In this 150th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host interviews Bill Winterberg, Founder of FP Pad, a source of educational content on tech for financial advising and forecasting. Bill is here to have a friendly chat about the current state of affairs as well as the future of tech in the world of financial advising!
Episode Highlights:
- 0:38 – Bill Winterberg introduces his website, FP Pad.
- 3:04 – What did Bill do before he founded FP Pad?
- 5:14 – Ted shares his dream before he went to college.
- 9:35 – How painful was the state of affairs of technology when Bill got into financial advising?
- 11:52 – Jason and Bill dive into the effects that AWS played on the cloud technology boom.
- 15:42 – What are Bill’s best practices when he takes on a new client?
- 20:53 – How much of an obstacle does changing the behavior of people in the firm represent?
- 24:30 – Jason and Bill break down how to scale without integrating more than a firm can handle.
- 28:08 – Where does Bill see the biggest changes in the future for the day–to–day life of financial advisors?
- 32:50 – Jason and Bill discuss the tendency of financial advisors to believe bad advice.
- 35:41 – How should advisors be spending their time these days?
- 40:04 – What would Bill change about his industry as a whole?
- 42:05 – What has been the biggest challenge for Bill to get to where he is today?
- 45:10 – Bill talks about what excites him for the future.
3 Key Points
- FP Pad has evolved from a website and blog to a YouTube channel, podcast, activity highlights, and a plethora of other content and resources to improve Fintech practices.
- When taking on a new client, Bill hopes that the person or small group of people in charge of transition are focused on adding value to the company while helping everyone grow.
- Bill hopes that in 5 years, financial advisors will go from storing financial plans in silos to utilizing financial software that allows them to communicate with each other.
Tweetable Quotes:
- “The movers and shakers have origins in Electric Avenue.” – Bill Winterberg
- “If you’re paying on a monthly basis, now you’re not worried about large–scale deployments, you’re worried about constant improvement. And now we all benefit from multiple upgrades per year.” – Jason Pereira
- “I am very receptive to legacy solutions and what exists in the business.” – Bill Winterberg
- “Focus on scaling the business with a couple of tools to leverage before you go building this massive platform.” – Jason Pereira
- “I think advisors should be spending their time figuring out how they’re going to grow their business or engage clients and engage prospects very effectively.” – Bill Winterberg
Resources Mentioned:
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