Podcast Summary
Financial Planning: Effective financial planning can lead to better investment decisions, avoiding costly mistakes, and reducing stress for individuals, especially for those without prior experience.
Personal finance planning is an essential aspect of life that can help individuals make better investment decisions, avoid costly mistakes, and reduce stress. Shruti Joshi, the president and COO of Fasset, emphasized the importance of financial planning, especially for the millions of Americans who have never worked with a financial planner. She shared her personal experiences of moving around different companies and industries, and how her immigrant parents' entrepreneurial spirit influenced her perspective on money and the importance of new experiences. Joshi also highlighted her journey from being an investor to joining the C-suite of a fast-growing FinTech company, Fasset. Overall, the conversation underscored the significance of financial planning and the benefits it can bring to individuals' lives.
Financial planning democratization: Fasset's mission to charge a subscription fee, offer objective advice, and provide holistic, ongoing planning makes financial services accessible and client-focused.
Anders and Patrick's mission to disrupt the financial planning industry and democratize the service resonated deeply with the speaker, leading her to invest and eventually join Fasset full-time. The importance of this mission lies in the fact that financial planning has historically been expensive, exclusive, and filled with conflicts. Faset addresses these issues by charging a subscription fee, being objective, and offering holistic, ongoing planning. This approach makes financial planning accessible to more people and ensures that advice is given with the client's best interests in mind. The speaker's personal experience with failure and the skills she gained from it set her up for success in her new role at Faset.
Financial platforms, Hiring efficiency: Using platforms like Indeed and Rakuten can lead to cost savings and efficient hiring processes. However, managing personal finances can be complex, and seeking advice from a Certified Financial Planner can provide valuable guidance and prioritize your best interests.
Leveraging platforms like Indeed and Rakuten can lead to significant savings and efficient hiring processes. Indeed's sponsorship feature ensures a high percentage of job applicants are a good match for the position, while Rakuten offers cashback on purchases. However, managing personal finances can be complex and potentially costly without professional help. DIY financial planning can result in mistakes, especially when it comes to understanding complex financial matters like equity compensation. Seeking advice from a Certified Financial Planner (CFP) as a fiduciary can provide valuable guidance and ensure your best interests are prioritized. FAFSA, a FinTech company, combines human expertise with technology to offer personalized financial planning services. Remember, financial wellness is crucial for overall well-being, and seeking professional help can lead to better outcomes.
Technology in Financial Planning: Facet Wealth's financial planning approach combines CFP expertise with technology to create a more efficient experience, automating tasks while focusing on human aspect, and offering a financial wellness quiz and ongoing conversations with CFPs.
Facet Wealth's approach to financial planning combines the expertise of Certified Financial Planners (CFPs) with technology to create a more impactful and efficient experience for their members. The technology automates tasks such as tracking investments and goals, while the CFPs focus on the human aspect of financial planning, understanding each member's unique situation and goals. Facet's financial wellness quiz exposes individuals to various financial topics and encourages education and exposure. The financial planning process includes a conversation with a membership manager, digital onboarding, and a first conversation with a CFP to understand personal values, goals, and trade-offs. The CFP then builds scenarios for the member to consider, and the technology makes it easy for members to take action on the advice provided. The journey continues with ongoing conversations with the CFP, risk assessments, and aspirational planning. There is a need for engagement with the process, but Facet works to make it simple and jargon-free.
Financial planning for entrepreneurs: Entrepreneurs benefit from personalized financial planning services that cater to their unique needs, focusing on goals, insurance, estate planning, and optimizing benefits. A trusted advisor is essential for time-strapped entrepreneurs.
Facet Wealth's financial planning services cater to individuals, particularly entrepreneurs and corporate professionals, by providing personalized guidance to help align financial decisions with personal values and goals. The focus is on the individual's financial well-being, addressing concerns such as insurance coverage, estate planning, and optimizing benefits. The importance of having a trusted financial advisor, especially for entrepreneurs who often lack time and guidance, cannot be overstated. The first step in financial planning is identifying personal goals, and investments are then tailored to support those objectives. There is no one-size-fits-all approach, as everyone's financial situation and priorities are unique. The overall philosophy is to use money as a tool to live the life you want.
Co-working and B2B sales: Co-working at Industrious can benefit entrepreneurs for B2B sales through LinkedIn, with over 180 million senior-level executives and 10 million C-suite executives, and Shopify for online selling, while financial planning is crucial for personal milestones and can be aided by Industrious and Facet Wealth.
Entrepreneurs, solopreneurs, and freelancers can benefit from co-working at Industrious, especially for B2B sales using LinkedIn. Industrious offers a free week of co-working for new members using the code "profiting." LinkedIn is an effective platform for B2B sales with over 180 million senior-level executives and 10 million C-suite executives, offering precise targeting through various inputs. Shopify is another essential tool for businesses, enabling selling online and in-person, with a 36% better converting checkout compared to other options. Money planning is also crucial, focusing on financial milestones throughout life, such as buying a house or getting married, and understanding how to express one's identity through financial choices. Industrious and Facet Wealth offer valuable resources for entrepreneurs, providing co-working spaces and financial planning services, respectively.
Financial Decisions and Life Choices: Financial decisions are deeply connected to life choices, requiring consideration of personal values and future goals. AI enhances financial planning with efficiencies, but human touch remains vital for personalized advice and trust-building.
Financial decisions are intertwined with life decisions, and it's essential to consider values and what one wants in life when making these decisions. From choosing a partner, having a child, starting a business, to smaller decisions like picking benefits or moving, every decision has a financial implication. AI is playing an increasingly significant role in the financial space, providing efficiencies and improving overall experiences. However, the human touch remains crucial in financial planning, ensuring personalized advice and building trust. Facet Wealth aims to democratize financial planning, envisioning a future where everyone has access to financial planning and reduced financial stress.
Financial stress reduction: Effectively managing finances can significantly reduce stress and improve overall well-being, leading to increased productivity, mindfulness, and happiness.
Managing your finances effectively can significantly reduce stress and improve overall well-being. Money is a common source of stress and contributes to many divorces, but by taking small steps, such as taking a financial wellness quiz or seeking professional help, individuals can make better financial decisions and live the lives they truly want. The benefits go beyond just financial gains, as the relief from financial stress can lead to increased productivity, mindfulness, and happiness. It's important to view money as a tool for living the life you desire and not something to be avoided or ignored. By taking action and getting educated about financial planning, individuals can unlock a world of possibilities and reduce the stress that comes with financial uncertainty.