Host, Jason Pereira, talks to Michael Lecours. He is the Co-Founder of fpPathfinder. It is a flow-charting tool for advisors so that they can make better and consistent decisions.
Episode Highlights:
- 0.40: Jason is a fan of fpPathfinder, because of its sheer simplicity.
- 1.28: Michael talks and fpPathfinder, and how it helps advisors to make informed decisions using different formats of checklists.
- 1.57: Flow charts provided by fpPathfinder, helps on the decision-making front.
- 2.54: Jason is impressed by fpPathfinder, and he says that an advisor who sign-up with the company can really count on it.
- 3.32: Jason and Michael talk about the constantly changing regulations in the United States.
- 4.03: While talking about Michael’s company, Jason points out that “The fact that we are outsourcing the cognitive decision making is just remarkable.”
- 04.14: Jason is curious to know about the creation and story of fpPathfinder.
- 05.00: For Michael it all started with simple errors and how to provide some clarity to a client; he made a flowchart, which was widely loved and appreciated amidst the Financial Advisors.
- 07.24: Michael shares how his company constantly updates the checklists, and then they try to add one or two resources every month.
- 08.14: Michael gives insights on the background research that they do. Inevitably fpPathfinder has 3000 Financial Advisors who use its services.
- 10.25: Jason inquiries about the order of decision points in a flowchart.
- 10.51: As the first step of creating a flowchart, Michael or his team members come up with the issues. Then they step back and think about the unintended effect of the flow.
- 11.21: Michael talks about the challenges that he faces while building up flow charts in a computer or software. He prefers to build flowcharts on a piece of paper with sticky notes.
- 12.04: fpPathfinder was launched as a grand experiment, and one of the biggest pieces of feedback that they got early on was - “We like the flowcharts and the checklists but get your fpPathfinder off there and let me put my logo instead.”
- 12.23: Financial advisors did not want their clients to see fpPathfinder’s logo in the flowcharts; so one of the biggest improvements that Michael did was allow for white labelling. One was not able to change the content but was able to change the colors.
- 13.05: A year ago, Michael and other decision-makers of fpPathfinder took a big step; a lot of their resources started interacting with the CRM systems.
- 15.57: Michael says that they don’t get a lot of push backs from the compliance department.
- 16:14: Michael says that they don’t give any recommendations to Financial Advisors; they simply say to their clients that “Consider doing this.”
- 18.21: Jason talks about Michael’s book and the interesting stories it has.
- 20.30: Michael talks about his future aspirations with fpPathfinder. There are several resources that Michael and his team are planning to work on.
- 21.33: Michael talks about tailored checklists that they are going to introduce in the future. Depending on a client’s situation, there will be a checklist that makes more sense.
- 21.52: Another aspect that Michael will be looking at is making the user experience more easier.
- 24.25: As a Financial Advisor, Michael’s biggest wish is for the industry to integrate at a higher level.
- 25.02: Michael reveals the one biggest challenge that he has faced to bring the company to where it is today.
- 27.24: All day long Michael and his team focuses on what they do best. There is no project in a team where they are dragging their feet.
3 Key Points:
- Michael explains that fpPathfinder makes checklists and flowcharts to help advisors be more diligent in the planning process and have more diligent conversations about financial planning topics with their clients.
- Michael talks about “How what started as a simple PDF of a flowchart, fpPathfinder now uses various technologies. It is also integrating with different partners.
- Jason asks Michael, “You have got this far with what you have done. What are your future aspirations for fpPathfinder?”
Tweetable Quotes:
- “In financial planning, things that were earlier very popular are now critical to review.” - Michael Lecours
- “Some of the most brilliant ideas are the simplest.” - Jason Pereira
- “Setting-up a flowchart is a lot more difficult than it appears.” - Jason Pereira
- “Reverse mortgages can make or break somebody’s retirement.” - Michael Lecours
Resources Mentioned:
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