage process, particularly how they reduce the time and effort involved. Gary's insights reveal how technology not only accelerates transactions but also enhances the quality of service provided to both consumers and advisors.

Key Takeaways

• 8Twelve Mortgages is pioneering a digital reinvention in the mortgage brokerage space, emphasizing efficiency, transparency, and improved collaboration.
• By integrating technology into every step of the mortgage process, 8Twelve has significantly reduced transaction times and enhanced the consumer and advisor experience.
• The future of mortgage brokerage lies in holistic, technology-driven solutions that proactively manage and optimize clients' financial goals and outcomes.

Tweetable Quotes

• "In our quest to disrupt the mortgage industry, we've embraced technology at every step, proving that efficiency and clarity are not just possible; they're essential." - Gary Fooks
• "8Twelve Mortgages isn't just changing the game; we're redefining how stakeholders experience the mortgage process, from initiation to completion." - Gary Fooks

Resources Mentioned

• Facebook – Jason Pereira's Facebook
• LinkedIn – Jason Pereira's LinkedIn
• Woodgate.com – Sponsor
• https://8twelve.mortgage/
• https://www.linkedin.com/in/garyfooksmortgages/

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Jason welcomes Jeff Coyle, CEO of Libretto, a platform designed to revolutionize financial planning by incorporating a comprehensive view of a client's total asset picture. They dive deep into how Libretto's innovative approach, which includes human capital and off-book assets, aims to meticulously craft financial plans that ensure more accurate, personalized, and future-proof financial strategies. Jeff shares insights into the methodology behind Libretto, its foundational principles, and the transformative impact it seeks to achieve in the wealth management landscape.

Episode Highlights:

• 00:11: Jason introduces the episode and guest Jeff Coyle from Libretto, setting the stage for a deep dive into how the platform aims to revolutionize financial planning by considering a comprehensive asset picture for clients.
• 03:17: Libretto's comprehensive financial structure management is explained in detail. Jeff delves into how Libretto includes various elements like mortgages, pensions, and even future earnings in its analysis to provide a fully rounded financial plan.
• 05:05: Discussion shifts to the challenges and innovations involved in capturing a complete financial picture of clients, including off-balance-sheet items that significantly influence wealth management strategies.
• 06:09: Jeff discusses the importance of understanding a client's entire financial structure, not just their portfolio, to effectively manage risk and tailor investment strategies that are truly reflective of a client’s needs and goals.
• 08:32: The practical application of Libretto's methodology in client interactions and the benefits of a holistic view are examined. Jeff shares how this approach not only benefits clients by providing tailored advice but also positions advisors as more insightful and comprehensive in their planning.
• 09:47: The conversation highlights the challenges and opportunities in educating the industry and clients about adopting new, more comprehensive planning methodologies.
• 11:43: Jason and Jeff discuss the outputs of the Libretto process, emphasizing how the platform facilitates informed decision-making and strategic planning for both advisors and clients.
• 13:22: The future of financial planning and the potential industry-wide adoption of methodologies like those pioneered by Libretto are contemplated.
• 14:21: The dialogue continues to unpack the nuances and potentials of Libretto’s method, delving into examples, theorizing future impacts, and sharing aspirations for the platform and financial planning norms.

Key Takeaways

• Incorporating a holistic view of a client's financial life, beyond just their investment portfolio, can significantly enhance the tailored advice and strategic planning provided by financial advisors.
• Understanding and including human capital, off-book assets, liabilities, and future resources like pensions and social security benefits can lead to more robust and personalized investment strategies.
• Educating both clients and the industry on the benefits of this comprehensive approach is crucial for its wider adoption and for revolutionizing standard financial planning practices.

Tweetable Quotes

• "Make every client feel like they're worth a hundred million." - Jeff Coyle
• "A financial plan should be as unique as the individual it serves, considering every possible aspect of their financial life." - Jeff Coyle
• "Adopting new methodologies for financial planning not only benefits clients but distinctly positions advisors in the market." - Jason Pereira

Resources Mentioned:

• Facebook – Jason Pereira's Facebook
• LinkedIn – Jason Pereira's LinkedIn
• Woodgate.com – Sponsor
• https://libretto.io/
• https://www.crunchbase.com/person/jeffery-coyle

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In this episode of Fintech Impact, host Jason Pereira welcomes Ritik Malhotra, Co-Founder and CEO of Savvy Wealth, to discuss the intricacies of their digital platform designed to empower financial advisors. They dive into the platform's capabilities, its origin story, and the pressing challenges it aims to solve in the financial advisory landscape, enhancing both the advisor's efficiency and the client experience.

Episode Highlights:

• 00:11: Jason introduces Ritik Malhotra and Savvy Wealth, a platform revolutionizing how financial advisors manage and grow their practice by automating non-client facing tasks and implementing modern technological solutions.
• 01:11: Ritik shares the journey from experiencing personal financial advisory needs to the inception of Savvy Wealth, driven by his dissatisfaction with traditional advisory services and a vision to enhance the industry through technology.
• 02:12:Through his personal quest for a financial advisor, Ritik discovered the significance of the advisor-client relationship and the value advisors bring in navigating complex financial decisions, which shaped the philosophy behind Savvy Wealth.
• 03:51: The realization of widespread advisor frustrations with existing technological and operational constraints led Ritik to envision Savvy Wealth as a comprehensive solution catering to the modern demands of both advisors and their clients.
• 04:51: Ritik describes the unique approach of developing both the advisory business and the technological platform concurrently, underlining the innovative strategy that sets Savvy Wealth apart.
• 05:06: The initial focus on improving the onboarding process revealed the broader potential for technology to significantly enhance advisor efficiency and the overall client experience.
• 07:23: Exploring the pivotal role of technology in reshaping the advisory landscape, Ritik discusses the development of a comprehensive, integrated platform designed to streamline operations and elevate service delivery.
• 07:50: Ritik details the seamless, automated, and enriched client journey facilitated by Savvy Wealth, from discovery and onboarding to ongoing maintenance and interaction through an intuitive client dashboard.
• 10:43: Advisors praise the efficiency gains and enhanced client relationships made possible by the Savvy Wealth platform, highlighting the transformative impact on their practice.

Key Points:

• Savvy Wealth's platform is a testament to the powerful role of technology in augmenting the capabilities of financial advisors, enabling them to focus more on client relationships and strategic advisory roles.
• The platform eschews traditional, manual processes in favour of automation and integration, ensuring a smooth, streamlined experience for both advisors and their clients.
• The development of Savvy Wealth underscores the importance of listening to industry needs and working closely with advisors to create solutions that address real, pressing challenges in the financial advisory landscape.

Tweetable Quotes

• "Excited to do this and share how we're transforming the advisory landscape." - Ritik Malhotra
• "Making something people want, seeing it solve real problems for advisors, that's what excites me." - Ritik Malhotra
• "Efficiency isn't just a buzzword; it's the heart of what Savvy Wealth brings to financial advisors." - Jason Pereira

Resources Mentioned

• Facebook – Jason Pereira's Facebook
• LinkedIn – Jason Pereira's LinkedIn
• Woodgate.com – Sponsor
• https://www.linkedin.com/in/ritikmalhotra/
• https://www.savvywealth.com/

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