Aug 20, 2021 • 46M

Podcast Conversation: Altruist CEO Jason Wenk on WealthTech, financial planning, advice, and generally improving financial health

 
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Finance is being pulled apart by the forces of frontier technology. From AI, to blockchain, crypto and DeFi, to mixed reality, chatbots, neobanks, and roboadvisors — the industry will never be the same. Here is the blueprint for navigating the shift.

Hi Fintech Futurists,

Welcome back to our podcast series! For those that want to subscribe in your app of choice, you can now find us at Apple, Spotify, or on RSS.

In this conversation, we chat with Jason Wenk, who is the Founder & CEO at Altruist. Apart from this Jason is a writer, self-proclaimed math geek, and investment systems developer. He began his career at Morgan Stanley in NYC at age 20, working on investment research and asset management systems development. After this Jason founded FormulaFolios: quantitative, computer-driven investment models based on academic research to help remove emotion from investing. FormulaFolios would later develop into a standalone asset manager and go on to rank as a fastest-growing private company by Inc. magazine 4 years in a row, reaching as high as #10 in 2017.

More specifically, we discuss all things wealth tech, as well as, serving people with financial planning, financial advice, and generally improving their financial health.

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For premium subscribers, a full transcript is provided along with the recording.

Hope you enjoy, and do not hesitate to reach out here!


Excerpt

Jason Wenk:
…so today we just have new technologies delivering essentially the same things we've had for decades. So, I would call that like financial entertainment in the past, a lot of that financial entertainment. Maybe it was dominated by television. So, platforms like CNBC, and I think someone who doesn't know any better, it's very easy to confuse financial entertainment with financial advice or investment advice, investment recommendations, and so what's happened is then there's a transition to blogs and social media, social media applications, streaming video, streaming audio podcasts. Right? There's a lot of places now that you can get financial education. It's hard to tell because some of it is good. Some of it's not so good.

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And it's really, really tricky for someone to determine the difference. They're just like tangible things, right. Tangible real problems. I mean like one, that's maybe a bit cliche, but it's very real for a lot of people is that moment when they realize that they want to retire, as an example, and you get really one shot to get it right. And you've saved your whole life, hopefully you've established a bit of a nest egg of sorts and you decide you've had enough, no more working for the man. And it's time to turn the savings that you've accumulated into an income you can now ride off in the sunset on. And financial entertainment is not your solution to make that choice. If you mess it up, there's no second chance, right?…


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