Latest / Financial Planner Life Podcast / Financial Planners Will Lose Millions, this £10 Tech can solve the Wealth Transfer Problem! | Ben Mason, Kinvault

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Financial Planners Will Lose Millions, this £10 Tech can solve the Wealth Transfer Problem! | Ben Mason, Kinvault · Financial Planner Life Podcast

0:04
SPEAKER_00: And today on the Financial Planet Life Podcast, we welcome back a good friend of mine, Ben Mason from Kinvel.
0:10
SPEAKER_00: He is an expert in what happens when your clients die.
0:15
SPEAKER_00: They build technology that ensures that any AUM does not walk out the back door and that you retain it during this great transition of wealth.
0:25
SPEAKER_00: Spoiler alert, out there in financial services are massive institutions that are gunning for your clients.
0:31
SPEAKER_00: You've got to listen to this podcast to understand what you can do to retain those assets and clients within your business.
0:39
SPEAKER_00: This is an intergenerational wealth transfer special episode.
0:46
SPEAKER_00: So, Ben, welcome to the Financial Planner Live podcast.
0:49
SPEAKER_00: And today we're going to take a deep dive into the Kin Vault.
0:53
SPEAKER_00: You've been on the podcast before, but a lot's changed since then.
0:57
SPEAKER_00: And obviously, now we're working quite closely together as well.
0:59
SPEAKER_00: And I've introduced you to a lot of financial planning businesses, and they're singing your praises.
1:04
SPEAKER_00: So let's tell the world about Kin Vault and why they need to get this involved in their financial planning business.
1:09
SPEAKER_00: But first off, why did you set up the Kin Vault?
1:13
SPEAKER_01: Well, firstly, thank you for having me.
1:14
SPEAKER_01: And yes, the people you've introduced me to are loving what we're doing.
1:18
SPEAKER_01: Look, there's a there's a couple of problems that that needed solving, and very a lot of people invent a product and try and find a problem to fix.
1:27
SPEAKER_01: And there's some very, very big problems in financial services and for end clients who we call users.
1:35
SPEAKER_01: Um and those problems are that financial advisors are losing money every year, they're losing AUM on death.
1:43
SPEAKER_01: The stats are very simple.
1:44
SPEAKER_01: The stats are out there.
1:44
SPEAKER_01: Anyone who's been on my LinkedIn, all the stats there, they're source.
1:47
SPEAKER_01: So 75% of financial advisors, the money they manage on death leaves.
1:52
SPEAKER_01: So when parent dies, goes to children, 75% of the time, that money's taken away.
1:56
SPEAKER_01: That's a huge amount of AUM to lose.
1:59
SPEAKER_01: But also, and you can look at the FCA review into bereavement, that families aren't treated very well.
2:05
SPEAKER_01: Um I'll I'll add that that's not because firms don't want to treat them very well, it's because I don't think they understand the best way of doing that.
2:13
SPEAKER_01: So there's a huge, huge issue in massive outflows of AUM for the advisory firms, for banks, and also families not being treated very well.
2:21
SPEAKER_01: There's so much more to the product we will know, we'll discuss, but it's just that those are the two things.
2:26
SPEAKER_01: Let's make sure that if you've lost your dad, like I did a couple of years ago, that the only thing you've got to deal with is emotional pain.
2:33
SPEAKER_01: And I've said this line, you've heard me say this, I would have said it on the podcast four years ago.
2:37
SPEAKER_01: I can't solve your emotional pain, but I can solve your administrative pain.
2:41
SPEAKER_01: And I can solve the pain for the financial advisor of that AUM leaving their book and making sure that not only they retain AUM, but they can actually sort of acquire and consolidate that family AUM.
2:50
SPEAKER_00: Okay, so what is Kin Vault and who is it actually for?
2:53
SPEAKER_00: Because you mentioned the user, you mentioned the client.
2:55
SPEAKER_00: Let's break that down.
2:56
SPEAKER_01: So we we as a firm call client the IFA business, and we call their clients users, otherwise it gets overly confusing.
3:04
SPEAKER_01: So what is Kin Vault?
3:06
SPEAKER_01: It's a SaaS platform that connects banks and wealth managers in life and at the point of death, both with their client during life and with a family at the point of death.
3:13
SPEAKER_01: And it's a system by which we help ensure trust is built.
3:17
SPEAKER_01: I mentioned the 75% of money leaving financial advisors on death.
3:21
SPEAKER_01: Well, the number for banks is even higher, it's near it near 80%.
3:24
SPEAKER_01: But if you dive into those numbers, what why are people leaving?
3:28
SPEAKER_01: Well, they're leaving very simply.
3:29
SPEAKER_01: 25% of people don't even know they can stay.
3:33
SPEAKER_01: That's mental.
3:35
SPEAKER_01: 25% of people just didn't know they could stay with the advisor.
3:38
SPEAKER_01: Oh, it's mum and dad's dead, it was their advisor, I need to go somewhere else, or it was mum and dad's bank account, I need to go somewhere else.
3:43
SPEAKER_01: They didn't know they could stay.
3:44
SPEAKER_01: 27% of people said that they had no relationship with the advisor, they never heard from the advisor, and they were just gonna go and do their own thing and find their own person.
3:55
SPEAKER_01: Also, in that 27%, it sometimes if the first time you hear from an advisor is when mum and dad are dead, it maybe feels a little bit disingenuous.
4:04
SPEAKER_01: Oh, you're only talking to me now because mum and dad are dead, and you want to meet well, you want me to stay with you, it's it's that lack of trust, that lack of relationship.
4:11
SPEAKER_01: Then 20% of people said they had a horrific experience with either bank or the financial advisor, so they wouldn't think of staying.
4:16
SPEAKER_01: So we just look at those those reasons and Kinvault solves that.
4:20
SPEAKER_01: And I can talk more on how we solve that.
4:22
SPEAKER_01: But essentially, the day that you as our as our user, the IFA's client, comes on board, you're gonna start using the Kin Vault.
4:30
SPEAKER_01: And we can talk more about that, but we're gonna communicate straight away with the people you say you're trusted people.
4:35
SPEAKER_01: Hi, Jenny, hi Charlie.
4:37
SPEAKER_01: Your father Sam has just taken out a Kinvault, kindly provided by a supportive financial advisor, ABC Wealth Management.
4:44
SPEAKER_01: We're dripping in ABC Wealth Management straight away.
4:46
SPEAKER_01: We're making it clear that you've got this product that's gonna benefit you and them because of ABC Wealth.
4:52
SPEAKER_01: We're creating value immediately for that family who now go, hang on, ABC Wealth are a they're an entity and they've done something.
4:59
SPEAKER_01: In that email, it makes it clear that Kin Vault are going to provide all abrevement support services.
5:03
SPEAKER_01: We're gonna help them understand how to register the death, how to certify the documents, how to collect the documents, all about the Tell us Wanton service, all these different services, we're gonna put that in one place.
5:11
SPEAKER_01: Because I said before, I can't solve your emotional pain, but I can solve your administrative pain.
5:15
SPEAKER_01: And we make it very clear that due to the way that the product's been provided, we're gonna provide that service for Jenny and Charlie, your children, for free.
5:24
SPEAKER_01: And that's been supported by ABC Wealth, yet again, dripping in ABC Wealth, helping people understand they're there.
5:29
SPEAKER_01: And the third part of that very first email is Jenny and Charlie, when your father passes away, we're gonna make sure that we introduce you to ABC Wealth and they're gonna help you understand all the assets that they manage and all the assets they don't manage, and how these can be used best moving forward.
5:46
SPEAKER_01: We're not saying they've got to use ABC Wealth, but what we're saying is ABC Wealth there to help.
5:50
SPEAKER_01: They can make sure that Jenny and Charlie, who have lost their dad, now because the way the FCA have changed vulnerability, these people in their class as vulnerable persons, they've experienced a death, they're technically at that moment a vulnerable person.
6:02
SPEAKER_01: So we're able to help with that and make sure that Jenny and Charlie know we're gonna do the death admin and help them with that, and ABC Wealth are gonna help with all the financial stuff.
6:12
SPEAKER_01: But we've created a relationship straight away.
6:15
SPEAKER_01: We've created that that that knowledge of someone's there to support every year, one email a year, no spamming, one email a year, hi Jenny Charlie.
6:24
SPEAKER_01: Don't forget, Kin Vault, your father's got a Kin Vault provided by ABC Wealth.
6:28
SPEAKER_01: When your father passed away, please get in touch by one of these ways, making sure they know every year that Kin Vault exists, how to get in contact with us, and that once again ABC Wealth have been the people who've provided this service.
6:41
SPEAKER_01: So the 25% of people who didn't know they could stay now are fully aware.
6:46
SPEAKER_01: The 27% who didn't have a relationship, well, they now do, and the 20, 20-ish, 21%, 22% of people that said I had a bad service, well, you're not going to get a bad service now because everything's linked together.
6:59
SPEAKER_00: Okay, I love that.
7:00
SPEAKER_00: Now we're talking about sort of point of death a lot of the time.
7:03
SPEAKER_00: But what about the end user, the client of the IFA?
7:06
SPEAKER_00: How does Kin Vault serve them whilst they're actually alive?
7:10
SPEAKER_01: Yeah, so as I said, it's it's an in-life and at death.
7:13
SPEAKER_01: So the at-death is more about the children, making sure the children or the partner know that ABC Wealth is there, how to get in contact with us, what we're gonna do, that point of difference to make sure that service is provided.
7:24
SPEAKER_01: But really clearly, the Kin Vault has a very, very powerful purpose for the end user for Sam in this instance.
7:33
SPEAKER_01: So you're gonna have the ability to put on all the financial information, any legal information, copies your wills, a LPA.
7:40
SPEAKER_01: You might have a you might have a property which you've you're a landlord of.
7:44
SPEAKER_01: Well, there's a stat that only twenty the 20% or 21% of children don't know their parents are landlords.
7:50
unknown: Right.
7:51
SPEAKER_01: Well, they sure as hell don't know where the tenancy agreement is.
7:53
SPEAKER_00: Right, yeah.
7:54
SPEAKER_01: So let's let's make sure that all that type of information is recorded.
7:57
SPEAKER_01: Now, Nikinva can't be seen by the children until you've passed away.
8:00
SPEAKER_01: So it's no worries about sharing stuff you don't want the kids to know while while you're alive.
8:05
SPEAKER_01: That's your private business.
8:06
SPEAKER_01: But when you're dead, you want to make sure that okay, I've got this here, I've got this here, so that's the property, or there's a tenancy agreement.
8:13
SPEAKER_01: Where's your gas electricity?
8:15
SPEAKER_01: Make sure your gas electricity is done.
8:16
SPEAKER_01: And in life, we've got the ability to set reminders.
8:18
SPEAKER_01: So the Kinvot has an app and it has reminders built into it.
8:22
SPEAKER_01: So when you put your gas electricity provider on there, you can set a renewal date.
8:26
SPEAKER_01: So you might want to rebroke it.
8:27
SPEAKER_01: Same for your car insurance, home insurance, information regarding your MOT.
8:32
SPEAKER_01: Where's the cat going on DeathSAM?
8:34
SPEAKER_01: All of this type of stuff, and so much more is in there.
8:37
SPEAKER_01: One of my favourite things I talk about all the time, and it's it's it's very much a me thing, but I was talking to I was talking to a gentleman outside earlier who you introduced me to, and I said, one of the things I use the Kin Vault for religiously is my holidays.
8:48
SPEAKER_01: If you go to America, you need your plane tickets, which will be on in your iPhone wallet.
8:54
SPEAKER_01: But why not put your Esther in the Kinvault app?
8:58
SPEAKER_01: Why not put your car hire document in the Kin Vault app, your travel insurance, your hotel vouchers, your Disney passes, whatever it might be, just it's a mobile app.
9:07
SPEAKER_01: Let's help you organize life.
9:08
SPEAKER_01: Now, if your ABC Wealth and your client is using this app and the and the website all the time with ABC Wealth on it, what great value?
9:17
SPEAKER_01: What great value for your client?
9:19
SPEAKER_01: And in a couple of firms you've introduced me to, they've picked the clients they sent over to us, they're existing ones, but actually they're rolling out to virtually every new client.
9:27
SPEAKER_01: They're saying, as a benefit of being our client, you're getting this Kin Vault.
9:32
SPEAKER_01: So it's a great way of help of giving it to your existing client bank, but also when you're bringing new people on board.
9:36
SPEAKER_01: And I was speaking to one firm, literally it was yesterday, and they've just acquired 240-ish clients from a retiring IFA, and they were talking about how they're worried about losing some of them.
9:47
SPEAKER_01: They don't think they're gonna lose lots of them, but they might I said, Well, if you want to just give them all the kin vault.
9:52
SPEAKER_01: Welcome to ABC Financial.
9:55
SPEAKER_01: One of the benefits of being our client is you get a Kin Vault.
9:58
SPEAKER_01: Sorry that Dave's retired, but we've taken over, and here's this like it's there's so many areas that this can help with.
10:05
SPEAKER_01: I love it.
10:05
SPEAKER_00: Just we you know, when you're saying ABC Wealth, you literally can white label the Kin Vault.
10:10
SPEAKER_01: Yeah, yeah, it's all fully white labeled.
10:12
SPEAKER_01: Um, their logo at the top, all the cross points comes out is ABC, Kin Vault from ABC.
10:18
SPEAKER_01: Like it's it's all labeled to that firm to make sure it's their colourways, the login screen can have their company colours.
10:26
SPEAKER_01: Um let's say, for example, you were doing Lloyd's, you'd have the big black horse in the background or a big blue eagle for Barclays, whatever it might be.
10:33
SPEAKER_01: If your firm's got some colourways, we we incorporate all of that.
10:36
SPEAKER_01: It's it's powered by us, but it is that their their fault.
10:40
SPEAKER_00: So the retention of AUM is very obvious.
10:43
SPEAKER_00: How does it help unearth new opportunities for assets and the management for the advisor by having a Kin Vault?
10:49
SPEAKER_01: In life or on the death?
10:50
SPEAKER_01: Both.
10:51
SPEAKER_01: Okay, so uh the so on the both is what we've discussed a little bit, obviously that that that ret that retention, but with acquisition.
10:57
SPEAKER_01: So Jenny and Charlie are sat there with ABC Bank or ABC Wealth Management, and they've got the full Kin Vault, which has every single asset that client has on there.
11:07
SPEAKER_01: So let let's say, let's say it's you, you've got your pension with ABC Wealth, you've got um an investment bond with ABC Wealth, but you've got your ISO, you've got two ICEs, one with the one with Prudential and one with NATO.
11:23
SPEAKER_01: 50 grand each.
11:24
SPEAKER_01: You've had two different ICEs, one's a cash, one's a stocks and shares.
11:28
SPEAKER_01: Well, when you're when you've passed, what are Jenny and Charlie going to do?
11:31
SPEAKER_01: Are they going to leave 50 grand on what that institution, 50 grand institution, or are they gonna bring them under one manager who's already looking after all of that, who they've now got a relationship with who's now helped them?
11:43
SPEAKER_01: So that's the that's the acquisition piece.
11:45
SPEAKER_01: And we've seen it.
11:46
SPEAKER_01: Um I was saying to Tim earlier, we actually had one of our one of our advisors.
11:51
SPEAKER_01: Uh his client died at about£1.4,£1.5 million estate.
11:57
SPEAKER_01: He he used the Kin Vault, met the family, did all that stuff, retained about£1.3 million.
12:01
SPEAKER_01: They want to take some money out for a couple of bits, but about 150 grand left.
12:06
SPEAKER_01: But the son-in-law, who was doing all the work for his wife and his sister-in-law, was so impressed by the kin vault and the service provided by the IF by the IFA that he actually left his own IFA and moved across and took a 412 grand pension transfer.
12:21
SPEAKER_00: Right.
12:21
SPEAKER_01: So not only did my IFA retain most of the assets, but he had a net gain because he got a 412 grand pension transfer.
12:28
SPEAKER_01: The mum also had a few other bits, we're talking tens of thousands, that got taken back to that advisor.
12:33
SPEAKER_01: So instead of risking losing 1.3, he ended up with about 1.65.
12:39
SPEAKER_01: Well, that's a great result.
12:41
SPEAKER_02: Yeah.
12:41
SPEAKER_01: Everyone's going to And you asked about the in-life part.
12:44
SPEAKER_00: Yeah.
12:44
SPEAKER_01: On the in-life part, the Kin Vault's got buttons in it, call to action buttons.
12:48
SPEAKER_01: Now it's not an advertising machine, it's not a marketing machine.
12:50
SPEAKER_01: Right.
12:51
SPEAKER_01: But in the account section, when it's ISA season, we have flop flop a little button onto the screen which says, if you'd like to discuss your ISA, please click here and it takes us straight to that advisor.
13:01
SPEAKER_01: That's all set up when we set up the Kin Vault with a firm or with a bank.
13:04
SPEAKER_01: And same for mortgages.
13:05
SPEAKER_01: We can see when the mortgage is expiring.
13:08
SPEAKER_01: So six months for the mortgage expiration.
13:10
SPEAKER_01: Hi Sam, if you want to rebroke your mortgage, um, and would like to speak to ABC Wealth or ABC Bank, please click here.
13:17
SPEAKER_01: Now ABC Wealth or ABC Bank might not have written that mortgage, but and we're not saying they have to use you, we're just saying if you would like to talk to ABC Wealth or ABC Bank about this mortgage, about your mortgage, please click here.
13:30
SPEAKER_01: Well, we've seen a really high click rate of that.
13:34
SPEAKER_01: We're talking and uh really high viewers might not think this number's really high.
13:40
SPEAKER_01: 21% for passive sales?
13:43
SPEAKER_01: For just a button on a screen.
13:45
SPEAKER_01: How bad is it?
13:46
SPEAKER_01: Now people might not think 21%'s high, but if you look another way, if 21% of all your clients who don't have a mortgage with you suddenly do a mortgage with you, or suddenly take an ICE with you, or top at their ICE with you, or have a pension review with you, whatever it might be, that's a really high number.
14:02
SPEAKER_00: Yeah, 100%.
14:03
SPEAKER_00: So let me just get this right.
14:04
SPEAKER_00: So if someone's listening to this right now and thinking, Crikey, I've got to try to beat the banks uh to the kin vault.
14:12
SPEAKER_00: Yeah.
14:13
SPEAKER_00: Yeah.
14:13
SPEAKER_00: That's the kind of way to look at it.
14:14
SPEAKER_00: So if I beat the banks to the kin vault, that means even though the customer is even though the client is a customer of the bank, because they're on my kin vault in my wealth manager.
14:24
SPEAKER_01: Your ABC kin vault, yeah.
14:25
SPEAKER_01: Yeah.
14:25
SPEAKER_01: They're your client and they've got the kin vault from us.
14:28
SPEAKER_01: You're the ones who get the communication, you're the ones that get the family relationship, you're the ones that get the annual emails building that relationship, you're the ones that get first notification.
14:36
SPEAKER_01: So it's it's really ring-fencing it for you.
14:39
SPEAKER_01: And you say beat the banks.
14:40
SPEAKER_01: I I don't want this to sound like it's a competition, but there is going to naturally be FOMO knocking around.
14:45
SPEAKER_01: Of course there is.
14:46
SPEAKER_01: It's about doing the right thing for your business and your and your clients.
14:49
SPEAKER_01: So we're providing a great service for the clients, family on death.
14:52
SPEAKER_01: Why wouldn't you want to do that?
14:53
SPEAKER_01: You're providing a really good, powerful tool for managing their life while they're alive.
14:58
SPEAKER_01: Why wouldn't you want to do that?
14:59
SPEAKER_01: And you're ring fencing and protecting your AUM.
15:02
SPEAKER_01: You're also protecting yourself against banks and other people who are trying to do the same.
15:06
SPEAKER_00: Okay.
15:07
SPEAKER_00: There is a lot of fatigue when it comes to technology and AI at the moment.
15:12
SPEAKER_00: I think we're all exhausted by the amount of amazing products and AI revolutionary changes that are going to happen there.
15:18
SPEAKER_01: It's the new it's the new blockchain.
15:20
SPEAKER_00: Yeah, we're tired, right?
15:21
SPEAKER_00: People are tired in general about it.
15:23
SPEAKER_00: Um how much time realistically does somebody who runs a wealth management firm of all different shapes and sizes have to commit to this to make this work?
15:35
SPEAKER_00: Can we talk about the actual kind of implementation of the kin vault and you know, in reality, how much time, energy, effort is required to actually get this up and running and actually working?
15:45
SPEAKER_01: Okay.
15:46
SPEAKER_01: I'm gonna take the first point that you were making without and then I'll answer that second one.
15:52
SPEAKER_01: There is there is fatigue in tech.
15:55
SPEAKER_01: There's a lot of amazing AI products out there that do amazing things.
16:00
SPEAKER_01: But there's also a well, do I actually have a problem or is this just a cool tool?
16:04
SPEAKER_01: And you get into the danger of what's called shelfware.
16:08
SPEAKER_01: Oh, this software is great, this AI is great, oh it's amazing.
16:11
SPEAKER_01: You buy it and don't use it.
16:14
SPEAKER_01: Now, because of what we do, you don't risk that.
16:17
SPEAKER_01: It's not up to you, the IFA, to be using it all the time.
16:20
SPEAKER_01: It's about embedding it at the start, and then we'll do the rest.
16:24
SPEAKER_01: So you don't risk it becoming shelfware, you don't risk it becoming either something you're like, oh god, I can't be bothered to do that, or I'm too busy, or like what because of the way our product works, you don't risk having shelfware just sat on the shelf being software you don't use.
16:39
SPEAKER_01: So that's one of the powerful things because we are solving a problem.
16:42
SPEAKER_01: We do a lot, we do the vast, vast majority of work, and the client's gonna do the rest, and it just passes through their life cycle.
16:50
SPEAKER_01: So we avoid that fatigue in the sense it's an axe absolute demonstrable goal and use purpose.
16:59
SPEAKER_01: So that means that they're keen to do it.
17:01
SPEAKER_01: Now, time-wise, it will all depend on the size of the IFA, but it's easy to give examples.
17:08
SPEAKER_01: Signed up a firm two weeks ago, um, Welsh-based IFA.
17:12
SPEAKER_01: We got um their list of original clients off them, the first list of clients, which was about 170, 180, so just a smaller firm.
17:20
SPEAKER_01: And they they had about 500 clients, it was 170, 180 clients.
17:23
SPEAKER_01: We put them on the system.
17:25
SPEAKER_01: That took the IFA about 20 minutes because we make it really easy for them.
17:29
SPEAKER_01: We tell them exactly how we need that information.
17:32
SPEAKER_01: Um, we had maybe 10-15 minutes of them getting the marketing right on and the open market, I mean the branding, making sure the branding was right.
17:40
SPEAKER_01: Okay, how's that look?
17:41
SPEAKER_01: How does that look?
17:41
SPEAKER_01: But we're doing the heavy lifting.
17:43
SPEAKER_01: We just need them to say, these are our these are our colours, here's our logo.
17:48
SPEAKER_01: Well, okay, we'll go into the rest of the work.
17:50
SPEAKER_01: Do you like it?
17:51
SPEAKER_01: Yeah, great, brilliant.
17:52
SPEAKER_01: Move on.
17:53
SPEAKER_01: And that's the whole point.
17:54
SPEAKER_01: We we we hand hold the advisors through it.
17:56
SPEAKER_01: I would say from beginning to end, from them saying yes, we want to go ahead to the clients being on will take us seven to ten, no, seven to ten days, probably, yeah, seven to eight days.
18:10
SPEAKER_01: We probably only need two hours, maybe two and a half hours of the IFA firm's time.
18:14
SPEAKER_01: Okay.
18:15
SPEAKER_01: That's all we need.
18:16
SPEAKER_00: What about if a client receives it and doesn't quite understand it and then picks up the phone and phones somebody or emails somebody?
18:21
SPEAKER_00: Who's it emailing the IFA, or is it emailing me?
18:24
SPEAKER_01: That depends what the IFA wants.
18:25
SPEAKER_01: Right.
18:25
SPEAKER_01: So we we've got it built so that when before we send out our email, our email, which we call day zero, we've pre-written an email for the IFA firm, which has got a lovely PDF about what the Kin Vault is.
18:37
SPEAKER_01: It's got our demonstration video, which is 90 seconds saying how the Kin Vault works, and there's a little interview with me.
18:42
SPEAKER_01: And the IFA can choose if they don't want all that, a little interview with me saying, What is the Kin Vault?
18:47
SPEAKER_01: Why is this firm provided it for you?
18:49
SPEAKER_01: What benefit you're going to get out of it, what then your family can out of it.
18:52
SPEAKER_01: Now, those that include the video of me and the demo video and the PDF have a much higher take-up rate of the client of actually going on board and using it.
19:01
SPEAKER_01: But we we write that email for them and say, all you need to do is send it to your clients, let them so they know we're coming, and then either one or two days after we will send the hi Sam, here's your Kin Vault invite.
19:12
SPEAKER_01: You've been provided this by ABC Wealth, has a little repeat of some of the stuff in there, and we write in there, if you have any concerns that this is this isn't genuine, please contact your advisor to check with them.
19:23
SPEAKER_01: But you should have received an email, and we always get the time and the date of the IFA so we can reference it.
19:29
SPEAKER_01: You should have seen an email at 9.30 on Friday, the 15th of July, stating that we're sending you this.
19:37
SPEAKER_01: We didn't have that little qualifier in, and maybe one in five people contact their IFA since we've taken out it's like one in 30.
19:46
SPEAKER_01: Since we put that in, one in 30.
19:47
SPEAKER_01: So just by referencing the email and the time and date, they go, Oh, well, this is genuine.
19:50
SPEAKER_01: Because I did get an email of ABC Wealth.
19:52
SPEAKER_01: Yeah, this is great.
19:54
SPEAKER_01: We we don't want this to be difficult for the IFA.
19:56
SPEAKER_01: We don't want to have there's no complicated IT integration systems, none of that takes place.
20:01
SPEAKER_01: We we do all that work.
20:04
SPEAKER_00: What I like about this, and you know, it's funny when you talk about death, isn't it?
20:08
SPEAKER_00: And bereavement.
20:09
SPEAKER_00: It's all I've talked about for 15 years, 16 years.
20:12
SPEAKER_00: But you are commercialising bereavement, right?
20:14
SPEAKER_00: You're putting processes in place for companies to be able to commercialise the bereavement process.
20:22
SPEAKER_01: Yeah.
20:22
SPEAKER_00: Whether that's retaining, holding on to relationships that ensure that monies aren't going out the back door.
20:30
SPEAKER_00: But also, mum and dad probably think, you know, I don't want all the money to go to the kids and them just waste it.
20:34
SPEAKER_00: So it's important.
20:35
SPEAKER_01: We've got the continuity of advice.
20:37
SPEAKER_01: This is the thing we're not supposed.
20:38
SPEAKER_01: If you if you passed away and Jenny and Charlie get the money, what do you want Jenny and Charlie to do?
20:43
SPEAKER_01: Ignore the wasting and the frivolties.
20:45
SPEAKER_01: Yeah.
20:45
SPEAKER_01: Do you want them to send that money?
20:46
SPEAKER_01: Do you want them to take that money to an advisor you don't know, you don't trust, you've had no relationship with, or do you want it to stay with Dave Smith, who's looked after you for 25 years?
20:54
SPEAKER_01: There's a bit of continued advice there that gives the parents a bit more comfort.
20:57
SPEAKER_00: Yeah.
20:57
SPEAKER_00: I'm doing a bit of research at the moment on women, women in wealth, uh, the Titan Wealth actually.
21:01
SPEAKER_00: Yeah.
21:02
SPEAKER_00: Um 77% of widowed uh female wives, yeah.
21:08
SPEAKER_00: So but widows um wives stay with the financial planner.
21:13
SPEAKER_00: So all you would really that means that the financial planner is obviously sat in a room with the husband and and sat with the wife, and the wife has stayed.
21:21
SPEAKER_00: Um so the problem that we've got is the kids aren't sitting in the room with the financial planner.
21:25
SPEAKER_00: This solves that problem.
21:26
SPEAKER_00: So if you're getting that with a wife, then hang on a second.
21:29
SPEAKER_01: You lost 23%.
21:31
SPEAKER_01: Go.
21:31
SPEAKER_01: Let's not be happy that 77% are stayed.
21:34
SPEAKER_00: Yeah, where is that 23% going?
21:36
SPEAKER_00: Yeah.
21:37
SPEAKER_01: Well, they're they're women that don't feel they've been involved in the process.
21:40
SPEAKER_01: Correct.
21:40
SPEAKER_01: They don't feel they've been respected, they don't feel like they're part of the room decision making.
21:45
SPEAKER_01: So why don't why allow the kin vault?
21:48
SPEAKER_01: Yeah.
21:48
SPEAKER_01: So the same email that's going out isn't just going to kids, it's going to the wife as well.
21:51
SPEAKER_01: Yeah.
21:52
SPEAKER_01: Making sure the wife's involved, making sure she's feels, feels, feels, feels like she should be involved in the decision making, not that she's some spare part.
21:59
SPEAKER_01: And bringing the family.
22:01
SPEAKER_01: I'm talking about advice gap on many things, but I think that and I and it is changing, but I think that that many wives have been left out of financial decisions for many years.
22:10
SPEAKER_01: And then when they get when they pass, when the husband passes away, like, oh well, I'm gonna go and find some myself because Dave Smith's never really spoken to me.
22:17
SPEAKER_01: He just sent me stuff to sign every 12 months and never explained a single thing to me.
22:21
SPEAKER_01: I'm gonna go and find some that does speak to me, possibly a female advisor.
22:24
SPEAKER_00: Yeah.
22:24
SPEAKER_01: I guess from that.
22:25
SPEAKER_01: That's an interesting statistic I did see is how many women leave male advisors on death for female advisors.
22:31
SPEAKER_01: It's around about 90%.
22:33
SPEAKER_01: Right.
22:33
SPEAKER_01: 90% of the time when a when a husband passed away and the wife does move, she moves to a female advisor.
22:39
SPEAKER_01: Very interesting.
22:40
SPEAKER_00: Very interesting.
22:41
SPEAKER_00: But what it does also though is just showcases that if somebody is involved in a process, there is a retention school there, right?
22:47
SPEAKER_02: Yeah.
22:47
SPEAKER_00: Yeah.
22:47
SPEAKER_00: Which is the same as the kids, but the kids in respective.
22:49
SPEAKER_00: It's only because we're talking about that intergeneral wealth transfer now, more and more and more.
22:53
SPEAKER_00: There's an even scarier number.
22:54
SPEAKER_01: So I said about 75% of business leaving.
22:57
SPEAKER_01: If you look at Gen X, 4% of Gen X retain the family's advisor.
23:03
SPEAKER_01: Four percent?
23:04
SPEAKER_01: 4% retain it.
23:05
SPEAKER_01: Wow.
23:06
SPEAKER_01: Go on my LinkedIn, have a look.
23:07
SPEAKER_01: I put a stat up the other day with a source.
23:09
SPEAKER_01: 4% of Gen X.
23:12
SPEAKER_01: So you think you think now, Mr.
23:14
SPEAKER_01: and Mrs.
23:14
SPEAKER_01: Advisor, they're watching your your child the children of your clients are likely to be Gen Z and Gen X, and they are not going to stay with you because they don't have a relationship and you've not built in a reliance or dependence or anything to make them want to stay.
23:32
SPEAKER_01: What point of the journey to solve that is easy.
23:34
SPEAKER_00: What point of the journey does a financial planner bring this bring this in?
23:38
SPEAKER_01: That's it it it's it's no answer really.
23:42
SPEAKER_01: We've got some advisors that have just given us I'm dealing with the firm at the minute, they've got 1,500 clients, they've gone who's worth who is worth value-wise 125k AUM.
23:56
SPEAKER_01: That's about a thousand pounds a year on the on the 0.8% typical charge the FCA say about.
24:02
SPEAKER_01: So who's worth about a grand a year to us?
24:04
SPEAKER_00: Well, all them can have the Kin Vault because But have it, asn't you just give it to us as part of the actual fee that they pay.
24:10
SPEAKER_01: Yeah, they they just give it to them as a as a as a as a valuable client.
24:13
SPEAKER_01: They obviously pay us for it.
24:15
SPEAKER_01: Um but our cost it our cost is ten pounds a year, Sam.
24:18
SPEAKER_00: Yeah.
24:18
SPEAKER_01: £10.
24:19
SPEAKER_00: Well, let's look at that cost.
24:20
SPEAKER_01: I just want to answer that one first.
24:22
SPEAKER_01: So they're giving it in the lifecycle to anyone who's worth that.
24:25
SPEAKER_01: They're also giving it to business owners because our business section is so clever that allows business owners like you and I that have got shareholder agreements here, um, key man insurance over there, articles association, contracts, whatever else, all that can be stored in one place in the Kin Vault.
24:40
SPEAKER_01: Super, super simple.
24:42
SPEAKER_01: And then also they're giving it to people who are new or younger clients.
24:47
SPEAKER_01: They're going, actually, I want this client to stay.
24:50
SPEAKER_01: They might only have 50 grand of me, but I want this client to stay with me for life.
24:54
SPEAKER_01: And it's an early start.
24:55
SPEAKER_01: I'm gonna bring them in, I'm gonna give them the Kin Vault now.
24:57
SPEAKER_01: And the same for new people, they're bringing up the they've signed up a client worth 105 grand.
25:02
SPEAKER_01: Here, have the Kin Vault.
25:03
SPEAKER_01: You're a new client.
25:04
SPEAKER_01: Welcome to the firm.
25:10
SPEAKER_00: My financial planner has certainly hasn't come up and had this conversation with me.
25:14
SPEAKER_00: And he knows me quite well that I'm quite scatty.
25:16
SPEAKER_00: So, in respect to the fact that if he turned around to me and said, I've got a place where you can store all your all your uh business documentation, for example, because he's working with me on a financial plan that aligns to my business as well as my personal life, which is really clever because that's the thing I'm should do.
25:31
SPEAKER_00: Yeah, it's what I spend most of my time thinking about.
25:33
SPEAKER_00: Yeah, you know, it's funny because he said there's no cash flow kind of forecasting thing that's actually built for that, where it entwines your business and um your business and your personal sort of obligations.
25:42
SPEAKER_00: Uh and he built that for me.
25:45
SPEAKER_00: So I've been looking at that and I feel really connected to it.
25:47
SPEAKER_00: But in respect of the actual storage of relevant documentation, I think if he'd have said that to me, I'd have gone, oh, that's a really good idea.
25:56
SPEAKER_00: So that's a really good one.
25:57
SPEAKER_00: Let's just go back to cost a second.
25:58
SPEAKER_01: Yeah.
25:59
SPEAKER_01: And I want to be on it on with your advice and other advisors.
26:02
SPEAKER_01: I I have so much sympathy for financial advisors.
26:05
SPEAKER_01: Their job is so hard, they've got so many things to do.
26:09
SPEAKER_01: They've got to remember this investment, this investment wrapper, this pension product, this pension income product, this life insurance firm, what are the latest rates?
26:18
SPEAKER_01: What about this for estate planning?
26:20
SPEAKER_01: What about this for this type of?
26:21
SPEAKER_01: They've got so much to do.
26:23
SPEAKER_01: And this is where I'm like, just accept you can't do it all, guys.
26:27
SPEAKER_01: It's so hard.
26:28
SPEAKER_01: Let Kin Vot help you.
26:30
SPEAKER_01: Just let us take that little bit of work over here and really help you with that and deliver.
26:35
SPEAKER_01: We're talking yesterday with a financial advisor.
26:37
SPEAKER_01: Financial advice and fund management is changing massively with the inventor of the technology.
26:42
SPEAKER_01: What's the number one thing you can do?
26:44
SPEAKER_01: Execute brilliantly.
26:46
SPEAKER_01: Those that win the race in the next five, six years are going to be those that execute the best.
26:52
SPEAKER_01: In Bristol now, not many bad restaurants in Bristol.
26:55
SPEAKER_01: They don't survive, do they?
26:56
SPEAKER_01: No.
26:57
SPEAKER_01: Same with financial advice.
26:58
SPEAKER_01: If you want to be, if you want to be there and doing great, you've got to be the you've got to be the pinnacle of execution.
27:04
SPEAKER_01: Well, let Kinfort help you with that little bit over here that you haven't got time for and that isn't under your auspices.
27:10
SPEAKER_01: Let us just do that for you.
27:12
SPEAKER_00: Talk to me about cost.
27:13
SPEAKER_00: So let's go into a bit more detail.
27:15
SPEAKER_00: You mentioned£10,£10.
27:17
SPEAKER_00: It's ten pounds a year.
27:18
SPEAKER_00: Ten pounds a year.
27:19
SPEAKER_00: That's it.
27:20
SPEAKER_00: What per client, per user.
27:21
SPEAKER_01: Or per household.
27:22
SPEAKER_01: So if there's a man living at a house on his own, it's ten pounds if it's a husband and wife or husband, husband, whatever it might be, then it's ten pounds for a household.
27:29
SPEAKER_00: Right.
27:29
SPEAKER_00: So I'm a financial advisor with£1,000 users.
27:34
SPEAKER_01: Oh yeah, let's just do£1,000 because I don't want to complicate math.
27:37
SPEAKER_01: Don't give me$1348.
27:38
SPEAKER_00: Yeah.
27:39
SPEAKER_00: Okay.
27:39
SPEAKER_00: £1,000 clients, users.
27:41
SPEAKER_00: Yeah.
27:42
SPEAKER_00: I'm and I would send out um you would send out a marketing email to the clients to explain what Kim Vault is.
27:50
SPEAKER_00: Yeah.
27:50
SPEAKER_00: You would tell us who you want it to be sent to.
27:52
SPEAKER_00: Okay.
27:52
SPEAKER_01: You've got a thousand.
27:53
SPEAKER_00: Based on my segmentation of my clients.
27:54
SPEAKER_01: Yeah, basically you've got a thousand.
27:55
SPEAKER_01: You choose to send it to 750.
27:57
SPEAKER_01: Yeah.
27:57
SPEAKER_01: We're going to send the email to 750 people.
28:00
SPEAKER_01: If only 400 sign up, I'm only going to charge you for those 400.
28:03
SPEAKER_01: So the 350 that didn't sign up, you're not going to be charged for.
28:08
SPEAKER_00: What's the what's the risk of not taking this on?
28:11
SPEAKER_01: Like there's this there's opportunity cost in life.
28:15
SPEAKER_01: There's also the risk, the cost of not doing something.
28:17
SPEAKER_01: Yeah.
28:18
SPEAKER_01: We discussed opportunity cost.
28:19
SPEAKER_01: The cost of not doing something, which we've already spoken a little bit about.
28:22
SPEAKER_01: Someone else is going to.
28:24
SPEAKER_01: Sam, in how many days is it?
28:26
SPEAKER_01: It's the 31st.
28:28
SPEAKER_01: So in 14 days, I've signed up.
28:36
SPEAKER_01: About 15, 50, 1600 clients.
28:41
SPEAKER_01: My salesperson who's going to help our partnership director doesn't come on board until um the middle of April.
28:48
SPEAKER_01: That's only going to ramp up.
28:50
SPEAKER_01: We are not, this is not a this is not something that's going to get swept under the carpet.
28:55
SPEAKER_01: And i i in a poker term, I truly believe, and I've been told, and I can't say which bank, because it'd be very much betraying trust on a comment, a kin vault will be table stakes in four years' time, maybe five.
29:09
SPEAKER_01: If you want to be a financial advisor or a bank or a bank with premier banking clients, providing a vault of our type will be expected by people.
29:23
SPEAKER_01: And when it's so cheap, cheap has got really negative connotations, but we're a software product.
29:30
SPEAKER_01: We're a software product with a bereavement service built in.
29:33
SPEAKER_01: We don't need to charge 60, 50, 80 quid a year to make money.
29:38
SPEAKER_01: We make good money at volume.
29:40
SPEAKER_01: I would guess in I would guess across April, which is always the worst month, financial advisors, what with bank holidays and tax year end.
29:48
SPEAKER_01: I guess in April some of another 2,000, maybe 2,500 clients.
29:54
SPEAKER_01: Our runway is we we expect to be signing up, and with the bank trials, they're going to be putting people on in 25,000, 50,000, 100,000 blocks.
30:01
SPEAKER_01: This will become table stakes.
30:03
SPEAKER_01: The risk of not doing it is someone else will do it with your client.
30:06
SPEAKER_00: Yeah, which means that you can't then do it once you made the decision to actually bring them up.
30:10
SPEAKER_01: How galling would it be, right?
30:12
SPEAKER_01: Yeah.
30:12
SPEAKER_01: I get it.
30:13
SPEAKER_01: How galling.
30:13
SPEAKER_01: You're the IFA and you look after the pension, which is worth 350k, you look after the ICE, which is worth 70k, you look after the wife's ICE, which is worth 90K, and the wife's pension, which is worth two, whatever it might be, that household is worth 700k to you.
30:31
SPEAKER_01: But their bank has only got them for their bank account and their current account.
30:36
SPEAKER_01: And because they've got a paid for current account, like a premier banking client, they've been given a kin vault, and that bank gets that client information first because that's how it works.
30:47
SPEAKER_01: That bank gets access to that family first.
30:50
SPEAKER_01: We don't share the information with a bank that pertains to the financial advisor.
30:54
SPEAKER_01: That's not how it works.
30:55
SPEAKER_01: We're sharing the family, and hey, family, HSBC, Barclays, whoever it might be, are all here on hand to help you with this.
31:03
SPEAKER_01: Well, that family is now going to work with HSBC or Barclays or Lloyd's or Matt West or whoever it might be.
31:10
SPEAKER_01: And you're the advisor of 700k in no relationship with the family.
31:14
SPEAKER_01: First thing you find out is when they say, I've just appointed this firm.
31:17
SPEAKER_01: It's incredibly easy.
31:18
SPEAKER_01: And even if they don't appoint that firm, why would you want to risk that breakdown that relationship?
31:25
SPEAKER_01: Them actually going, do you know what?
31:26
SPEAKER_01: I I'll do it.
31:28
SPEAKER_01: But because the bank did it, they feel they've they've got a warm and fuzzy feeling about the bank.
31:32
SPEAKER_01: They might keep some with you.
31:34
SPEAKER_01: Do they have that warm and it's I I don't know why you would risk it.
31:37
SPEAKER_00: Okay.
31:38
SPEAKER_00: Well, listen, Ben, I think you've given us a really clear overview of the Kim vault.
31:42
SPEAKER_00: Yeah.
31:42
SPEAKER_00: Okay.
31:43
SPEAKER_00: Is there anything at all you'd want to add on this, well?
31:45
SPEAKER_00: Just uh anything you've missed where you feel like a financial advisor should really fully understand why something like this is of value to them right now?
31:51
SPEAKER_00: Because I think we get it.
31:51
SPEAKER_01: There there's apathy, right?
31:53
SPEAKER_01: And I and I said earlier, I feel so sorry for advisors at times, they've got so much to do.
31:58
SPEAKER_01: You and I, how many we between us we must know four 30,000 financial advisors, right?
32:04
SPEAKER_01: I feel really sorry for them with how much they've got to do.
32:08
SPEAKER_01: And it's very easy to go, oh, I can't look at this right now.
32:11
SPEAKER_01: I'm too busy.
32:14
SPEAKER_01: I need 20 minutes.
32:16
SPEAKER_01: Well, Stuart needs 20 minutes just to run through it with you.
32:19
SPEAKER_01: And we've got all the documentation that says it does this, this, and this, and this is how it does it.
32:23
SPEAKER_01: All the proposal documents are there to understand.
32:26
SPEAKER_01: Yeah, our entire ethos is no barriers to sale.
32:30
SPEAKER_01: I want to make this so easy for Sam financial planning that at no point you go, I can't be bothered.
32:36
SPEAKER_01: Oh, this is taking too long.
32:37
SPEAKER_01: That's not gonna happen.
32:39
SPEAKER_01: And I think a really good example of the power of this and how it works, or how it didn't for someone that didn't do it.
32:44
SPEAKER_01: I took a phone call on about the 15th of January this year.
32:47
SPEAKER_01: It's an IFA saying, hey mate, I should have taken these Kin Volts.
32:51
SPEAKER_01: I need to get on with it now.
32:52
SPEAKER_01: I've got 40 clients I want to give you right now, and then I'm gonna look at the rest of my client bank, I've got 50 or 60 more.
32:56
SPEAKER_01: I want to give you, maybe a few more.
32:58
SPEAKER_01: I said, okay, no worries.
32:59
SPEAKER_01: Well what what why the sudden like urgency for this?
33:03
SPEAKER_01: Not that I'm not a problem, I quite like that.
33:06
SPEAKER_01: He started a really good December.
33:08
SPEAKER_01: Every advisor watching this knows that it you don't sign up a lot of clients in December.
33:12
SPEAKER_01: He signed up three clients in December with accumulative wealth of about 650,000.
33:17
SPEAKER_01: On the 17th of December, his fourth most valuable client died.
33:23
SPEAKER_01: The first thing he found out about it was when you got a phone call on the 9th of January.
33:26
SPEAKER_01: They'd appoint a new advisor.
33:31
SPEAKER_01: The client died on the 17th.
33:32
SPEAKER_01: Family were it was Christmas, loads of stuff going on.
33:35
SPEAKER_01: And they Googled a local financial advisor and said, My mum and dad, my dad's died, I need some my mum and I need some help with this.
33:41
SPEAKER_01: What can we do?
33:42
SPEAKER_01: And then they got this financial like brilliant local financial advisor.
33:48
SPEAKER_01: That advisor looked after that client for 17 years, 18 years, and they lost it.
33:53
SPEAKER_01: So they're the best December ever in many ways for bringing on three new clients, 650 grand, and then the client was worth 2.6 million.
34:01
SPEAKER_01: So they had a 2 million net loss.
34:03
SPEAKER_01: And if the client had been on the kin vault on the 17th of December, we'd have got the phone call from the mum and the daughter, we'd have let the advice know on the 18th, the advisor would have been in the family helping them on the 19th, even with Christmas.
34:18
SPEAKER_01: What advisor not going to do that?
34:20
SPEAKER_01: Advise are good people, they want to help people.
34:22
SPEAKER_01: The advice would find the time or say, I'm really sure I can't do Dale tomorrow.
34:26
SPEAKER_01: Can we do the the 25th?
34:27
SPEAKER_01: Whatever it might be.
34:28
SPEAKER_01: I would have had that in there.
34:30
SPEAKER_01: Instead, between that date and new year, they met, they found they Googled an advisor.
34:36
SPEAKER_01: Then in like the first week in January, they're going to met the advisor signed up with them, and now they're signed up with the new advisor, and everything's been taken off that guy.
34:42
SPEAKER_01: Yeah.
34:42
SPEAKER_01: It's just like get it done.
34:44
SPEAKER_00: Listen, it's an instant, it's an intergenerational tran it's an intergenerational problem solver.
34:49
SPEAKER_01: Yeah.
34:49
SPEAKER_01: International wealth transfer is the biggest risk to banks and wealth managers today.
34:54
SPEAKER_01: Yeah.
34:55
SPEAKER_01: It is not the markets, it's the loss of a client.
34:58
SPEAKER_01: The loss of the client that one moment decides if you lose trust and AUM will retain both for generations.
35:05
SPEAKER_01: It's that simple.
35:06
SPEAKER_00: No.
35:06
SPEAKER_00: I love it.
35:08
SPEAKER_00: Ben, obviously, if anybody wants to talk about this, they can click on a link in the comment section and go through to you.
35:14
SPEAKER_00: They can find Ben Mason on It's Benjamin Mason for some reason.
35:17
SPEAKER_01: I just signed up years ago with my full name.
35:20
SPEAKER_01: That's an ego thing, that is.
35:21
SPEAKER_01: No, I think I think it's my mother was telling me about being naughty again.
35:24
SPEAKER_01: So I get called Benjamin only on LinkedIn or by my mother.
35:27
SPEAKER_01: There we go.
35:27
SPEAKER_00: So Benjamin Mason on LinkedIn.
35:29
SPEAKER_00: You can find him there.
35:30
SPEAKER_00: You can connect with him.
35:31
SPEAKER_01: It's Ben.mason at Kinvault.com.
35:33
SPEAKER_01: Perfect.
35:33
SPEAKER_01: Ben.mason at Kinvault.com.
35:35
SPEAKER_01: Super easy.
35:36
SPEAKER_00: Yeah, you can come through me.
35:36
SPEAKER_00: I'm happy to make a referral in.
35:38
SPEAKER_00: I've made some fantastic referrals.
35:39
SPEAKER_01: Because you can't spell Ben.mason sales at Kinvault or just go to you.
35:42
SPEAKER_01: Yeah, exactly that.
35:43
SPEAKER_00: Fantastic.
35:44
SPEAKER_00: Ben, thank you so much for sharing what's been going on with the Kinfault.
35:46
SPEAKER_00: I'm really pleased it's going well for you still.
35:48
SPEAKER_00: Everyone speaks so highly of it, as do I.
35:50
SPEAKER_00: So thank you.
35:51
SPEAKER_00: Cheers.