Competition is fiercely driving fees lower. We help financial advisors capture the value of their advice. And with our game-changing software, we cut in half the time it takes to document advice.
Current Status
We are looking to launch beta testing in a couple of weeks with paying clients. We have 4 currently. We also have interest from an Enterprise client to bring the software to their 7,500 advisors.
Market
Financial Advisors / Planners. Potentially Insurance agents and other consultants.
Problem or Opportunity
Fee compression is very real and poses an existential threat to financial advisors. Financial advisors have already lost $1.2B in fees to lower-cost competitors - generally undercutting advisors by 60% to 85%. Advisors are trying to differentiate themselves by providing advice. However, providing written tangible advice takes 30 minutes or more and ties up senior team members to draft up the documentation. And that is just for one client. Multiply that by 300 (average # of clients).
Solution (product or service)
With our software, the documentation process can be completed in less than 5 minutes - and it can be done by an intern. We use the power of databases to store pre-written text and reuse it across the client base. The software makes advice searchable, repeatable and scalable.
Competitors
Current competitor is status quo - as in using Word or Outlook to draft up documention each and every time. The other potential competitor is TextExpander.
Advantages or differentiators
We have a provisional patent on some elements of the software. We have several trade secrets on how we make the software easy to use but powerful. Our other advantage is the experience of one of the founders - Anand. He has two decades of domain expertise.
Finance
We are looking to sell the subscription to the software at different price points. The lowest - for small businesses - is $250 a month + $15 per user.
Business model
Our model is a B2B Saas. As described above, we will charge advisors on a monthly basis.
