Jason Pereira talks to Sheldon Brow, founder of Pocket Finance; a platform for greater collaboration between clients and advisors giving them a personal financial management app on their phone that not only helps track their wealth but also educates them.
Episode Highlights:
- 1.04: Pocket finance is a dual interface fintech platform that could be a personal finance management tool for the consumers to help them safely and successfully navigate finance.
- 4.03: If a user has an average balance of 10,000 or more for six months or longer than they are making the minimum payment or low payment, you populate a notification that says you might want to change this to a different product to drop the interest rate in half to pay it off a lot sooner, says Sheldon
- 5.01: The problem with banks is that the high-pressure sales that they have in there, it is this constant product dumping and doesn’t always mean it is a meaningful product for the client.
- 10.48: Being able to aggregate the data as one thing, any company can set up aggregate data pretty quickly through all of these different conduits that exist. There are a lot of them out there, but then what are you able to do with that data in a meaningful way? And then how are you engaging the different relationships that there needs to be in that conversation and enhance that collaborative advice?
- 12.21: The single biggest obstacle to getting financial plans done is data collection, and the number doesn’t matter how much money they make, says Jason.
- 15.29: Sheldon wants their app’s notification to not just be a notification in front of a user’s eyes. He wants it to be clickable and actionable for the next best.
- 17.12: Technology doesn’t need to be scary to adapt and increase engagement, and you can automate and personalize some of it very easily.
- 18.33: As per Sheldon, there are so many things that need to be changed in the industry one is opportunities to collaborate on advice.
- 22.01: Everybody thinks they are an expert, and there is a reason why somebody goes sideways.
- 26.01: If the system puts a tremendous amount of onus on the individuals to not get hosed or screwed, then that is a predatory system.
3 Key Points
- Sheldon launched Pocket Finance by taking inspiration from two sides - one is the consumer side and the other one is the advisor side.
- Sheldon Brow shares details of his career growth and how he noticed major problems in clients’ financial transactions, and how he helped to resolve big payment issues. He also shares what motivated him to launch Pocket Finance.
- Sheldon talks about the importance of data within the financial conversation and how he enables that.
Tweetable Quotes
- “There are some advisors who believe that the heavy lifting is their value proposition” – Jason
- “Even creditor insurance on a credit card for independent advisors is a meaningful and quick conversation.” - Sheldon Brow
- “Almost everything that matters to us in the modern day, especially digitally, lives as an icon on our phone.” – Jason
Resources Mentioned:
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