Couplr with Derek Notman | E285

Advisor Lead Gen.

In this podcast episode, Jason talks to Derek Notman, the founder and CEO of Couplr. It is a fintech company that provides a platform for people to find the right financial advisor for their needs. Jason mentions that he often gets pitched similar ideas, but he finds Derek's approach unique and effective. Derek explains that Couplr is focused on fixing lead generation in the financial advisory industry. He highlights that lead generation has been a personal frustration for him, and Couplr aims to address this issue. 

Episode Highlights

  • 01:08: Couplr is a platform that combines the concepts of eHarmony and Bumble. It focuses on facilitating connections between financial advisors and consumers based on the human elements and dimensions of the relationship.

  • 02:03: Derek shares how he discovered his passion for helping people and working with money, which ultimately led him to create Couplr as a solution to the challenges of lead generation and connecting clients with financial advisors.

  • 03:07: Early in his career, Derek joined New York Life and encountered the traditional methods of lead generation, such as cold calling, door knocking, and attending networking events like BNI meetings.

  • 04:02: Derek shares his observations about the high failure rate among financial advisors, with statistics suggesting that around nine out of ten advisors fail in their first three years.

  • 06:03: Derek questions the prevailing approach to lead generation, which often focuses on superficial factors such as the amount in a person's 401(k) or their geographical location.

  • 08:01: Jason talks about the statistics regarding the high washout rate in the financial industry, with some channels, particularly those with a multi-level marketing (MLM) structure.

  • 08:22: Jason highlights the issue of advisors being misled about the nature of their role, where they are often handed a phone and expected to sell life insurance to their friends and family in order to make a living.

  • 10:02: Derek acknowledges the importance of capturing attention at the top of the funnel, especially when it comes to something as personal as people's finances. He highlights that money is one of the most personal topics that individuals rarely discuss with others. Therefore, serving up a Facebook ad or relying solely on SEO wouldn't create the necessary connection or trust.

  • 12:02: Derek introduces the concept of warm inbound traffic, which refers to the existing pool of people actively searching for financial guidance.

  • 14:06: Derek further explains that Couplr empowers consumers by allowing them to research and get matched with an advisor when they are ready. He introduces the concept of the paradox of choice, which states that when people have too many options, they tend to become overwhelmed and indecisive.

  • 16:01: By providing warm inbound leads to advisors who are already interested and informed about the advisor, the process becomes more efficient. Advisors can spend more time serving their clients, leading to better planning, increased product and service placement, improved advisor retention rates, and overall client satisfaction.

  • 17:21: Derek highlights the importance of providing valuable information and building trust with consumers before they even contact the advisor.

  • 19:30: Couplr empowers consumers to make informed choices, reduces the cost of acquisition for advisors, and monetizes previously untapped traffic.

  • 20:03: Jason mentions the value of the treasure trove of data that Couplr collects and how it can be used to optimize conversions and improve matching algorithms. He emphasizes that the data obtained from operating at scale is incredibly valuable.

  • 26:37: Derek expresses his determination to create a better solution that leverages technology to facilitate human connections and improve the lead generation process.

  • 30:02: Lack of financial education often leads to negative consequences such as debt, divorce, poverty, and financial struggles that significantly impact people's lives.

  • 34:20: Through the work at Couplr, Derek aims to break down the friction and barriers in the financial industry, enabling more advisors to help more clients.

  • 36:20: Derek shared his passion for fixing the issues surrounding money and improving financial outcomes for individuals and advisors. The conversation highlighted the complex nature of financial relationships and the significance of addressing them effectively.

3 Key Points

  1. Derek explains how Couplr's approach to lead generation is different from the traditional methods like SEO and paid ads. 

  2. Derek explains the "bumble aspect" of Couplr, where consumers can explore the matches, read buyer reviews, visit websites, and check broker checks to gather more information about the advisors.

  3. By leveraging machine learning and AI, Couplr aims to continually improve its models and gather valuable data insights.

Tweetable Quotes

  • "By using Couplr, consumers are empowered to find the right financial advisor who can meet their specific needs. The platform aims to bridge the gap between advisors and potential clients, making the process of finding a suitable financial advisor more efficient and effective." – Derek

  • "The current process of finding a financial advisor is broken, as it fails to create a positive experience for both clients and advisors." – Derek

  • "Couplr aims to help consumers find the best advisor based on shared human dimensions, commonalities, experiences, and philosophies." – Derek

  • "By focusing on connecting consumers and advisors on a human level, Couplr offers a more targeted and effective solution." – Derek

  • "Minimizing friction is crucial for adoption and user satisfaction." – Jason

  • "Money is a powerful tool that people have access to, yet there is a lack of education and guidance in managing it effectively." - Derek

Resources Mentioned:

Fintech ImpactJason PereiraFintech