Fintech Impact

Summary:In this second episode, Jason Pereira, award-winning financial planner, university lecturer, writer, and host interviews Kevin Kliman, CEO and Founder of Humi – an HR software company. Kevin shares the highlights of his journey, what his company Humi is seeking to accomplish, and Humi’s impact on the financial space.Show Notes00:41 – Humi is a fintech company because in addition to its subscriber model, they                    introduced payroll and becoming the group insurance broker for the                    companies that they deal with.●     01:24 – Humi acknowledges that Zenefits – a SAS company - created their                    business model: give away software and make money off of insurance                    sales.●     01:41 – Zenefits rose to a valuation of over $1 billion.●     01:46 – Kevin Kliman and Humi graduated from Y Combinator – one of the                    biggest incubators in the United States.●     02:42 – Kevin explains Humi as a cloud-based benefits, payroll and HR software,                    trying to solve the problem of time being wasted reconciling multiple                    isolated systems instead of running their business.●     04:54 – Humi is Kevin’s first tech start-up and he is not from the world of insurance                    and benefits. He is a licensed dentist and has experience building                    businesses and soft-ware based companies on the side.●     06:42 – Kevin Kliman became excited by the business model of Humi and met his                    partners: Matt Loszak the technical lead, Simon Bourgeois the COO, and                    Drew Millington the head of sales.●     09:16 – The payroll application stemmed from merging with a company that was                    already building it and it was attractive in its simplicity and being                    web-based.●     11:54 – Pricing model for companies coming on their is a SAS license fee with a                    nominal cost per employee per month. Companies that choose to                    make Humi their insurance broker will not be charged for the software.●     13:05 – The partner route is attractive to Humi, which has 30+ people, but it comes                    down to bandwidth.●     15:12 – Humi sees a lot of promise in being an end-to-end solution for both                    employers and employees.●     18:00 – The goal is becoming a leader in the HR, payroll, and benefits space, and                    revamping performance management for companies.●     20:05 – Humi’s team went from zero to 30 in 2-3 years.●     22:41 – Humi’s target customer has changed significantly from companies that are                    10-30 people from companies that are 50-200. Bamboo HR has been a                    competitor.●     27:30 – Interaction with the broker space is still early and how to support them                    properly. Humi has been able to give quotes in 80% less time.●     30:51 – Put your client first and satisfy their needs. Embrace the future.●     32:40 – Integrations with Zero and Quickbooks, Group RSP providers are goals of                    the company.●     36:59 – For employees that use Humi every month – 50% log in every day. 3 Key Points:1. Humi graduated from Y Combinator – one of the biggest incubators in the United States.2. Companies using Humi pay a base fee to use the software and a nominal cost per employee per month. Companies that choose to make Humi their insurance broker will not be charged for the software.3. For employees that use Humi every month, an astounding 50% log in every day. Tweetable Quotes:-   “Humi is cloud-based payroll, benefits, and HR software.” – Kevin Kliman.-   “Payroll is its own beast. It has to have connections to all of the banks…which is tough to do.” – Kevin Kliman.-   “If you think about the best way to service your client, you are going to win in the long run. .” – Kevin Kliman. -   “In general we (Canada) are about four years behind the states when it comes to technology…mostly because we are 1/10th of the size.” – Kevin Kliman.  Resources Mentioned:● Facebook – Jason Pereira’s Facebook● LinkedIn – Jason Pereira’s LinkedIn● Humi – Website for Humi● Woodgate Financial – Sponsor of Fintech Impact podcast Hosted on Acast. See acast.com/privacy for more information.

Summary:Welcome to the very first episode of the Fintech Impact podcast, with Jason Pereira, award-winning financial planner, university lecturer, writer, and host of this show that offers expert insight into the Fintech world of financial technology. Today, Jason interviews David Nugent, the CIO and Co-Founder of Wealthsimple, Canada’s largest robo advisor and digital investment solutions for clients. Show Notes:●     01:10 – Wealthsimple is a robo advisor that started in the Fall of 2014, and now                    services about 60,000 clients with offices in Canada, United States, and the                    UK.●     01:34 – Power Financial is the main backer of Wealthsimple thanks to about $165                    million in capital with a millennial investor client base and B2B offerings.●     03:13 – David Nugent’s personal journey includes: starting out in the business at 22                    “asking businesses owners for their life savings” as an advisor and shifted                    from advice to technology.●     04:42 – Wealthsimple focuses on the customer experience. Most of the team                    comes from technology and design, less from the financial world –                    addressing problems from a usability standpoint. ●     05:11 – Millennials are great clients because they are at the start of their careers,                     have a lot of future earning power and life transitions ahead, and possible                    inheritances.●     05:59 – On the advisor side of the business, it’s how do you help advisors service                    more of those clients that are intimidated, while still allowing them do the                    planning.●     09:04 – The reaction to the advisor company towards Wealthsimple in the financial                    planner sector has really been onboard.●     10:13 – Wealthsimple is unique in that they are a robo advisor that operates in                    multiple counties. The UK has proven to be at the forefront of regulatory                    change.●     11:14 – The scope of size of the U.S. is that the financial industry in Canada is                     smaller than that of just the state of California.●     12:22 – There is a challenge in the cost of acquisition.●     14:56 – Wealthsimple has maintained a great relationship with Power Financial,                    who have made about a dozen acquisitions in wealth, insurance, bank, and                    credit card areas.●     16:40 – The average age of a Wealthsimple customer is 31.●     17:57 – As far as accounts in the United States, about 50 cents on the dollar has                    been allocated to socially responsible investing. ●     20:02 – One dollar accounts are possible to democratize investing and remove all                    excuses people have for not getting started.●     22:25 – Data collection and behavioral nudging has begun with a card system                    within the application.●     24:54 – Nontraditional marketing for Wealthsimple has stemmed from hiring a                    brand leadership team, and none of them come from the financial services                    industry.●     27:24 – “Investing for Humans” is a tagline that underlines Weathsimple’s push to                    talk with clients and not down to them just to “sound smart.” They won                    back-to-back Webby Awards (like the Oscars of the Internet) for Best                    Financial Services Website globally – with two different websites.●     29:13 – They would like to start to offer more products.●     31:25 – The Wealthsimple value proposition to the end client is democratizing                    investing. On the advisor side, it is that plus automating and                    systematizing the operational workflow that they do daily. 3 Key Points:1.  Millennials are key clients that offer a whole lifetime of earning power still ahead of them, major life stages ahead like buying a house, and possible inheritances down the line.2.  Empower the good advisor to do more business, and expose the bad advisor, and they are going to be in trouble.3.  One dollar accounts are possible to democratize investing and remove all     excuses people have for not getting started. Tweetable Quotes:-    “When the Canadian model got up and running, the biggest difference between the two models is that we had to call every single client with a phone call. Where in the U.S. none of that actually happens.“ – David Nugent.    -    “Good advisors who want to do holistic planning don’t want to spend their time doing paperwork. They want the transparency, they want the efficiencies. And we are basically giving it to them.” – David Nugent.    -   “Millennials, in our minds, are fantastic clients because they’re just at the beginnings our their careers. They’ve got a whole lifetime of earnings ahead of them .” – David Nugent.    Resources Mentioned:● LinkedIn – Jason Pereira’s LinkedIn● Facebook – Jason Pereira’s Facebook● Woodgate Financial – Website for Woodgate Financial● Lending Loop – Jason Pereira’s Facebook● Wealthsimple – Weathsimple Website   ● David Nugent’s LinkedIn –LinkedIn for David Nugent Hosted on Acast. See acast.com/privacy for more information.