The Future of Financial Advice with Jess Liberi, Head of Product at eMoney
On today’s episode, Ryan Zauk is joined by Jess Liberi, Head of Product for eMoney, a Fidelity-owned company.
eMoney is a company most people aren’t familiar with, but many have been affected by. eMoney is a software company that empowers financial advisors with the tools to create robust financial plans, set savings, investing, and spending goals, conduct cash flow analysis, and much more. eMoney is used by over 70,000 financial professionals across a wide variety of practices in the US, reaching the financial future of ~5 million US households.
It’s been trendy over the last decade to claim that financial advisors are becoming obsolete, have archaic fee models, etc. But Jess and Ryan dive into how advisors have adapted to new consumer demands both from the product and fee side, and the importance of a planning-centric advisor. During the COVID crisis, advisors were as important as ever, helping people stay the course during rough times. They also cover eMoney's product, the advisor trends Jess spotted during COVID, their new "Project Incentive," how advisors have been (and will continue to) adapt, and much more.
7:50 - A brief look at the evolution of the financial advisor
9:01 - eMoney's "competitive advantage" and what differentiates them
10:05 - Some incredible initiatives eMoney has taken on to help 2,000+ students get externships and push advising toward planning-centricity
12:41 - What behavior changes, or lack thereof, they saw during COVID
18:45 - What's keeping advisors up at night, how they need to adapt products and fee structure, and surprising statistics about the engagement of people over the age of 60
22:50 - eMoney's "Project Incentive"
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