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212: The Meeting Notes Hack That Will Change Your Life · The Efficient Advisor: Tactical Business Advice for Financial Planners

• 0:00
  Speaker 1: If you've been an advisor for a while, if you know, you know, right, if you have ever been stuck in what I would describe as nothing short of meeting note hell.
• 0:10
  Speaker 1: And this is when you've had a few client meetings, your meeting notes get backed up.
• 0:16
  Speaker 1: You have a pile of handwritten notes, or maybe folders or emails or whatever, sitting on your desk that you're like, okay, I need to go through and finish these notes.
• 0:27
  Speaker 1: You know what I'm talking about.
• 0:29
  Speaker 1: When that pile gets, it starts to accumulate and then you start to attack it and you're like, okay, I don't even remember all the details, let me put like the bare minimum down here.
• 0:38
  Speaker 1: Shoot, I can't believe it's taking me this long.
• 0:40
  Speaker 1: Meeting notes were, for a very long time, the bane of my existence that pile of notes just haunting your dreams.
• 0:48
  Speaker 1: And I finally figured out a system to take notes, appease compliance requirements, gather client intel, assign tasks, create a follow-up email all before I walked out of my client meeting.
• 0:59
  Speaker 1: It was as streamlined as it gets, but it was manual.
• 1:04
  Speaker 1: Right, it was as streamlined as it gets, but it was manual, okay.
• 1:09
  Speaker 1: So when I sold my practice in 2019, I we were doing these live workshops where advisors from all over the country were coming in and my team and I were training them on our processes, and this meeting note process was like the cherry on top for people, right, like the oh my goodness, this is going to be a game changer for me.
• 1:23
  Speaker 1: And it still was cumbersome, it still required a lot of manual effort and, since I sold my practice, there are just all kinds of newfangled AI that can do literally all the things right.
• 1:35
  Speaker 1: And you know here my big commitment to you and one of the visions that I have for the Efficient Advisor is to being a resource hub of vetted things right, finding all of the things and I've got all kinds of technology stuff coming down the pike for you guys of different softwares and tools and things that are going to make your life so much easier, and I am committed to making sure I feel really, really good about whatever it is that I'm recommending.
• 2:01
  Speaker 1: So I have been just taking in information about note-taking AI for client meetings for months, months and months and months, and I just hadn't found the right tool.
• 2:13
  Speaker 1: You know there's all these other tools out there and I'm not going to name them because I don't want to discredit anybody out there, but I finally found a tool that I can get behind.
• 2:20
  Speaker 1: So today's episode is all about this note-taking tool that's going to revolutionize your practice.
• 2:29
  Speaker 1: I just imagine this tool is literally doing all of the things that we were doing manually, and I remember thinking, when we were doing it manually, the way that we did it still streamlined my practice by leaps and bounds.
• 2:42
  Speaker 1: It was forever a game changer.
• 2:43
  Speaker 1: My big goal was to leave my client meeting and have all of my notes done, all of the tasks assigned, all of the compliance requirements, all of the trades um, you know dictated to my director of operations to make those trades, any applications that needed to be taken, given all the details.
• 2:59
  Speaker 1: Like, I wanted to leave that meeting with everything done and all of the follow-up assigned, the follow-up email written, all of the things, and I didn't want to see that file again until two weeks prior to the next client meeting where I was doing my prep.
• 3:14
  Speaker 1: And we got there and when we got there it changed the game for me.
• 3:19
  Speaker 1: But I can't even begin to express to you how amazing some of these new tools are and how they can get you there so much faster.
• 3:28
  Speaker 1: So I have been, like I said, on this journey to find a tool that addresses the biggest concern for everybody when it comes to AI, which is security and privacy.
• 3:39
  Speaker 1: When I was doing a lot of research and I was polling my group, coaching groups and asking questions about hey, you know, what do you guys think about AI?
• 3:47
  Speaker 1: I've got all these podcasts coming up on on tech, like what, like, what do you want to know?
• 3:52
  Speaker 1: Everybody's concerns surrounded like yeah, yeah, yeah, cool, cool, cool.
• 3:56
  Speaker 1: Can I customize it?
• 3:57
  Speaker 1: What can it do?
• 3:58
  Speaker 1: Like, tell me all of the things?
• 3:59
  Speaker 1: How does it integrate with CRMs?
• 4:01
  Speaker 1: But the biggest question by far is how can I make sure that it's protecting?
• 4:05
  Speaker 1: If it's using open AI, how can I protect my client data?
• 4:09
  Speaker 1: How can I make sure that I am honoring the security that's required for all of my clients?
• 4:14
  Speaker 1: And you guys, I feel really good about this particular software tool that it's going to help you actually take your notes, create follow-up emails, create the tasks, do all of the things and protect your client's data.
• 4:28
  Speaker 1: All right, I am so looking forward to this conversation with the founder of Finmate AI, daniel Yu.
• 4:34
  Speaker 1: You guys are going to just be blown away by how smart.
• 4:37
  Speaker 1: I mean, every time I interview an AI guy, I'm always like blown away by how incredibly intelligent they are, but this in particular is going to knock your socks off, so all right, let's do it.
• 4:57
  Speaker 2: My name is Nicole Williams from the Twin Cities, minnesota.
• 5:00
  Speaker 2: Listening to the Efficient Advisor podcast gives me super useful tips and tools to run my business better, but the group coaching program has taken it to a whole new level.
• 5:09
  Speaker 2: The systems, processes, templates and even just the basic organizational tools, tips, tricks and hacks that I've gotten from Libby and the other advisors has completely transformed my world.
• 5:20
  Speaker 2: Libby has created the infrastructure, provides all the material and guides you through getting things done.
• 5:25
  Speaker 2: I still can't believe how I can feel so much less stressed, so much more organized and so much more satisfied and confident in serving my client.
• 5:33
  Speaker 2: I'm finally working smarter and not harder.
• 5:37
  Speaker 1: You guys, I'm so excited because I finally get to stop talking about the group coaching program.
• 5:41
  Speaker 1: This is the last week.
• 5:43
  Speaker 1: Registration ends August 9th, so I promise you won't hear me mention it again until we start talking about the group that launches out in January.
• 5:54
  Speaker 1: So we are so excited.
• 5:55
  Speaker 1: If you are looking to dramatically change the backend of your business, to get all of your processes super organized, to get new, fresh ideas of how to elevate your client experience using rinse wash, repeatable processes and finally feel like you can leave your office knowing that things aren't going to drop through the cracks, that you've got all of the details worked out, that your team knows what's expected of them.
• 6:22
  Speaker 1: All of the things you guys, I'm so excited to help you build out your start to finish planning process, your prospecting process, your onboarding process, your client service model and so much more inside of this group coaching program.
• 6:34
  Speaker 1: If you don't know what I'm talking about, it's a 10 month group coaching and mastermind program that I've been leading.
• 6:40
  Speaker 1: This is our sixth round and I am so, so excited about the group of advisors that we've already got registered.
• 6:45
  Speaker 1: If you're looking for more information, please check out the link in the show notes or you can head out to the efficientadvisorcom there's a banner up at the top or you can click on the coaching page, scroll down to the systems to scale group coaching program to learn more and at a full disclosure I want to share with you.
• 7:05
  Speaker 1: After learning about Finmate AI, which is the note-taking tool that we're talking about today, I did develop a partnership with them, so I have a link for you guys that, if you want a free trial and 10% off for ever never off of the price I've got a special link for you and I do get compensated.
• 7:25
  Speaker 1: I love getting paid pennies to share amazing products and services.
• 7:31
  Speaker 1: Just kidding, kidding, kidding, not kidding, but you know what I mean.
• 7:33
  Speaker 1: I just want to be really clear that it is a partnership.
• 7:36
  Speaker 1: However, I would never, ever, ever, ever recommend anything to you guys that I don't fully believe in and get behind.
• 7:43
  Speaker 1: So I'm really excited.
• 7:45
  Speaker 1: Let's go ahead and dive into this conversation with Daniel Yu.
• 7:48
  Speaker 1: All right, daniel, thank you for number one.
• 7:51
  Speaker 1: Thank you for solving all of the world's problems for financial advisors Just kidding, at least.
• 7:56
  Speaker 1: Note-taking is a massive, massive issue.
• 7:59
  Speaker 1: It always was for me and my business, and I hear constantly from financial advisors that it's such a major friction point.
• 8:06
  Speaker 1: So I'm really really excited to dig into this note-taking tool and all of the things.
• 8:12
  Speaker 1: So AI has been a really exciting concept for advisors and one of those things that's kind of also challenging to figure out how to integrate and navigate.
• 8:20
  Speaker 1: So thank you, thank you so much for being here.
• 8:24
  Speaker 3: Yeah, absolutely Happy to chat.
• 8:26
  Speaker 1: Yeah, so okay.
• 8:27
  Speaker 1: Thank you so much for being here.
• 8:28
  Speaker 1: Yeah, absolutely Happy to chat.
• 8:29
  Speaker 1: Yeah, so okay.
• 8:32
  Speaker 1: So give us the background what possessed you?
• 8:33
  Speaker 1: Tell us how you got into the industry and how you ended up in the space of specifically working on AI as a note-taking tool for financial advisors.
• 8:42
  Speaker 3: Yeah, let's get started from, I guess, the beginning of my career.
• 8:46
  Speaker 3: I became a financial advisor straight out of college and I had joined AXA Equitable to get licensed, and so I worked with teachers helping them with their retirement in the beginning, and then moved on to try to help out small businesses and tech workers.
• 9:02
  Speaker 3: I did that for a couple years and then transitioned over to TD Ameritrade to be a captive financial advisor for them.
• 9:09
  Speaker 3: I eventually became a senior financial advisor under the TD umbrella and I think I was overseeing a book of about 800 mil for them.
• 9:18
  Speaker 3: And then I'm sure everyone saw the news about the Charles Schwab merger with TD Ameritrade.
• 9:23
  Speaker 3: So it lasted about a year after the merger and then was doing a master's at the time at Johns Hopkins using AI to do asset price predictions, and my thesis advisor at the time was a FINRA guy and he let me know about their MQP program, which I can keep my licenses active in a dormant state for about five years, and he told me hey, why don't you go try building something else?
• 9:46
  Speaker 3: And so that's what I did.
• 9:49
  Speaker 3: So upon leaving TD Ameritrade, I joined another tech startup just to get the lay of the land and understand how the tech industry works and then move on to create my own company, finmate.
• 10:00
  Speaker 3: So I've been an advisor for about seven, eight years, been an advisor for most of my career own company, finmate.
• 10:04
  Speaker 3: So I've been an advisor for about seven, eight years, been an advisor for most of my career, and so that's why I'm really focused in on the advisor industry.
• 10:11
  Speaker 1: Yeah, so obviously I love you know the listeners of the show know that.
• 10:15
  Speaker 1: You know we we try to only interview people who are in the financial space, either have been in there in the trenches done the work as the advisor, or exclusively work with financial advisors, Cause there's so many intricacies to this business between, like, licensing and compliance and all of the rules and regulations and all of the things.
• 10:33
  Speaker 1: So okay, but why note-taking?
• 10:36
  Speaker 1: So tell me a little bit about like what, what in your career and I laugh because like we, like if you know, you know, but like what in your career made you think like, oh, the one solution that I want to come up with to solve the problem of notetake, like where did that come from?
• 10:53
  Speaker 3: yeah.
• 10:53
  Speaker 3: So I think, as advisors, a lot of our pay comes from active time, right, or like production time, which is when we're meeting with clients, right?
• 11:01
  Speaker 3: Uh, although the admin stuff, all the operational stuff, I think advisors generally tend to dislike, mainly because it's not active, you're not talking to clients, you're not earning additional revenue, you're not building your practice, things like that.
• 11:15
  Speaker 3: And the biggest time sink of admin time has been note-taking, right, and, yes, it's important for compliance, it's important to cover yourself in case things go wrong, but again, that would be something considered, not production time, and so that was one of my pet peeves of having to do and my manager can probably attest to it, because I was always getting reprimanded for my terrible notes, so I wanted this for myself.
• 11:42
  Speaker 1: Let's say, yeah, well, no for for sure, that was for me, I can just remember.
• 11:48
  Speaker 1: So like I started back in this industry in 2004, you know when we walked uphill both ways and all of the things and the stuff because, I'm old and so 20 years ago, right, I can remember we use paper files for all of our clients and I would have those manila like stacked up on the corner of my desk like all week long.
• 12:05
  Speaker 1: I would be like, okay, I'm going to get to those, I'm going to get to those, and I would just accumulate, accumulate.
• 12:09
  Speaker 1: And I was like, okay, we need to have a process for this right Because.
• 12:12
  Speaker 1: I'm just forever living behind schedule, like feeling behind, feeling like, okay, these follow-up items are not getting done in a timely manner, like or I was kind of hodgepodge, picking stuff to give to my team Then I'll get to that later and then my notes were complete garbage by the time I got to my totally forgot all of the details or the color or the extra stuff that I wanted to add.
• 12:33
  Speaker 1: So it was in a very evolved like process of, okay, well, how can I make this better, how can I make it faster, how can I make it more thorough and continue to kind of evolve our process.
• 12:45
  Speaker 1: You know, we tried dictation services and we tried.
• 12:50
  Speaker 1: I mean, we're talking back when- like actual humans would sit there and listen to it and type it up for you and then email it to you a day later, and we tried different types of templates and we got it pretty refined, but it's still.
• 13:00
  Speaker 1: Even with all of that, it still was one of those things.
• 13:03
  Speaker 1: So every year on Groundhog's Day, I post the same meme and it's about being behind in your meeting notes again, right, like it feels like every day you're like, okay, I'm going to, this is the one thing I'm going to figure out, I'm going to get it, I'm not going to do this again, I'm not going to let these accumulate.
• 13:19
  Speaker 1: I'm going to stay on top of my meeting notes this year, this quarter, me, whatever.
• 13:23
  Speaker 1: So the tool that you came up with, I think, is really, really exciting and really phenomenal and I'm super excited to be kind of part of it with you guys.
• 13:33
  Speaker 1: But before we dive into the actual note-taking tool, if we could back up a little bit.
• 13:40
  Speaker 1: So AI is super exciting.
• 13:42
  Speaker 1: It's one of those things that we're all like yes, like okay, this is going to revolutionize our business, this is going to change our thing and at the same time, it's really intimidating, it's really scary.
• 13:52
  Speaker 1: There's a lot of like compliance or privacy, like.
• 13:55
  Speaker 1: So back us up and kind of share with us.
• 13:58
  Speaker 1: How does an advisor need to be thinking about AI inside of their business.
• 14:08
  Speaker 3: Like what are some of the things that we don't know, that we don't know that we need to be thinking through?
• 14:10
  Speaker 3: Yeah, so that's a good question.
• 14:11
  Speaker 3: I like to divide up this question into kind of two phases.
• 14:12
  Speaker 3: So, first of all is understanding, identifying opportunities for using AI.
• 14:17
  Speaker 3: Ai is the buzzword now and everyone is trying to slap AI into everything, but maybe it's not as useful in certain areas as others, right?
• 14:26
  Speaker 3: So it's like okay, number one, how do you think through opportunities, right?
• 14:29
  Speaker 3: And then, secondly, like you were mentioning, you know, how do you think through the security risk.
• 14:33
  Speaker 3: So, first of all, for the opportunity identification, I would say look for things that are in your operational practice, are repeatable but softly bounded, right?
• 14:44
  Speaker 3: What I mean by that is in the previous era of computational productivity gains, it was when you can take a task and tell the computer to do exactly X task over and over and over again, right?
• 14:59
  Speaker 3: And so you need to send out mass mailers, right?
• 15:01
  Speaker 3: You don't need to sit there and email each individual person.
• 15:04
  Speaker 3: You can set up a mailing list or you can set up, you know, a mail merger, right.
• 15:08
  Speaker 3: So that's the old technology where you can automate certain processes, but it had to be hard bounded.
• 15:13
  Speaker 3: The genius of AI is that it's soft bounded and so if you can tell it to do certain things but expand out a little bit further from there, but it's semi-repeatable, that would be a target rich area for automation with AO.
• 15:27
  Speaker 3: What do I mean?
• 15:28
  Speaker 3: So, for example, if you are writing marketing copy right, obviously you can't have it in the old paragraph.
• 15:36
  Speaker 3: Spit out marketing copy, because that's soft bounded, right.
• 15:39
  Speaker 3: It'll spit out the same exact verbiage over and over and over again, which is not very useful.
• 15:42
  Speaker 3: But if you wanted to tweak certain things, try different versions.
• 15:49
  Speaker 3: You can use now AI, because it's a soft bounded, repeatable problem, right?
• 15:52
  Speaker 3: Or take, for example, new client acquisition right.
• 15:57
  Speaker 3: So you're looking for new clients and you're looking for a certain profile, but you don't necessarily have hard bounded numbers on like, I need, you know, this number, this variable, to be this exact thing.
• 16:09
  Speaker 3: That would be the old way of doing things the old computational way.
• 16:12
  Speaker 3: The new AI way would be more personality driven, right?
• 16:15
  Speaker 3: Or let's say, you're creating a new profile or a new portfolio and you're designing out that portfolio, whereas in the previous era you you have to specify I need this percentage here, this percentage here of this stock.
• 16:26
  Speaker 3: But in the new um, uh, new ai era, you can have it be a little bit uh, softer and be more driven by, for example, clients, beliefs or values, right, you can start incorporating some of these things into your repeatable tasks that you had before um, and obviously, note-taking as well, right?
• 16:46
  Speaker 3: So that's number one, how you take advantage of, like, what the opportunities are.
• 16:50
  Speaker 3: Number two is then, okay, the security risk, and so I would say think through what data you're processing through ai, right.
• 16:57
  Speaker 3: And I would divide this into again three categories number one is public data, number two is firm data, and then number three is client data.
• 17:03
  Speaker 3: Number two is firm data and then number three is client data.
• 17:05
  Speaker 3: So public data is data you can find online.
• 17:09
  Speaker 3: It's open source, anyone can access it.
• 17:11
  Speaker 3: Right, this represents the lowest risk.
• 17:13
  Speaker 3: Number two is firm data.
• 17:15
  Speaker 3: So these are characteristics unique to your firm.
• 17:18
  Speaker 3: You know what is your firm branding, you know what is your firm's investment philosophy?
• 17:22
  Speaker 3: Right, I've talked to advisors who focus in on, you know, income investing.
• 17:25
  Speaker 3: Right.
• 17:25
  Speaker 3: I've, you know, talked to advisors focused on growth investing.
• 17:29
  Speaker 3: Right.
• 17:29
  Speaker 3: What is that?
• 17:30
  Speaker 3: Flavor and profile and information that are pertinent to your firm.
• 17:34
  Speaker 3: And then, lastly, it's client data right, these are PII, this is client personalities, these are client preferences, things like that which represents the highest level of risk right, client preferences, things like that which represents the highest level of risk right.
• 17:48
  Speaker 3: So then you would match up your opportunities to the level of risk or the level of privacy in the data that you're processing, right.
• 17:55
  Speaker 3: So if you're doing client acquisition, right, and you're looking for and you're doing searches for clients, obviously you'll be using more public data, right.
• 18:02
  Speaker 3: So very little concern needs to be taken in terms of that data that you're processing through AI, because it's public data anyway.
• 18:10
  Speaker 3: Right, it's open source, it's open domain.
• 18:12
  Speaker 3: Number two would be firm level data, right.
• 18:15
  Speaker 3: So if you're making marketing copy and you're inputting in details about your firm, that's up to you.
• 18:22
  Speaker 3: How private is that data important and private to your firm?
• 18:25
  Speaker 3: Right.
• 18:25
  Speaker 3: If to you, how private is that data important and private to your firm?
• 18:26
  Speaker 3: If it's just your investment philosophy that you're very open about, then maybe it doesn't matter, but maybe, if it's some proprietary things, maybe you should be a little bit more concerned about how that data is being processed.
• 18:36
  Speaker 3: And then, lastly, something like note-taking is when you are talking to clients about their personal information so security, account numbers, things like that.
• 18:44
  Speaker 3: You are talking to clients about their personal information, so security account numbers, things like that that's where I would say you need to be most concerned about how you're processing that data, what AI it's being used through, what the data retention policy is, and so there's a couple other things that you need to think through before you process that data.
• 19:00
  Speaker 1: Oh, I love that and I know we're going to get into the tool itself.
• 19:03
  Speaker 1: But while we're on the topic, one of the things I think that attracted to me what you, to what you guys are doing, and one of the biggest kind of question marks that I've had right, so note taking has been on my radar as like a primary like okay, how do I help advisors solve this problem in their business issue?
• 19:21
  Speaker 1: And the thing that I've struggled with as I've seen different tools come out, is this idea of security and I think, that's what was really attractive about what you guys are doing.
• 19:30
  Speaker 1: So tell us a little bit about how you've sort of mastered, if you will, the risk that advisors are taking on or the worry about security of client data.
• 19:41
  Speaker 3: Yeah, great question.
• 19:42
  Speaker 3: So we came out back in May of 23.
• 19:46
  Speaker 3: So we were first on the scene for a advisor focused note taking tool and, again coming from that tech background or coming from the advisor background and having experience at the tech world for about a year, one of the things I quickly realized was the tech world was kind of a mess, in that their MO seems to be break things and apologize later.
• 20:06
  Speaker 3: All right, I mean, you've heard the Silicon Valley adage of, like you know, move fast and break things right, which is actually how the tech world does operate, and the tech company that I was with you know I've seen that in action.
• 20:19
  Speaker 3: I felt that that was highly inappropriate for the advisor space, and so I wanted to create a company that does it right the first time around and that's specifically geared towards the advisor.
• 20:29
  Speaker 3: So a couple of considerations we had.
• 20:31
  Speaker 3: Number one was data retention, and so, because AI relies on data for training, for power, one of the decisions we made early on was we do not need to keep any of this data long-term, right, Right.
• 20:52
  Speaker 3: There's no reason for a note-taking app to take control of your data long-term, and so I would say partial red flag would be if their terms say anything like they'll keep your data for as long as they need to.
• 21:03
  Speaker 3: For us, we have an explicit deletion policy One year for audio video, six months for everything that's generated transcripts, notes, emails, everything and that's toggleable and customizable by the end user admins, right?
• 21:16
  Speaker 3: The reason we're doing that is a couple fold.
• 21:20
  Speaker 3: Number one you know FINRA, SEC.
• 21:23
  Speaker 3: They have their archival policies, right?
• 21:25
  Speaker 3: You need to keep client data for a certain amount of period of time in case of audits.
• 21:29
  Speaker 3: Frankly, I just don't want to get involved in the line of audits, and so we do do this deletion.
• 21:36
  Speaker 3: We encourage all of our advisors to push their data into their CRMs.
• 21:40
  Speaker 3: Their CRMs are designed for data repository, right?
• 21:44
  Speaker 3: A note-taking app should not be your data repository.
• 21:46
  Speaker 3: Number two it lets us not do any training or enforce that policy, right, and so, again, we have an explicit no training policy.
• 22:00
  Speaker 3: I believe some AI companies are coming out and say, oh, we don't do any AI training, but then they'll turn around and say, oh, if you upload your notes or your meetings, we'll learn from how you do things and customize based off of how you do things.
• 22:07
  Speaker 3: Functionally.
• 22:09
  Speaker 3: What exactly is the difference?
• 22:11
  Speaker 3: I'm not really certain how they're getting away with saying things like that, but we don't want to do any kind of learning, either of our own algorithms or with the base level AI, and so with this constant data deletion, we're ensuring the security of that data.
• 22:26
  Speaker 3: And then, thirdly, AI is very new.
• 22:28
  Speaker 3: Again, we are one of the first players in the AI advisor space, but I mean, we get it.
• 22:34
  Speaker 3: We're just just over a year of public usage right, and so we could get bought out at any time.
• 22:40
  Speaker 3: Any AI can get bought out at any time.
• 22:41
  Speaker 3: And so the question that I think advisors should be asking is what happens to the data after the company gets bought out, right?
• 22:47
  Speaker 3: And so even if every company has the best of intentions which is questionable whoever buys them out also might not right.
• 22:56
  Speaker 3: And so what is the company doing to ensure that nothing untowards happens post their company's sale?
• 23:04
  Speaker 3: And so with our proactive data deletion policy, we're also protecting our advisors in the long term against misappropriation of data.
• 23:15
  Speaker 1: Fascinating and I think when we've talked before, you have even like okay.
• 23:23
  Speaker 1: So I grew up in the broker dealer space, right, which is like, and I grew up at a broker dealer that was beyond conservative of conservative of conservative.
• 23:26
  Speaker 1: Yeah, right, so you even have broker dealers that are getting ready to adopt this because of that security.
• 23:33
  Speaker 1: Is that a fair assessment?
• 23:34
  Speaker 1: Yes, yes, yes, yeah so that to me is like wow, okay, if a broker-dealer is willing to jump on board.
• 23:42
  Speaker 1: That to me means like okay, you've got the security piece kind of figured out.
• 23:47
  Speaker 3: Yeah, I mean again, there's a broad range of broker-dealers, right, there are some that are a little more lax with the technology.
• 23:52
  Speaker 3: There's some that are a little more, but agreed that compared to RIAs, generally speaking broker dealers are a little bit more conservative.
• 23:59
  Speaker 3: I think a large part of it is this proactive data deletion policy.
• 24:02
  Speaker 3: Right, me understanding kind of the regulations around FINRA, sec.
• 24:06
  Speaker 3: Obviously, finra nor SEC has came out with explicit rulings on this subject yet, but in my hypothesis on the direction they're likely to go is with that data retention policy on who has access to the data and who's processing what with the data, right.
• 24:22
  Speaker 3: So we are trying to be as conservative as possible with the data policy as such, that we're limiting the risk of exposure anywhere including with us.
• 24:32
  Speaker 1: Yeah, yeah, absolutely, Absolutely Okay.
• 24:35
  Speaker 1: So let's get into.
• 24:36
  Speaker 1: So.
• 24:36
  Speaker 1: Thank you for all of that.
• 24:38
  Speaker 1: Let's get into what.
• 24:39
  Speaker 1: So what is Finmate Like?
• 24:40
  Speaker 1: So I'm an advisor, I hop on the website, what is it that I'm the feature set right.
• 24:46
  Speaker 3: What we're doing is we're running a layer of AI on meeting recordings to do transcription analysis and then notes generation off of the transcription right.
• 25:06
  Speaker 3: So if you want to take the time and process through step-by-step on your own, yeah, I'm very open about it you can do it.
• 25:12
  Speaker 3: What we're providing is that layer of security, but also the layer of convenience, right, where we do that straight through processing for you, and so what you'll get at the end are notes that have been heavily tested by us, note templates that have been heavily tested by us, based on meeting types that advisors are actually having, right.
• 25:31
  Speaker 3: So you know, if you think about the client prospect to client pipeline and that client lifetime journey, it starts with the intro prospect meeting, right, and so we have an intro prospect template meant for that initial conversation.
• 25:44
  Speaker 3: What do you do after that?
• 25:45
  Speaker 3: You do a fact-finding discovery call because you want to generate out that initial financial plan, right.
• 25:51
  Speaker 3: One of the frustrations that I've had was in an organic conversation.
• 25:55
  Speaker 3: You know, even if you had a very nice, neat agenda on what you wanted to cover, it inevitably goes everywhere, right.
• 26:01
  Speaker 3: And so for me at TD Ameritrade, we were using MoneyGuy Pro and it has a certain cadence and an order to the recording of what data you're inputting, but your organic handwritten notes will be all over the place.
• 26:14
  Speaker 3: So we have a discovery fact-f finding template where it'll just organize all the data points so that you can do that data entry in a more streamlined manner.
• 26:22
  Speaker 3: And then what happens after you onboard them and you pitch them, your advisory, you get them onboarded.
• 26:29
  Speaker 3: You have to have your annual semi-annual reviews.
• 26:31
  Speaker 3: So we have a review template, right?
• 26:33
  Speaker 3: Sometimes you'll do a golf outing or a lunch meeting with your client.
• 26:38
  Speaker 3: Can't really record those meetings, and so we do have an all purpose meeting type that'll help you with that dictation of the notes post lunch or golf.
• 26:47
  Speaker 3: And with it will come, you know, and call analytics to do call reviews, so that coaches can review, like yourself, to help them optimize how they're running their meetings.
• 26:58
  Speaker 3: We'll generate, you know, follow up emails.
• 27:01
  Speaker 3: We'll generate CRM tasks and push notes to your CRMs and behavioral analysis in terms of like mood over time and things like that.
• 27:10
  Speaker 3: So a lot of tooling to help with that operational step so that you can move that information to your repository, which is CRM.
• 27:19
  Speaker 3: And then, yeah, help you get more productive time on your books, because we're trying to reduce your admin time.
• 27:27
  Speaker 1: Yeah, and one of the things that I think is really interesting to me, or really appealing and I want to drill down into a couple of things that you said here was this idea of having different meeting types that follow kind of the natural progression of a financial planning process, which really and correct me if I'm wrong, but this really improves, like, the actual accuracy of the note taking.
• 27:46
  Speaker 1: Is that correct?
• 27:47
  Speaker 1: Is that right?
• 27:48
  Speaker 1: Okay, yeah.
• 27:49
  Speaker 3: So AI right now, as smart as it is, it doesn't know what's important to advisors, right?
• 27:54
  Speaker 3: And so one of the biggest challenges for us was to make sure that the notes were as accurate as possible and as meaningful as possible.
• 28:02
  Speaker 3: Right, you can toss in a bunch of information at general AI and it'll just give you what it thinks is important For us, though, as we're crafting out these templates, we have to really specify.
• 28:13
  Speaker 3: No advisors are looking for X, y and Z for this kind of meeting and this kind of step, um, and so that's why I think we have one of the best, um, most accurate notes and templates and transcripts in in uh in the business, because, um, we have been extensively testing it against my back catalog of um.
• 28:32
  Speaker 3: You know what I looked for as an advisor, as well as how we do a lot of role playing in internal to the company uh, role play for meetings as well, yeah.
• 28:41
  Speaker 1: Yeah, absolutely Okay, and so you have the preloaded, you know, templates that you guys have been testing and tweaking.
• 28:49
  Speaker 3: Yes.
• 28:49
  Speaker 1: So for every advisor that's like, but I'm unique and my situation's unique and I want my own template.
• 28:54
  Speaker 1: I like that right.
• 28:54
  Speaker 1: Because we're all high maintenance and we're all very picky.
• 28:56
  Speaker 1: Continuation's unique and I want my own template.
• 28:56
  Speaker 3: And I like it like that right, Because we're all high maintenance and we're all very picky.
• 29:00
  Speaker 1: Agreed, we're a special brand of crazy.
• 29:02
  Speaker 1: And to be a good advisor.
• 29:03
  Speaker 3: You have to be aware of that Self-awareness is the first step.
• 29:14
  Speaker 1: So talk about the ability to customize templates so that when I come in with my special needs and I'm like I like it this way, and I want it that way.
• 29:17
  Speaker 3: I've been doing this for 20 years.
• 29:18
  Speaker 1: Don't make me change too too much.
• 29:19
  Speaker 1: What are my options for customization?
• 29:21
  Speaker 3: Yeah, great, great question.
• 29:22
  Speaker 3: So we're dividing this up into two steps.
• 29:24
  Speaker 3: So how we're looking at it is a template is made up of subcategories and then subcategories are made up of what is important to that subcategory, right.
• 29:34
  Speaker 3: So to explain so in an intro prospect meeting you would have, you know, some financial background, some motivation concerns, you know some previous investing history, like subsections, like that.
• 29:44
  Speaker 3: It took us a lot of testing to get those subsections to give enough detail.
• 29:48
  Speaker 3: And so step one in customization will be is to create, rearrange those subsections, right.
• 29:55
  Speaker 3: So I wanted to create a new template, maybe my own version of the intro prospect, but I don't need this particular section.
• 30:01
  Speaker 3: Or, hey, I really like this section from the fact-finding discovery call.
• 30:05
  Speaker 3: I want to bring that into this intro prospect.
• 30:07
  Speaker 3: And so, because we created a good number of subjects to cover the vast majority of CFP subjects and beyond, step one is to be able to rearrange those.
• 30:18
  Speaker 3: Step two this is the little trickier part is to allow end users to create their own subsections.
• 30:24
  Speaker 3: And the reason I say it's a little tricky is again, if you're just telling the AI, hey, I want this subsection, it's generally not enough to get the level of detail that you're looking for, and so it takes a lot of finicky testing and trial and error to be able to create those, and so that's the two steps.
• 30:39
  Speaker 3: So, primarily, we would say customization should be for reshuffling the subsections around and happy to take suggestions on what other subsections should be created, and then there'll be options on the level of detail and the format, right bullet point versus paragraph.
• 30:55
  Speaker 3: But yeah, for those folks that really want to get into the weeds, we will have the individual subscription creation available down the road.
• 31:05
  Speaker 1: Yeah, okay, awesome, I love that.
• 31:06
  Speaker 1: Okay, so let's talk tactically about like the process.
• 31:09
  Speaker 1: So I'm an advisor, I'm holding a meeting.
• 31:12
  Speaker 2: Yes.
• 31:13
  Speaker 1: Virtually obvious.
• 31:14
  Speaker 1: It's easy to just invite the tool into a Zoom call or something along those lines.
• 31:20
  Speaker 1: Mm-hmm.
• 31:20
  Speaker 1: In person.
• 31:22
  Speaker 1: What am I doing if I'm in an in-person meeting?
• 31:24
  Speaker 3: Yeah, it depends on how you're running that in-person meeting, right?
• 31:26
  Speaker 3: So if you are running it in like a small room and you have your phone available, you can install your app Android or iOS with Finmate and start note taking, lay it on the table and let it record.
• 31:37
  Speaker 3: If you have a conference room that has a nicer like microphone setup and you have a conference computer, you can use our web recorder.
• 31:44
  Speaker 3: So log into Finmate on your conference computer, have it access the conference microphone because generally it'll be a better quality microphone and then record using the web recorder on your computer.
• 31:54
  Speaker 3: Yeah, alternatively, we have folks using like pen recorders cause they didn't want any technology on your computer Okay great.
• 31:58
  Speaker 3: Yeah, alternatively, we have folks using like pen recorders because they didn't want any technology on the table, and so the pen recorder will generate an MP3 file.
• 32:03
  Speaker 3: So they'll press record, lay it on the table, record the meeting and then, post-meeting, they'll upload that MP3 file to our platform and we can process through that way.
• 32:13
  Speaker 1: Okay, okay, I like that no-transcript the forefront of what we're doing and freak people out.
• 32:44
  Speaker 1: But at the same time, it seems to me like a best practice would probably be like hey, I'm recording this meeting, here's what I'm doing with it.
• 32:50
  Speaker 1: What do you see for advisors that have been using this for over a year now?
• 32:54
  Speaker 3: Yeah, I think, generally speaking, keep it short, succinct, like hey, our firm is using an AI note taker so that we can help focus on you during the meeting.
• 33:04
  Speaker 3: Would you mind if we record this call?
• 33:08
  Speaker 1: End of story.
• 33:09
  Speaker 1: Yeah, yeah, and you're not seeing pushback, I would imagine.
• 33:12
  Speaker 1: So I feel like advisors.
• 33:13
  Speaker 1: We make up all kinds of stories, right Like oh well, our clients are older and that's going to freak them out.
• 33:18
  Speaker 4: And they're going to be, paranoid.
• 33:19
  Speaker 3: I've heard that a lot.
• 33:20
  Speaker 1: Yeah, are you seeing that?
• 33:21
  Speaker 1: I mean, is that true in practice for anybody that's using the tool?
• 33:24
  Speaker 1: I?
• 33:24
  Speaker 3: think that's a concern until they actually try it.
• 33:26
  Speaker 3: And then they're like oh yeah, it's not a problem.
• 33:28
  Speaker 3: I think advisors get into their clients do tend to be technologically averse, right, and so I'm sure a lot of advisors have tried, like, hey, if you just do account creation using this online portal or data aggregation using this online portal, it'd be so much easier.
• 33:45
  Speaker 3: And older advisors never adopt any of that and they're like oh, I want to fill out a paper form.
• 33:50
  Speaker 3: I get it Back at TD.
• 33:52
  Speaker 3: We had to process through paper stock certificates.
• 33:55
  Speaker 3: We're still faxing things back at TD.
• 33:57
  Speaker 3: I get that.
• 33:58
  Speaker 3: Older folks tend to like the older technology.
• 34:01
  Speaker 3: But the interesting thing is I think a lot of doctor's offices are now adopting their own version of AI note takers and so the older clients actually have said things like oh yeah, yeah, my doctor uses one of those, go ahead.
• 34:12
  Speaker 3: And so they might actually have more exposure to AI note-taking than I think maybe some of the middle-aged clients would.
• 34:21
  Speaker 1: Well, and I think it's interesting too, I think it's different, right, Like if we're asking them to do it okay then that's a little bit more complicated.
• 34:27
  Speaker 1: Right, right If we're just asking them to be like okay with us doing it like they don't have to do anything.
• 34:31
  Speaker 3: Right, they don't have to learn anything about the technology.
• 34:34
  Speaker 3: Yes, yeah, they just have to say, okay, sounds good, yeah.
• 34:37
  Speaker 1: Okay, so we hit record.
• 34:39
  Speaker 1: We record the meeting.
• 34:40
  Speaker 1: We've got our meeting template set up.
• 34:43
  Speaker 1: What happens next?
• 34:51
  Speaker 3: Yeah, so step one is processing through the transcription, right?
• 34:53
  Speaker 3: So any transcription service will need to process through audio files, right?
• 34:55
  Speaker 3: So run an AI, analyze the audio file, give you a full transcript.
• 34:58
  Speaker 3: We run a pretty um expensive, hefty ai for transcription generally, which is why we have, uh, some of the best transcription in any industry, really.
• 35:07
  Speaker 3: Um, because one of the frustrations I had, uh, trying out kind of the generic note takers earlier, was, uh, it couldn't handle financial terminology and it couldn't handle numbers very well, and so we've set this up so that it'll handle those things pretty precisely.
• 35:21
  Speaker 3: So it does take a couple of minutes longer than other services, but it should only take about four to five minutes for an hour long meeting, and so, once the transcription, process is done that's not long.
• 35:31
  Speaker 3: No, it's not bad.
• 35:32
  Speaker 3: It's not bad, but it's not instant.
• 35:34
  Speaker 3: Right In our modern world, I think everything needs to be instant.
• 35:38
  Speaker 3: So I get some frustration there.
• 35:42
  Speaker 3: But once that's done, we'll send a notification saying that hey, your transcript is done, it's ready for you to pick the template.
• 35:47
  Speaker 3: So you just come back to Finmate, think through what meeting it was, select the template and then it'll take another two, three minutes to process through and give you the notes.
• 35:55
  Speaker 1: Okay, so I want to double click on that, so you have the meeting first and then, based on where the meeting went.
• 36:00
  Speaker 1: Then you can go in and say this is the template.
• 36:02
  Speaker 1: I want to run it through, right?
• 36:02
  Speaker 1: Because?
• 36:03
  Speaker 3: as advisors, we've always had those meetings where it's like hey, I'm planning on doing this during this meeting For sure, and it does not go that way at all.
• 36:09
  Speaker 3: And so if you preset completely different way, now, you're doubly screwed right Now the meeting didn't go the way you wanted and now the notes are all garbled.
• 36:17
  Speaker 3: So, yes, it's post-meeting.
• 36:20
  Speaker 3: Think about what you went through and then select the proper template for it.
• 36:24
  Speaker 1: Okay, so I select the template and now it's emailing me the notes it's how to like.
• 36:30
  Speaker 1: Okay, so you mentioned a whole bunch of things that I want to make sure people hear that you said it gives you, obviously, the notes, it can draft follow-up emails, it gives you details on the talk time and some of the analytics you talked about how it can also analyze the mood of the meeting.
• 36:47
  Speaker 2: Yes.
• 36:48
  Speaker 1: So what does that look like?
• 36:49
  Speaker 1: Am I logging into like if you can verbally describe like am I logging into a portal, like where is all this information?
• 36:56
  Speaker 1: How is it coming at me?
• 36:57
  Speaker 3: Yeah, great question.
• 36:58
  Speaker 3: So it'll be on the Finmate web portal and so just log into appfinmateai and go in and all the events will be listed on your dashboard.
• 37:06
  Speaker 3: So once you click in, that's where you select the meeting template.
• 37:09
  Speaker 3: Once the template gets selected and processed through, you'll get the notes.
• 37:12
  Speaker 3: You'll get the tasks at the bottom Analytics tab.
• 37:15
  Speaker 3: We automatically generate so the talk time.
• 37:20
  Speaker 3: You know speaker breakdown, see how long you're talking, um.
• 37:23
  Speaker 3: But also you can generate out uh mood analysis of the meeting itself and it'll give you a nice graph of uh the mood highlights and low lights so you can click through.
• 37:32
  Speaker 3: It'll take you to the part of the call based on you know where you clicked on that mood graph.
• 37:36
  Speaker 3: Uh, so you can do a review, all right, like what was the concern, what was the negative part, what were the positive parts during the meeting, and then on the follow-up, you can draft out you know what kind of mood you want, you know what kind of sections you want in that follow-up email and then generate the email template as well.
• 37:51
  Speaker 1: Yeah, okay, fascinating, okay, and then tell me about integration with CRM.
• 37:57
  Speaker 3: Yeah, great question.
• 37:58
  Speaker 3: So obviously each CRM is a little bit different, but overall what we can do is we'll send over the notes as well as generate tasks, and so in the notes, obviously you want the client to do's, but you do not want client to do's as tasks in your CRM, right?
• 38:13
  Speaker 3: So in the interface between Finmate and the CRMs you'll have to choose which person's tasks you want to send over as tasks, and so that'll get sent over.
• 38:21
  Speaker 3: We do want to limit how much information we're reading from the CRM, and so we're taking that a little bit slower, more deliberate steps on how much data we want to ingest.
• 38:31
  Speaker 3: So mostly for us it's pushing information into the CRMs, less reading information out of the crms?
• 38:40
  Speaker 1: okay, awesome, so do you have?
• 38:42
  Speaker 1: So I know obviously, like, I like so, being at a broker dealer right where I had zero control over my tech stack, I like that I can use this.
• 38:49
  Speaker 1: I can basically copy and paste whatever I want into my complicated crm that my broker-dealer has selected.
• 38:55
  Speaker 1: Now, if I'm an RIA and I have full reign over my tech stack, do you have a couple CRMs that you might recommend that advisors who have that choice like what seems to be the most easy to interface with?
• 39:09
  Speaker 3: Yeah, great questions.
• 39:10
  Speaker 3: So right now we have integration with, you know, redtail, wealthbox, salesforce, practify, accelerate.
• 39:16
  Speaker 3: We are working on a couple others.
• 39:18
  Speaker 3: Hopefully by the time this comes out, we'll have a couple more to add to that list.
• 39:21
  Speaker 3: In terms of easiest to integrate, I think when we make CRM integration updates we tend to do it across the board, so every feature will be for every CRM, and so we don't necessarily have a bias in that aspect.
• 39:36
  Speaker 3: But obviously the market has dictated that certain reserves are more used than others, and so we'll just let that play out on their end there.
• 39:44
  Speaker 3: Okay, I won't ask you publicly to pick.
• 39:56
  Speaker 3: Maybe that was because I was forced to use it, but yeah, this was pre-Salesforce Lightning and so we were using the old Salesforce, which was pretty clunky, but I think RIs and BDs are now using all better CRMs than that.
• 40:08
  Speaker 1: Yes, for sure, I was on old Salesforce as well and it was like it was one of the most frustrating things.
• 40:13
  Speaker 1: No, yeah.
• 40:14
  Speaker 1: Okay, awesome.
• 40:15
  Speaker 1: So I love, I love all of this.
• 40:21
  Speaker 3: Now, a lot of our listeners are Canadian.
• 40:22
  Speaker 1: So we've been talking mostly about us regulations.
• 40:23
  Speaker 1: Oh yeah yeah, a little bit about um what's available for our Canadian listeners.
• 40:26
  Speaker 3: Very, very good question, uh, so actually, uh, one of our first few clients were Canadians, and so we've built out uh versions of our templates for the Canadian marketplace, right?
• 40:37
  Speaker 3: So obviously there's financial terms that are not in the US, that are in Canada, right, you have your TFSAs, your LEERS, you know I forget all the terminology, but we do have versions of our templates for the Canadian audience, for the Canadian advisor that does look for these Canadian specific account types, right, it's absolutely useless to talk about 401ks and 529s in a Canadian context for the most part, right, and so you know, our review module and things like that will have that I do.
• 41:08
  Speaker 3: It's my understanding, at least according to my conversation with our Canadian partners, that there are certain disclosures that need to be in the notes, and so we have a special Canadian disclosure subsection.
• 41:18
  Speaker 3: That's part of the Canadian modules as well.
• 41:21
  Speaker 1: Oh my gosh, I love it.
• 41:22
  Speaker 1: So is there anything you haven't thought of?
• 41:24
  Speaker 1: I guess is really maybe the better question here.
• 41:28
  Speaker 3: Well, we've thought of a lot, we just haven't implemented everything.
• 41:30
  Speaker 3: One of the things we were hoping I think we were talking about this as well it was like a coaching portal, right?
• 41:42
  Speaker 3: We want coaches to be able to help advisors analyze their calls and, uh, get some nitty-gritty uh into that uh and ongoing basis.
• 41:45
  Speaker 3: I think, for coaches, a lot of the frustration is you teach a lot of advisors a lot of good things and then nothing gets implemented right, because there's no behavioral change, there's no like pattern change, and so I think, uh, for coaching to stick, it really requires that long-term checking in to make sure that things are all progressing the way there's they should be.
• 42:01
  Speaker 1: So, yeah, looking forward to creating that, yeah yeah, when you shared that concept with me I was like, oh dang, like that's actually really like I like, even as a coach, like that wouldn't have crossed my mind like, oh, that'd be cool to have access to see analytics and mood and all of the speaker data.
• 42:18
  Speaker 1: That stuff I think is really fascinating.
• 42:20
  Speaker 1: But I wouldn't, have ever even thought of that, so I love how.
• 42:38
  Speaker 3: Yeah, and maybe that's just a tech thing that you techie people are doing, where you're thinking 18 months into the future.
• 42:44
  Speaker 3: I had to sit there listening to my calls again with her.
• 42:46
  Speaker 3: It was excruciating, but it does provide a lot of information on, like, why did you say this then?
• 42:52
  Speaker 3: It seemed a little micromanaging at the time, but it's good because then you can microanalyze how you're running your meetings, how do you optimize your meetings, right?
• 42:59
  Speaker 3: So I would actually credit more TDs kind of stack on how they operated.
• 43:05
  Speaker 3: This seemed to be just a natural extension of that right, because back then it was just the audio, right.
• 43:12
  Speaker 3: But then if we can layer out certain levels of analysis and use ai to um, find different, um, other analytics, uh, to help support that call review, I just thought that that would be a more fruitful meeting for coaches yeah, oh my god and managers yeah, yeah, no, absolutely, I just love it.
• 43:28
  Speaker 1: I just keep thinking about you know.
• 43:30
  Speaker 1: So one of the things that kind of like always just sort of falls out of my mouth on the podcast or when I'm coaching is, you know, making things better, smarter, cheaper, easier, like.
• 43:39
  Speaker 1: And this to me is one of those things like as I think about kind of my progression of note taking from yellow pad to, okay, building at least a template that I could write on, to trying human dictation, to trying the first versions of, uh, computer dictation, which were awful and then like okay.
• 43:58
  Speaker 1: I'm gonna pay somebody to sit in my meetings and take these notes for me.
• 44:02
  Speaker 1: Hey, that sounds like the world's worst job ever yeah, like.
• 44:05
  Speaker 1: I have ADD.
• 44:06
  Speaker 1: I would just be there like I just totally missed the last half hour, you know like or like, and then you still have to teach that person like what's important and what to highlight, and you know, and just what an opportunity for advisors to be able to redeploy time, money, effort, into way more productive tasks.
• 44:26
  Speaker 3: So I would also include mindshare, right?
• 44:29
  Speaker 3: So in the meeting your mind is just juggling between, like, you need to anticipate what the client says, you know.
• 44:35
  Speaker 3: Then you need to respond and you have your own agenda you need to go through, and then writing notes is another task on top.
• 44:40
  Speaker 3: So you're already juggling three or four things even before you consider writing anything down.
• 44:44
  Speaker 3: Right, yeah, and you have to smile, you have to be engaged, you and you have to smile, you have to be engaged, you have to be personable and friendly because you're trying to, you know, have them like working with you.
• 44:52
  Speaker 3: So, uh, part of you know my desire was to help reduce that mental strain, because I remember, like td, when I had a full day of meetings, I was just burnt out, absolutely right, because you're just juggling mentally all of these things.
• 45:04
  Speaker 3: And so, hopefully, if I can reduce a little bit of that mental strain, people have a little bit of a better time doing their jobs.
• 45:10
  Speaker 1: Well, yeah, Okay.
• 45:11
  Speaker 1: So the big question I think that's still hanging in the air then is if I'm not taking notes, what do I do with my hands during a meeting?
• 45:18
  Speaker 3: I would say take short-term notes right, because for me, how I think naturally is just scribbling things down and so for to help with, like short-term memory access, I still write things down on a little pad, but it doesn't need to be neat, it doesn't need to be super readable, it doesn't need to be super organized, because I don't need to refer to it at the end of the meeting, but just during the meeting.
• 45:39
  Speaker 3: It's like oh, I just talked about X, y, z, and so I'll write that down, right, yeah.
• 45:44
  Speaker 1: Well, I mean, and what I love about this right Is is a tool like this it doesn't take days off, it doesn't get sick, it doesn't need PTO, it like it's always going to be there.
• 45:54
  Speaker 1: So there really isn't human error, right, like as much as I love, like the human component of all the things, and it's warm and fuzzy and friendly and all the things but there is no human error, which I think is just part of that repeatable process that pushes out much, much better results when you don't have somebody who is daydreaming or having a bad day or mentally having to juggle.
• 46:14
  Speaker 1: You know 5,672,000 different things at once.
• 46:18
  Speaker 1: So I guess I am so, so excited.
• 46:21
  Speaker 1: So if you would, before we wrap up, tell people well, at first, why don't you share the deal that our listeners are going to receive, which I'm really excited?
• 46:31
  Speaker 1: So, should they want to give finmate a try, yeah, um, and then tell people where we can find more out about you and about finmate yeah, uh.
• 46:40
  Speaker 3: So um, for listeners, uh, or the show, uh, we have a 10 discount available if you sign up using the link.
• 46:49
  Speaker 1: I believe it'll be somewhere below We'll find a place for it.
• 46:53
  Speaker 1: There'll be a link to access that.
• 46:56
  Speaker 3: If you sign up using that link, you'll get the 10% discount.
• 46:59
  Speaker 3: For more information, you can just access our website at finmateai.
• 47:03
  Speaker 3: If you wanted to book a call with me, there is a place on the website itself to schedule a call and we're happy to walk through the actual details of the platform itself and talk about anything else, including, you know, AI and security and things like that.
• 47:18
  Speaker 1: Oh, super generous.
• 47:18
  Speaker 1: Okay, so are you?
• 47:19
  Speaker 1: Where do you hang out online?
• 47:22
  Speaker 3: Where do I hang out online?
• 47:23
  Speaker 3: Mostly LinkedIn, mostly LinkedIn, okay, mostly LinkedIn, yeah yeah.
• 47:32
  Speaker 1: Don't lie.
• 47:32
  Speaker 1: You spend an hour every night on TikTok watching people do.
• 47:35
  Speaker 3: Actually, I'm pretty off of social media, like.
• 47:37
  Speaker 3: I don't use Facebook, I don't use TikTok, I don't use Instagram.
• 47:39
  Speaker 3: I feel very disconnected, honestly.
• 47:43
  Speaker 1: Well, I love it.
• 47:44
  Speaker 1: Okay, so most of the people that I talk to who have been in like Silicon Valley and the tech space, like you have been in, like Silicon Valley and the tech space, like you have are actually like the most like anti-tech social media.
• 47:55
  Speaker 4: I love it I love it.
• 47:55
  Speaker 1: I think it's fantastic, okay, awesome.
• 47:58
  Speaker 1: Well, so, as a business owner, so at the end of our show, I always like to ask um, and obviously I feel like AI would be like an obvious solution for you to share.
• 48:05
  Speaker 1: But I always like to ask advisors who have especially become business owners, right, who've really stepped into this.
• 48:11
  Speaker 1: Like I run a business now, what are one or two things that you have personally implemented to help you operate a business more efficiently?
• 48:20
  Speaker 1: So it could be a tool, it could be a mindset hack, it could just be a habit stack, it could be a morning or two, I mean, it could literally be anything.
• 48:27
  Speaker 1: But what are a couple of things that you would say like oh, this has been super helpful to me as a business owner?
• 48:34
  Speaker 3: Yeah, great question.
• 48:35
  Speaker 3: I'll do two things a mindset and a tool.
• 48:38
  Speaker 3: Number one, obviously, task management software, so it could be your CRM.
• 48:42
  Speaker 3: It could be a separate task management, so we use ClickUp.
• 48:47
  Speaker 1: I love ClickUp.
• 48:48
  Speaker 3: Yeah, it's great.
• 48:48
  Speaker 3: Clickup.
• 48:52
  Speaker 3: So I love ClickUp, yeah, it's great.
• 48:53
  Speaker 3: I've actually seen and heard and talked to a bunch of advisors who are now hopping on to the tech focused task management softwares, because in an what we call like agile development for software, there's a lot of like micro tasks that need to be constantly done and updated and kept track of Kanban boards and things like that, and so I've seen folks using things like mondaycom or Asana Trello, things like that.
• 49:14
  Speaker 3: So I would say I think that's the direction things are moving in.
• 49:19
  Speaker 3: I mean, if the CRMs develop that portion of it, then maybe we won't need to use a separate tool, but for now I think some of the tech-driven task management stuff has been pretty useful.
• 49:30
  Speaker 3: And then, in terms of mindset, I think for me mostly it's just like building relationships as usual.
• 49:35
  Speaker 3: Maybe it's because I'm from the advisor background.
• 49:38
  Speaker 3: I view it more as a relational business, more than just like a tech business, and so I enjoy finding advisors and, you know, hanging out and chatting, because it keeps me sane.
• 49:51
  Speaker 1: Yeah, awesome.
• 49:52
  Speaker 1: Well, thank you so much.
• 49:53
  Speaker 1: I know so many advisors listening are going to be like, oh, praise God, this is like the solution sent from heaven that I've been looking for, because note-taking is one of the biggest friction points.
• 50:05
  Speaker 1: So, like I said at the top of the show, thank you.
• 50:08
  Speaker 1: Thank you for just doing this because, like I, I get so mad now, right Like now that I sold my business, that I'm like if I would have had stuff like this back, I'm like, oh my gosh, I'm turning into my dad.
• 50:19
  Speaker 1: But if I would, have had stuff like this back in 2007, I would have been able but really I mean you I would have been able to accelerate the growth of the business and redeploying all of that time and energy into the stuff that actually produces results and moves and moves the needle for advisors.
• 50:35
  Speaker 1: So thank you for being the guy that can connect the AI side of this to the actual practical application for advisors.
• 50:43
  Speaker 1: So thank you, thank you and I do hope from the bottom of my heart that someday you get to exit this business and just really enjoy the fruits of all of the, because I have to imagine starting a tech business is not for the faint of heart.
• 50:56
  Speaker 3: Right, right, well, yeah, and in terms of the exit as well, you know, one of the things we are considering is, if we do exit, we do want to make sure we sell to a company that is aligned to our values.
• 51:05
  Speaker 3: Our values.
• 51:11
  Speaker 3: We are also not taking any venture capital or private equity dollars, because the direction that I think those folks generally want to take us to is, with that data gathering and you know, trying to become the center of the universe of an advisor's tech stack.
• 51:20
  Speaker 3: And so, yeah, hopefully we can find a partner to exit to.
• 51:23
  Speaker 3: That kind of has our same mentality as well.
• 51:26
  Speaker 1: Yeah, I love that.
• 51:27
  Speaker 1: I mean, that was when I was selling my business.
• 51:28
  Speaker 1: That was one of the most important things.
• 51:30
  Speaker 1: Right, it's your baby.
• 51:31
  Speaker 1: You spent all of this time energy raising this thing that you don't want to just turn it over to someone who's going to treat it poorly.
• 51:37
  Speaker 3: So yeah, yeah.
• 51:38
  Speaker 1: Appreciate you being thoughtful about that too.
• 51:40
  Speaker 1: So thank you so much, and thank you again for for sharing all of this with our listeners.
• 51:45
  Speaker 3: Yeah, absolutely.
• 51:52
  Speaker 1: Okay, I hope you're as excited as I am about the software.
• 51:53
  Speaker 1: I can't wait to work with Daniel more on how it integrates with coaching.
• 51:55
  Speaker 1: There's some super cool features that they're going to be coming out with and I'm just excited to be part of it and to be partnering with them.
• 52:02
  Speaker 1: So, again, you can get a free trial and 10% off of your monthly subscription using the link that I've provided to you in the show notes, or you can go out to the efficientadvisorcom, click on resources and scroll down.
• 52:15
  Speaker 1: You'll see Finmate AI meeting note taking tool and, again, I'm super excited about it.
• 52:21
  Speaker 1: And also, last, last invitation for you If you're really wanting to change the way that you do business, finally step out of overwhelm and get into the back end of your business and start actually building a business that's serving you and the lifestyle that you're wanting to have, helping you get organized once and for all so that you can detach from your phone and not be tethered to your email all weekend long and truly be working the hours that you want to work A business by design right, a business not by default.
• 52:52
  Speaker 1: Again, I'd love to invite you to check out more about the systems to scale group coaching program.
• 52:58
  Speaker 1: And again, registration closes August 9th.
• 53:00
  Speaker 1: So you'll hear me finally stop talking about it here real soon.
• 53:04
  Speaker 1: But we're excited.
• 53:06
  Speaker 1: The advisors that we've got inside of this group are really amazing.
• 53:09
  Speaker 1: Super diverse, super interesting group.
• 53:12
  Speaker 1: We've got really high performers.
• 53:14
  Speaker 1: We've got really amazing boutiques, we've got broker dealers, we've got RIAs.
• 53:19
  Speaker 1: We've got just a wide variety of advisors who are ready to change the way that they do business once and for all.
• 53:25
  Speaker 1: I am so looking forward to it and if you're interested, please make sure you check out the link for the Systems to Scale group coaching program in the show notes or head out to the website, the coaching tab, and scroll on down.
• 53:37
  Speaker 1: Thanks so much and I hope you guys have an amazing rest of your week.
• 53:43
  Speaker 4: My name is Todd Pisarczyk and I'm the CEO of Momentous Wealth Management, an advisory firm based in Washington State.
• 53:49
  Speaker 4: We had never worked with any sort of business coach or consultant in the past, so I was not entirely sure what to expect when we started working with Libby.
• 53:57
  Speaker 4: Just under one year in, I can now say with certainty this experience has far exceeded any expectations we had.
• 54:04
  Speaker 4: I've commented to Libby many times about the fact that I have been in this business for almost 25 years and everything she has taught us makes me wonder what in the world I was even doing and how I was even able to run a firm before going through this process.
• 54:18
  Speaker 4: Over the last year, libby has helped us implement her series of systems and processes, which we had none of before, that have allowed us to transform our firm and the way that we do business.
• 54:28
  Speaker 4: We have now reached a point where I feel like we are truly running our business rather than our business running us, and we can be proactive in the way that we operate rather than spending each day putting out fires.
• 54:39
  Speaker 4: Most importantly, I also feel better than ever about the experience that our clients and staff are receiving every day.
• 54:47
  Speaker 4: I feel like the process Libby took us through is customized to us and centered entirely around who we are as people, our strengths and weaknesses and our own personal goals.
• 54:57
  Speaker 4: I don't feel like Libby was trying to put us into a box, like some of the other consulting programs we had looked into before.
• 55:04
  Speaker 4: Libby is genuine, she's super fun to work with and I can tell you from the start she truly cares for her clients.
• 55:08
  Speaker 4: If you're, libby is genuine, she's super fun to work with and I can tell you from the start she truly cares for her clients.
• 55:11
  Speaker 4: If you're on the fence about this, I encourage you.
• 55:14
  Speaker 4: Just make the jump.
• 55:15
  Speaker 4: I promise you won't regret it.