3 Simple Things with co-founders Terry Mullen and Jeremi Karnell of Truelytics, a private fintech company focused on developing innovative tools that empower financial advisors and wealth management executives. www.truelytics.com
What’s the idea behind Truelytics?:
According to Accenture, $30 Trillion in intergenerational wealth is about to exchange hands. Historically, generational transfers from one generation to the next have resulted in their heirs changing advisors, presenting both an opportunity and a major threat for wealth management firms and enterprises. We call this the Great Transition. We’re focused on helping wealth management enterprises attract, grow and retain advisory businesses while also reducing time and costs related to transitions.
Financial advisors must be hearing a LOT from their clients these days—What are you telling them about how to manage volatility and potential transitions?
We know that executives at wealth management firms, financial advisors, and their clients are likely feeling quite anxious about the COVID-19 pandemic. To that end, we recently introduced TrueContinuity which is designed to allow financial advisors to upload and store an emergency continuity plan (including key contacts, important documents, business processes, and detailed action steps) that can be automatically executed in the event of an untimely death, disability, or business disruption. Tomorrow we are publicly announcing that we are making that solution free to current customers for the remainder of 2020.
In this tumultuous period, what should innovative new fintech companies do now to get launched and gain traction?
Focus on the basics: get people to try your product and tell their friends. Develop a financing strategy to fund the business—Wall Street may be in turmoil, but thoughtful investors who like fintech business are out there. Don’t be afraid—some of the best businesses get launched when other people are looking the other way. Indeed, the current state of world affairs will expose many challenges presented by legacy systems/processes in the financial services space. Pay attention and see if you have an idea or creative solution that can present itself at the right time and place.