Ep. 169: Why Advice Engagement is the Most Important Category with Adam Holt, Asset-Map

Come on in and sit back relax, you’re listening to Episode 169 of the WealthTech Today podcast. I’m your host, Craig Iskowitz, founder of Ezra Group Consulting and this podcast features interviews, news and analysis on the trends and best practices all around Wealth Management Technology.

Before we get into the interview, if you are listening now you’re an executive at a broker dealer, an asset manager or an enterprise RIA you should run not walk to a website, EzraGroupllc.com and fill out the Contact Us form on the homepage to meet with us about your technology platform issues. Our experienced team can assist with software vendor evaluations systems integrations, improving operational efficiency, software implementations and a whole lot more. You can take advantage of our free initial consultation offer by going to EzraGroupllc.com. Now, let’s kick this thing off.

Companies Mentioned

  • BentoEngine [05:15]
  • Betterment [21:11]
  • Elements [24:30]
  • eMoney [04:25]
  • fpAlpha [05:15]
  • fpPathFinder [05:15]
  • Holistiplan [04:50]
  • MoneyGuidePro [04:25]
  • Lumiant [05:15]
  • RIA Oasis [19:50]
  • RightCapital [04:25]
  • Visiwealth [05:15]
  • Wealthfront [21:11]

Topics Mentioned

  • What is Advice Engagement?
  • Integrations Improve Efficiency
  • Why Is Engagement Relevant?
  • Four Different Types of Tools
  • The Most Important Category
  • Category Changes Coming

Episode Transcript

Craig: I’m excited to introduce our next guest on the program is founder and CEO of Asset-Map, Adam Holt.

Adam: Craig, how you doing? Great to see you, man.

Craig: It’s great to see you glad you could make it. I know you’re super busy running around and just came back from the great New York City, now you’re back in Philadelphia.

Adam: It’s true, all in one day impressive quite impressive.

Craig: You drove right by my house again, didn’t stop by.

Adam: I did. Well, you didn’t see me waving when I drove by. Did you see me?

Craig: I wasn’t looking out the window at that moment. should have let me know and so let’s just jump right into this. So this podcast, we’re gonna be talking about advice engagement. What does it mean and what is it for How is it changing and why is it relevant? But before we get into that, can you please give us a 30-second elevator pitch for Asset-Map?

Adam: Only 30 seconds? Okay.

Craig: That’s it, I can only give you 30 seconds.

Adam: I’ll use half of it, just messing around. Asset-Map is a visualization tool for financial advisors, a SaaS platform, and advisors use it to literally map out the entirety of the financial decisions that people their clients have made. In order to engage around advice conversations and make better decisions. We’re really we really are at the forefront of advice engagement. So I’m excited to have this time with you.

What is Advice Engagement?

Craig: It seemed like something that’d be really relevant, and it’s something we talk about a lot. I work on the advisor tech map Kitces.com you can find out the I call it the Kitces-Ezra map. And Michael I worked on it. We just had our call this morning, in fact, for the December map, where we review new vendors that are coming in, adjust categories and move things around. And one of the categories that was I think added this year was advice, engagement and it didn’t exist before because there was no there was no really where to put these these different companies. And it’s kind of like miss the miscellaneous category. Do you agree? So can you explain what you’re interpreting what is the advice engagement category?

Adam: Well, I remember this conversation back and forth with Kitces and also with you. So first, I have to thank you because that map is used by so many of us we call it the placemat at this point because it just looks like a Chucky Cheese drawing, practically like a maze.

Craig: We should put coupons on it because you can cut it out. It’s not a bad idea.

Adam: Or QR codes that will get you discounts you just you have no place to fit it because the darn map is so big.

Craig: That’s the problem.

Adam: But it’s true. You know, we advise engagement is a little bit innocuous. It’s not very clear to advisors doesn’t fit in the normal vernacular of CRM planning portfolio. But we do know there’s been a lot of tools that have popped up. I think the way that that I think advisors can best understand this is most of us in the field and I’m a recovering financial professional as well. So I say I’m a finance recovering financial planner. We’ve created tools in our own practices that really served our practices or our customer experience or ease of doing business that was unique didn’t really exist in another product. So we built processes and unique experiences that were kind of unique to our experience our firm. And some of us have actually created tools around this. We figured out ways to scale it and they either either get a well absorbed by the community where they don’t. So the question I think for advice, engagement, if you look at many of the tools that are in the category, now, most of them are from professionals who built a solution for themselves. And other advisors said, Hey, I have the same problem. This is how I engage with my clients. No one ever saw this problem. Maybe this will facilitate what we call advice engagement today. Well, you called it what did you call it? I thought that was a great thing.

Craig: I called it the junk drawer of advisor tech.

Adam: I don’t know whether that’s disparaging or not.

Craig: But I don’t want you to think that because lots of useful things are in the junk drawer, scissors, tape and stamps and keys are things we need, we just don’t know where to put them.

Adam: Actually the funny thing, the junk drawer is you use it probably more than any other drawer maybe except the silverware. But as an analogy goes I think it’s fantastic because it’s generally disorganized as it is currently because it’s a growing category. And I think that’s that’s what’s happening.

Craig: And this is what happens on the map. If you look at specialized planning started out as sort of a junk drawer. We’re just through a couple of different things that didn’t fit under the financial planning category because they didn’t do what eMoney/MoneyGuidePro/RightCapital did, they were specializing in just one thing. We didn’t know where to put them. So we we now the specialized planning category has 8 subcategories. So it’s as the market grows and as vendors pop up, a lot of them are, as you mentioned, advisors who start a company and come up with an idea for software and then launch it like Holistiplan in tax their advisors who started it and others and so I imagined advice engagement at some point might split into two if a couple of vendors start doing the same types of things, but looking at the vendors in this space. We’ve got Asset-Map of course, your company, fpAlpha, fpPathFinder, Visiwealth, Lumiant, Advice Systems and BentoEngine, 7 companies that all do really different things.

Adam: Very different. Very different. And it’s funny that you mentioned specialized planning because this year we’re excited because we won our third Wealthie in a row which is best specialty planning app. And it was each one was for a different functionality that we deliver. One was about disability one was about property casualty and most recently was about our AI signals, completely different solutions. And I think for us it’s been a challenge because in 2021, we were the highest rated financial planning tool according to T3 and that well how did that happen? Because they didn’t know what category to put in. We had such great user reviews and and right now according to G2 are the top financial wellness tool in the whole country.

Adam: So I think the interesting challenge is that this these new categories are almost amoebas right? They’re tools that tried to bridge the gaps that the current tools didn’t completely solve. And so you I think, you know, when you look at some of them, they’re there 2% CRM, 3% financial planning, 15% engagement, they’re really amoebas that kind of fit between these other known categories. And that’s where I think there’s a challenge this but I think advisors need to wake up because these are these are solutions that address I think the ADHD in the room. This is the fact is is that most of the visors we know are not using a lot of the tools that they have on their person. We’re seeing 20 to 40% adoption of financial planning. They’re using 10% of the CRM capability, and they’re happy with that, that’s fine. They’re not using workflows. They’re not using collaboration and did not even hooked up a lot of the integrations that you know that you’ve done a lot of work on. So we’re really seeing an under utilization of the tools that are already established in there. And so it’s it makes space for us to come in and say listen, you only want to do 2% of what the CRM does. Okay, well, we’ll cover the part that that you really use really well. And that’s where I think these specialty apps are going to make a big, big, I think dent in the current ecosystem of fintech.

Craig: You told me that junk drawer was derogatory, you’re calling them amoebas now, that’s not good.

Integrations Improve Efficiency

Adam: We fit between a bunch of other tools. And I think you’ve done this great work at Ezra on integration mapping, trying to figure out who’s actually integrated with each other and who has the capacity to do it. I think that’s going to really be a big, make it or break it for a lot of the vise engagement tools. And of course, next gen tools are coming out is can they integrate with your existing ecosystem? It doesn’t really matter that I only use 10% of my CRM. If I’m happy paying for that functionality. That’s fine. But I don’t know that I can afford to not have my new tools integrate with that process just because I need to have efficiency wherever I can find it.

Craig: That’s very common, the 10-20% number of feature utilization, what parts of the application they’re using. And that’s just the way it is. I think it’s across the board. Not anything specific. And I think there is some benefit to using more of the app if you need it. Some advisors don’t need more of those features. So they’re probably overpaying for what they’re using.

Adam: Yeah, that’s true. Isn’t that true, though, with every technology. I mean, if I look at my television has the capacity for 1000 channels, I watch three channels. My iPhone can basically put a lunar spaceship in lunar orbit, but I basically use it for text message and telephone and so we all value technology differently. It’s an interesting segue. But I think that where we’re seeing will continue to see more innovation is where people are going to solve problems that are in between problems, and I think that’s where I think we’re gonna see a lot of growth and we need to jump to where to put it in. And that’s what we’re calling advice engagement.

Craig: Or auditing. I was interviewed by Investor’s Business Daily about advisors starting their own software companies, and what I what advice I have for them, and my advice was don’t do it. Now, that doesn’t mean we, it’s helpful, because obviously, we wouldn’t have a lot of the cool products we have now. But in general, it’s very few advisors who have software ideas, actually can build a successful software company because as you know, as a successful software entrepreneur, it’s one of the hardest things in the world to do. And the idea itself is 1% of the business. Everything else is execution, marketing, sales support, grinding it out, putting in the years of effort to deliver. So while I would encourage you, we would love more innovation in our industry. I would just say in general advisors who think I gotta get a different software, most likely, it’s not that great of an idea. And you’re probably not gonna be able to build it yourself and launch it as a product.

Adam: Yeah, that’s unfortunately true. Where were you 10 years ago when I decided to do this. I mean, granted at the time I was I didn’t have children, I could take risk. I used all my own capital. So I didn’t have to apologize to anybody. And I think that was I was in a unique situation to do that. But you’re right, that execution is critical. And that’s why you need to have skilled people I think looking back just for the because you brought it up. What I realized I didn’t have and where I wasted enormous amount of money and time is I just didn’t have the skill set and I didn’t have the people who knew the market. So I had to I had to muscle through it, as many entrepreneurs can relate. Because it just I just had to keep throwing capital and time on it because I didn’t I didn’t know what I didn’t know. And that was now I can kind of look back and say Oh, well I wish I knew that. But that may be is the journey of being an entrepreneur. And I’ve been trying to help a lot of other companies get through this so that they can learn from this load experience I had. That’s really fun for me.

Why Is Engagement Relevant?

Craig: Back to the advice engagement product category. Why is it relevant?

Adam: So it’s interesting because there is a thread besides being in the junk drawer that I think joins all of these. I mentioned one of them, which was the fact that there’s a lot of holes in our typical practice management experience, especially as it relates to client facing side. I think we’ve done a pretty good job as an industry, solving the back office, from open opening accounts to CRM workflows to portals, I think we’ve done a lot of the practice management stuff where we really have been Lean is in the customer facing advisor. We’ll call it I tend to call it advice engagement, but lifting the advisors capacity to deliver their own intelligence or what I call advisor intelligence in real time, and that AI or reframing of the AI is really rare. We’ve used financial planning for years, almost as a sales enablement tool. Think about it this way. I come to use financial planning to justify why you need to make some changes. I’ve got mathematical evidence by this 90 page booklet that I made for you and 15 hours of work and research. And ultimately it tells you that you should allow me to manage your money. Okay, that’s the conclusion is that I’m going to manage this better than you because I know what I’m doing. I’ve done the research and and let’s be honest, financial planning was a big part of the sales enablement process for investment advisors, and even insurance and banking and all of us. And now you see this huge movement towards financial planning, right? We think that that’s actually changed. And we’re already starting to see that is that what really matters is for the human advisor to build more relationships, show more empathy, be proactive, bring ideas to the table that the client didn’t think to ask show that they’re on their team in a leadership way. Even if it’s about topics that they don’t actually monetize. For example, an investment advisor bringing a tax advisor into the conversation, say we’re going to have a conversation about tax, or we’re going to talk about insurances, or we’re going to talk I’m gonna have a banking professional in our meeting, we’re going to actually facilitate a holistic conversation. So when we talk about advice, engagement, here’s the thread all the companies that you mentioned, all help the advisor deliver more contextual advice and guidance to the client in different ways.

Adam: Here’s my example, Asset-Map, as you already know, builds this visualization fully interactive and it becomes a framework to discuss holistically all the stuff you’re doing today and whether it makes sense, it enables the adviser to ask the question, Does this make sense should we do this more of this less of this should we have 10 IRA should we have this insurance and trust should we do this not do this? It forces that conversation. As mentioned, bento is an example completely different. It allows the advisor to scale out systematic conversations that are relevant to mostly time events and says, Hey, we should be thinking about this. Do you know how happy I am when my accountant says, Hey, I’ve been thinking about this idea. It’s contextual to you you got to take advantage. I appreciate that. But it does it happen? It doesn’t happen. So I can go off on a tirade about it but that’s a theme Craig that that I think it was actually really smart to put all those companies in that category because they actually address how do you elevate the advice delivery, not the tech.

Four Different Types of Tools

Craig: Let’s talk about the different types of advice engagement, you would mention four different subcategories of advice, engagement. Want me to remind you?

Adam: Yeah, remind me.

Craig: Facilitating conversations. Contextual insights into the family. Well, it’s what you mentioned about the client first, and then educational and financial literacy, then how to empower consumer to value the financial advisor relationship beyond just performance and planning.

Adam: Exactly. Okay. So Thanks. I’m glad you reminded me of that. Because the interesting thing about what some of the other companies in this space are doing is I think we’re going to be in an interesting environment. As tech becomes more ubiquitous, write consumers that are asking for more guidance. It’s going to be incumbent upon the financial professional to do just more than to take care of the financial house. We have to engage and empower the consumer through literacy. In other words, we need to help our clients get healthier around their decision making because it turns out as Dan Crosby always says, anything is repeated this 100 times on the behavioral health side, it’s what you actually do. It’s the action you take when you’re not with your advisor advisor can only manage the money per se and maybe look at the product solution, set your purchasing for efficiency and appropriateness and maybe tax but at the end of the day, it’s the behaviors and so the question is, can we educate our customers and accrue value with our customers by educating them and that means when there’s complex decisions to make where there’s a high cost of being wrong, we give them the competence by educating why we’re making a recommendation. And here’s the decision you should make when I’m not in the room, okay? Either call me or start making these behavioral decisions, save, reduce tax, etc, etc. Okay. We’ve done a pretty poor job as an industry, educating our clients as to behaviors that they should take and I think advice engagement can do things like this I’ve seen like, for example, Visiwealth is creating educational frameworks. Here’s how this structure works. Here’s why it matters. Do you understand it now? Let’s move forward and take action. So literacy is important.

Adam: But the fourth thing that was brought up, is really I think, is really super important. And and there’s a reason and it’s because what’s changing in the environment is that we all know with technology, and and you’ve talked about this and written about this before. Robo advice when it first came out was a threat because well, it was a threat, but then everybody kind of got over it because they said well, the human is really more important and then Robo evolved again Robo basically was being used by financial advisor. I think Robo 4.0 is going to be seriously impactful Robo 4.0 is going to take all the learnings of how you engage and how you execute. Okay, the practice management side and they’re going to now layer on contextual relevance, timely advice directly to the consumer. And the advisor is going to be saying to themselves, wait a minute, that’s what I do. And because technology can scale very cheaply, I think it’s going to put a lot of margin pressure on 1% advisory Fee Management that has, you know, okay, the same financial planning, but it’s not delivering proactive advice, reaching out to their clients saying, Hey, we should bring in the tax advisor. So I’m trying to push everybody to wake up to the fact that they want to be relevant to the next five years, maybe as little as two to the fact that direct to consumer technology is going to disintermediate, the average adviser who’s literally just getting by on asset management and financial planning once every two years, that’s not going to cut it. And I really think that we need to wake up and deliver more value. And that’s what this category is going to do for advisors, it’s going to help them deliver more contextual advice and delivery, and justify why we’re paid what we’re paid.

The Most Important Category

Craig: So this category could be seen as even more important than almost any other category on the map.

Adam: I said that to Kitces just six months ago, I said look at your advice engagement is the future of human delivered advice, because remember, we’re going to testify everything I want to compete with the robo don’t lead with Robo don’t lead with tech Don’t say my tech stack is better than yours. This is all commodity today. Come on, cost you something you run your practice. It’s like saying your forklift is better than my forklift. It’s a factory, can I get my product, the right product to the client? Can a good deliver a customer experience that they value appreciate and want to refer? It’s all going to be about the human interaction, because the tech is going to feel the same. If somebody tells me again that a portal makes a difference. A dashboard makes a difference. I’m gonna throw up like please stop it. The clients log in the first time they never login again. That’s not the differentiating factor of why they stay with you. It’s relationship. It’s empathy. It’s these people know my family. They’ve been with me for X number of years. That’s what’s keeping people with advisors, and we’re gonna have to double down on that.

Craig: Another consultant that I greatly respect is Kristin Schmidt from RIA Oasis, and one of the things she says is a client portal is not the client experience, it’s just one aspect of it.

Adam: Thanks, Kristen.

Craig: She’s right. So just putting out a portal doesn’t mean they’re going to use it. It’s not the whole of the experience. You really need to think about holistically what your client interaction is, what your relationship is to your clients.

Adam: Now granted, if you have a bank, you know if the only interaction you have with your bank personally, is the banking app that’s on your phone, then actually, the portal is the bank right? I’m just using them to that’s how the Dora how I execute the simple commodity tasks that I want to do. But if you’re talking about something much deeper it’s it’s just a doorway to a house that’s got a whole bunch of stuff in it. That’s much more valuable, I think to the humans in the room.

Category Changes Coming

Craig: How is the advice engagement sector changing besides the way you want to change I you the clearly what you mentioned is true. Oh, let me let me roll back to that. So you’ve talked about where we’re going with Robo for that, oh, advisors need to keep moving up the value chain as I put it, we’re Robo the first robo advisors didn’t do a whole lot, but it was enough to say like, Well, I’m not paying you for that the same thing I can get at Betterment or Wealthfront. You need to keep doing more. And so that was one way they’ll have another wave and we’ll just keep pushing advisor advisors we’re doing the bare minimum will fall away, the retire, they’ll get pushed out of the business or off to the side, we got to do more. So you see that we’re saying where else? What are the other changes would you expect in the advice engagement category?

Adam: That’s a good question. You know, one of the things I would tell you that I’m seeing is because we now have clients all over the world using acid map in multiple currencies and so forth, and we’re seeing the same general trend which is a lot of organizations not always investment management, but inclusive of banks, credit unions, insurance. Brokers, property and casualty brokers CPAs all want to migrate into the advisory space. Why great margins, great lifetime value of a client because they tend to be long term sticky. And of course, there’s great cross selling of multiple services over time. So we all know that when those professionals who lead with advice have a much greater lifetime value of the customer than those that just lead with sales or a specific singular line of business.

Adam: So there’s no surprise globally why how many, we’ll call them typically product sales or solution sales are moving into the advisory space, which means everybody’s a financial advisor and it’s funny because I think Michael actually mentioned that when he talked about advisor, advisor advisor, right, these different terms that associate with what’s your role. And so my point in saying this is that there is generally a movement towards leading with advice or leading with typical sales that’s happening financial planning seemed the most obvious of tools to justify that I have in fact and advisors. So you look at this model I did around your goals, which were what retirement planning Okay, that’s, that’s like the tip of the iceberg, where you’re seeing really true quote unquote, financial advisors. I would even argue with financial coaches going is going much deeper. Like we tend to say holistic now it’s a buzzword. What the heck does that mean? Holistic means they’re looking at legal tax insurance and investment implications of decisions that you’ve made in your life. Do they serve you, does this make sense? They go for intentionality of decisions, and they review much more than once a year. That has really been dominated by I think the fee based financial planning.

Adam: But now if you’re going to say that you’re really an advisor, we’re going to see I think we’re gonna see mass market movement to how they can deliver more humanity advice. The challenge is going to be Craig as we can all figure out is that we’re gonna see technology that can do a lot of this as well, because they’re just going to model the actions that an advisor should or could take and workflow it and consumers are happy to get a text message that says, hey, maybe you should increase your Roth contribution, because we see that your income is raised because we aggregate your funds and Oh, wow. My own advisor never even calls and tells me that my tax accountant tells me that after it’s too late I can’t even do it because so when you think about it, technologies actually has great capacity to answer questions that advisors really fallen down on and gotten by on relationship because client trust me anyway. So if you ask me really what I think is going to happen with advice, engagement, we’re going to see more tools that allow the advisor to lift the deeper meaning. Lumiant does an interesting example of that. I think Elements is also even though put in the financial planning category. I think these things that try to start to get to the real psychographic reason for why we’re making decisions. I think they’re gonna gain a lot of steam or because I think we need to know the meaning of money and why is really going to be important. So values and of course values based investing we know is getting more and more steam. I think you’ll see more technology around this.

Craig: So the one thing that I like to say is that Michael Kitces did a presentation comparing the advisors of today to travel agents pre internet. I remember when the internet came, it didn’t put all of the travel agents out of business it just put about 3/4 of them out of business. But a quarter of them stayed in business and thrived. I think his stats show that the average revenue of travel agents of the ones who survived went up by 4x. So they captured all the other revenue they all get travel they just had plus. And he was pretty he was predicting the same thing would happen to advisors that as technology kept improving, and people got used to trusting the technology for advice, that they would just stick with it. And they would be less and less inclined to be paying a human to do it when they can get it for much cheaper and quicker and 24/7 from an algorithm.

Adam: Yeah, well that makes sense, think about all the financial planning tools that most advisors have. Right Okay, so we have a portal, but the client doesn’t really understand what’s behind there doesn’t want to mess with it. In most cases. A consumer that’s hired a financial advisors already has said they’ve just put a line in the sand and said I don’t want to do this. I want to delegate it. Okay, don’t give me homework. Don’t give me things to think about. I’m paying you and a good amount to go do this. But I think where we’ve fallen down is now consumers are more empowered than anyone ever before. To do stuff. Right? and have it delivered immediately. And we don’t have patience. So I think you’re gonna see coming out in the in the category and we’re working on it as well as how do we empower the consumer enough so that they feel like they’re part of it and can contribute, participate? This is not a completely delegated experience.

Adam: In other words, your health should not be delegated to your doctor is a doctor’s fault. Your health should be worked with Doctor as an advocate to help you make better behavioral decisions so that you have a healthier life long term, right? It’s not the point. But that’s not how we use it. It’s not how we use attorneys. It’s not how we use accountants and it’s clearly not how we use advisors. Consumers are delegated the responsibility to the adviser and hope they do better than me. They make better decisions me turns out that it’s actually backwards. And unfortunately, because we haven’t helped people with literacy, they’re disempowered constantly. And I think there’s a next generation that’s that is definitely showing that they want to be involved and it’s whether it’s money or why. And they’re saying don’t don’t keep us out of the story. We want to learn we want to grow we want to create wealth and security. And I think they’re pushing everybody, at least in the tech side to wake up to the fact that we’re not gonna be able to get by with what we got back with the boomers for years, which was just, I trust Joe, I’ve been with Joe for 40 years. And that was good enough, right?

Craig: This is a great book called What Got You Here Won’t Get You There. So some of the things that works in every industry. I mean, I you and I come from opposite backgrounds. You were a financial advisor, I have a degree in computer science. I was a programmer, and network engineers I came I come at this from the technology point of view. And also I use all the channels on my TV and yes, I use all 1000 channels and my phone just launched a lunar satellite. So I’m the opposite.

Adam: While we were sitting here.

Craig: While we were sitting here, it’s an iPhone14 new features. That’s why satellite app, so I already launched it. So I’m running out of time. So I think giving if I can give advice we work with a lot of FinTech firms have for clients or a wealth management, enterprise wealth managers. The other half are fintechs. And one thing we see a lot of fintechs is feature bloat they feel it’s got to be a Swiss army knife, like that gigantic really fat one that doesn’t fit your pocket. anymore because it’s got a spoon and a knife and a lettuce swirler. So how do firms avoid the feature bloat and really focus on just the specialized area that they need?

Adam: It’s hard, learn to say no, that’s my mantra. No, just say no. But that’s a that’s a learned skill in many ways. Because very often when you’re driving you’re if you’re if you’re leading a product, like I was, for the most part, before now I have old team that just does it. You tend to get excited about the next shiny object, you know, oh, I can solve that problem too. Right? Or I can solve that, oh, wait, just a little tweak. We can do that too. But then you’re right that the value proposition gets lost. And now that you’re right, it’s a great analogy. I used to have one of those huge Swiss Army knives but I didn’t want to carry it was too heavy and bulky. And and so I kept the small one, the one that had just the knife and the scissor.

Adam: So the point is, is that that’s we’ve done that with Asset-Map. I mean, we a lot of people unfortunately don’t know because we need to do a better job on the marketing side of telling people that we’re we’re quote unquote just the household visualization, right? But it’s just a map where like, yeah, that’s what you think until you use it. And then I can show you like in layer what your peers are doing like Netflix can do on top of what you’re doing to show you what it’s missing. Oh, yeah. And I can give you instant AI feedback. red light green light yellow light it you wouldn’t be able to handle these events. Oh, I can do financial planning in 30 seconds on one page that would take you literally hours to replicate a full cash flow. So we’ve focused on speed, speed to engagement so I can spend more time talking about what we’re going to do, as opposed to why why Okay, or what the math says and, and that’s I think the key for our what we call simple, rich design. Make it simple enough that I can do it fast, but rich enough that it doesn’t make me look like Fisher Price. Right rich and at the depth of it so I can converse on it. And I think that’s what we’re really focusing on Craig is how do we enable a better advice, intelligence conversation? So advisor just looks like a rockstar because they get the opportunity to show how much they bring to the table. And I think that’s really the key down the line is we have to prove our human worth versus our tech process worth because if we compete with technology, we will lose. If you compete with humanity, you will win but you got to be intentional about it and that’s what we’re looking to do.

Craig: That should be your you company tagline “Asset-Map, we make advisors look like rockstars”.

Adam: If they want to be rock star, if you want to know you can be indiepop could be hip hop, I mean it could be lots of kind of stuff.

Craig: So we are now out of time where can advisors and others find out more about Asset-Map?

Adam: Well, easy enough, they could just Google it but Asset-Map.com or as an asset hyphen map.com is the best place to go. If it’s something you haven’t seen, you have to schedule a demo because the coolest stuff we brought out a little bit scope creep but it’s worth it.

Craig: It’s worth it. You heard it here first. Adam, thanks so much for being here.

Adam: As a thanks for hosting buddy.



The Wealth Tech Today blog is published by Craig Iskowitz, founder and CEO of Ezra Group, a boutique consulting firm that caters to banks, broker-dealers, RIA’s, asset managers and the leading vendors in the surrounding #fintech space. He can be reached at craig@ezragroupllc.com