Host Jason Pereira talks to Som Seif – CEO and Founder of Purpose Financial. In today’s episode, Som is going to give his unique perspective on the FinTech industry.
Episode Highlights:
- 0.50: Som talks about “Purpose” and the idea behind its launch. He adds that they are re-inventing the business in 4 core areas – Asset Management, Retirement, Wealth Management, and Small Business owners.
- 03.04: Jason highlights Som’s venture capital history and success stories.
- 03.28: Som shares his vision about the FinTech industry.
- 05.57: Som discusses how he partners with people who have similar visions like him.
- 07.14: “We have a deep understanding of our customers and their journey; this is how we solve their problems,” says Som.
- 09.17: Som gives detailed insight on how his company solves a customer’s problem. He also discusses the global product that they have created.
- 11.19: Jason and Som discuss about the regulators. Jason says that the regulators are willing to listen if you are willing to work with them.
- 13.12: “Innovation is extremely important in the Fintech company,” says Som.
- 14.15: While striving for innovation, Som is constantly searching for an answer to the question – “What is going to be the ETF 2.0?”
- 14.42: At present, Som is learning the Tokenization of things; as per him, this is the next big thing.
- 17.12: Som talks about a prevalent mindset that “People who have little money, makes no money.” But Som thinks otherwise.
- 18.42: Jason asks the listeners to imagine a universe that has something different. He says one has to come out of past methods of doing business and innovate and chart out new ways.
- 18.59: The problem with the FinTech industry is they think on average economics, says Som.
- 20.57: Jason brings up the topic of non-technology solutions, one that is of monumental importance in the future in the financial ecosystem.
- 23.59: Som talks about the interesting products and processes they have launched. He also talks about the “Mortality Credit” that goes to the beneficiary.
- 26.01: Som talks about his organization’s goal “To create income for an indefinite time period.”
- 27.01: Som explains how he is a big believer in the advisor’s role.
- 29.27: The game that big institutions are playing gives advisors the cash flow, says Som.
- 31.01: Jason and Som point out how customers want holistic solutions to their financial problems.
- 32.20: Som advice “If you want to true high-net-worth advisor, you should have a planning mentality to truly engage the entire balance sheet of a customer as opposed to the money that you are managing for them.”
- 33.23: Som talks about the biggest challenges faced by him.
3 Key Points:
- Som shares interesting work areas of his business. He also gives insights on his vision and how he likes to connect with like-minded professionals.
- Jason explains how we are in the early innings of replacing ETFs.
- Jason and Som discuss the problems that incurred the FinTech industry. They also talk about the wrong assumptions that often circulate regarding small investors.
Tweetable Quotes:
- “Everything looks like an opportunity in retrospect that they are going to bounce back.” - Som Seif
- “There is a lot to learn if you have a good relationship with the regulators.” - Som Seif
- “Regulators wants to see innovation and change.” - Jason Pereira
- “Imagine a universe with something different.” - Jason Pereira
- “There is a significant amount of people who needs financial advice.” - Som Seif
Resources Mentioned:
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