Lydia with Brian Portnoy and Andrew Smith Lewis | E330

06/25/24 • 41 min

In this insightful episode of Fintech Impact, Jason engages with Brian Portnoy and Andrew Smith Lewis, pioneers behind Lydia, a groundbreaking venture that marries behavioral finance and artificial intelligence. This dialogue explores how Lydia is set to revolutionize the way financial advisors interact with clients, making the advisory process more human through technology.

Episode Highlights:

00:47: Andrew takes the lead to describe Lydia's vision. He portrays Lydia as an empathetic AI collaborator, designed to improve advisors' interactions with clients for better outcomes. He emphasizes the project's humanistic approach, highlighting the ambition to use technology not as a replacement but as an enhancer of human capabilities. This vision challenges conventional fears about technology undermining human roles.
04:12: Both Brian and Andrew narrate their personal and professional journeys, leading up to their collaboration on Lydia. Their stories emphasize the value of cross-disciplinary insights in creating solutions that address complex challenges, like enhancing the advisory process with AI.
18:24: The discussion about Lydia's technological backbone emphasizes its unique approach of remembering and learning from interactions with advisors. This personalized touch demonstrates how AI can be tailored to add value to professional growth and client relationships.
24:41: Toward the end, the conversation pivots to the broader implications of Lydia and similar technologies on the industry. Jason Pereira and his guests contemplate the future of financial advising amid rapid technological advancements, highlighting the potential for transformative change in how advisors connect with and support their clients.

Key Takeaways:

Lydia represents a significant leap forward in integrating behavioral science and AI to enrich financial advisory services. The technology aims to deepen the advisor-client relationship, making advisory processes more intuitive and empathetic.
The collaboration between experts in behavioral finance and AI underscores the potential of interdisciplinary approaches in tackling industry challenges. By focusing on the human aspects of financial advising, Lydia aims to enhance the quality of advice and client outcomes.
The development of Lydia emphasizes the importance of personalized learning and growth for financial advisors. Through AI, advisors can gain nuanced insights into their practices, evolving their approach to meet client needs effectively.

Tweetable Quotes:

"Lydia is about amplifying human brilliance, not replacing it with technology." - Andrew
"Understanding your clients goes beyond the financial; it's about human connections." - Brian
"In the era of AI, embracing technology to enhance our humanity is not just possible; it's necessary." - Andrew

Resources Mentioned:

Facebook – Jason Pereira's Facebook
LinkedIn – Jason Pereira's LinkedIn
Woodgate.com – Sponsor
Podcast Editing
https://www.linkedin.com/in/brianportnoy/
https://www.linkedin.com/in/aslives/

Hosted on Acast. See acast.com/privacy for more information.

Episode Highlights:

00:47: Andrew takes the lead to describe Lydia's vision. He portrays Lydia as an empathetic AI collaborator, designed to improve advisors' interactions with clients for better outcomes. He emphasizes the project's humanistic approach, highlighting the ambition to use technology not as a replacement but as an enhancer of human capabilities. This vision challenges conventional fears about technology undermining human roles.
04:12: Both Brian and Andrew narrate their personal and professional journeys, leading up to their collaboration on Lydia. Their stories emphasize the value of cross-disciplinary insights in creating solutions that address complex challenges, like enhancing the advisory process with AI.
18:24: The discussion about Lydia's technological backbone emphasizes its unique approach of remembering and learning from interactions with advisors. This personalized touch demonstrates how AI can be tailored to add value to professional growth and client relationships.
24:41: Toward the end, the conversation pivots to the broader implications of Lydia and similar technologies on the industry. Jason Pereira and his guests contemplate the future of financial advising amid rapid technological advancements, highlighting the potential for transformative change in how advisors connect with and support their clients.

Key Takeaways:

Lydia represents a significant leap forward in integrating behavioral science and AI to enrich financial advisory services. The technology aims to deepen the advisor-client relationship, making advisory processes more intuitive and empathetic.
The collaboration between experts in behavioral finance and AI underscores the potential of interdisciplinary approaches in tackling industry challenges. By focusing on the human aspects of financial advising, Lydia aims to enhance the quality of advice and client outcomes.
The development of Lydia emphasizes the importance of personalized learning and growth for financial advisors. Through AI, advisors can gain nuanced insights into their practices, evolving their approach to meet client needs effectively.

Tweetable Quotes:

"Lydia is about amplifying human brilliance, not replacing it with technology." - Andrew
"Understanding your clients goes beyond the financial; it's about human connections." - Brian
"In the era of AI, embracing technology to enhance our humanity is not just possible; it's necessary." - Andrew

Resources Mentioned:

Facebook – Jason Pereira's Facebook
LinkedIn – Jason Pereira's LinkedIn
Woodgate.com – Sponsor
Podcast Editing
https://www.linkedin.com/in/brianportnoy/
https://www.linkedin.com/in/aslives/

Hosted on Acast. See acast.com/privacy for more information.

Previous Episode

Taiko with Chris Horvath | E329

In this episode of Fintech Impact, Jason interviews Chris, the Managing Director of Taiko Advisor. Taiko Advisor, powered by its parent company Taiber Kosmala and Associates, leverages institutional research and technology to offer bespoke investment solutions through an OCIO (Outsourced Chief Investment Officer) model. The conversation delves into the establishment of Taiko, its value proposition for financial advisors, and the nuanced details of operating a tech-enabled OCIO in today's financial environment.

Episode Highlights:

00:10: Jason introduces the episode and welcomes Chris from Taiko Advisor, setting the stage for a conversation about how Taiko combines traditional investment consulting with modern technology to create customized investment platforms for financial advisors.
03:41: Delving deeper, Jason probes into the partnership dynamics between Taiko and investment managers, exploring how Taiko sources managers through an institutional lens, and the due diligence involved in these partnerships to ensure clients receive competitive pricing and access to unique investment opportunities.
05:35: The narrative progresses to how Taiko implements these tailor-made investment programs. Chris outlines how strategies are built out within the advisors' systems and how Taiko's unique portal facilitates direct communication and trading requests between advisors and Taiko's back-office team.
07:07: Transitioning to the technology and discovery phase, Chris emphasizes the importance of understanding each advisory firm's unique setup and needs, discussing how Taiko customizes its services to align with clients' existing technologies and processes.
09:48: The conversation wraps up with insights on the ongoing support Taiko provides, including quarterly investment committee meetings that offer in-depth reviews of model portfolios, manager performance, and relevant market observations.
12:56: Looking to the future, Chris speaks about Taiko's plans to expand its offerings, particularly within the alternative investment space, leveraging the team's institutional experience to source compelling private equity, credit, and real assets opportunities.

Key Takeaways

Taiko Advisor offers a unique value proposition for financial advisors by providing institutional-grade investment consulting combined with scalable technological solutions.
The OCIO model enables advisors to outsource complex investment decisions, allowing them to focus on client relationships and business growth.
Continuous innovation, particularly in the realm of alternative investments, reflects Taiko's commitment to addressing evolving market demands and advisor needs.

Tweetable Quotes:

"Leveraging institutional heritage with innovative technology allows us to serve advisors in a scalable format." - Chris
"Our aim is to empower advisors to grow their business and serve their clients better." - Chris
"Introducing scale to your business doesn't mean losing personalization." - Chris

Resources Mentioned:

Facebook – Jason Pereira's Facebook
LinkedIn – Jason Pereira's LinkedIn
Woodgate.com – Sponsor
Podcast Editing
https://www.linkedin.com/in/cahorvath/
https://www.taikoadvisor.com/

Hosted on Acast. See acast.com/privacy for more information.

Next Episode

RISR with Jason Early | E331

In this episode of Fintech Impact, Jason interviews Jason Early, the founder and CEO of RISR. Their discussion revolves around how RISR is innovating the way financial advisors interact with and provide value to business owners, aiming to maximize the potential of their businesses. They delve into the challenges and solutions in advising business owners on understanding and leveraging their business value effectively.

Episode Highlights:

00:11: Jason welcomes listeners and introduces Jason Early, founder, and CEO of RISR. He highlights RISR's focus on helping financial advisors provide comprehensive advice to business owners, emphasizing the importance of understanding the business's value.
01:21: Early shares the inspiration behind RISR, rooted in the staggering demographics of private company ownership transitioning in the coming years. He emphasizes the need for better tools and technology to serve business owners effectively, addressing a crucial market demand.
03:47: The conversation shifts to the importance of data aggregation and analysis. RISR helps advisors pull together disparate data sources to provide holistic insights into business owners' situations, moving beyond mere valuations to understand the full picture of business health and potential.
08:00: The tech-driven approach of RISR in aggregating business data and providing actionable insights is discussed. This includes highlighting the ease with which business owners can onboard and continually benefit from the platform's insights.
11:29: Early discusses the support RISR provides to financial advisors, enabling them to confidently enter conversations about business strategy and planning, even in areas outside their immediate expertise.
16:08: RISR's ability to track and update business valuation and risk factors in real-time offers businesses and advisors a dynamic tool for monitoring progress and identifying areas for improvement.

Key Takeaways:

RISR is breaking new ground by equipping financial advisors with the tools needed to comprehensively serve business owners, focusing not just on current value but on strategizing for future growth and stability.
The integration of diverse data sources into a cohesive and insightful dashboard empowers advisors to offer nuanced, impactful advice that addresses the specific needs and goals of business owners.
Financial advisors are encouraged to adopt a proactive, in-depth approach to business owner advisory, supporting clients through all stages of business lifecycle and transition planning.

Tweetable Quotes:

"Bridging the gap between financial advisors and business owners requires more than just intent; it requires innovative tools and technology." - Jason Early
"Understanding the true value of a business goes beyond numbers; it's about realizing potential and strategizing for the future." - Jason Pereira
"Advisors, by embracing technology like RISR, can transform the advice they provide to business owners, making a tangible impact on business growth and succession planning." - Jason Early

Resources Mentioned: