Wealth.com with Rafael Loureiro | E297
Bringing estate planning to life.
On today’s episode of the Fintech Impact, Jason is going to talk to Rafael Loureiro, CEO of Wealth.com. The company besides having the most incredible URL for a fintech firm is an estate planning platform that allows for advisors and clients to collaborative work on estate plans and produce like legal estate documents and make it part of the entire continuing advisors by proposition.
Episode Highlights
00:53: Rafael describes Wealth.com as a tech-driven estate planning platform designed for financial advisors. The platform helps advisors set up high-quality estate plans for their clients, offering legal estate documents that are applicable in 51 jurisdictions.
03.09: Rafael and his team decided to create Wealth.com as an intelligent platform to help financial advisors maintain up-to-date estate planning. Their goal is to ensure estate planning evolves with changes in assets and beneficiaries, emphasizing the importance of keeping it current.
04.33: Jason prompts Rafael to explain what the experience of using the Wealth.com platform looks like for financial advisors and their clients.
05.05: Rafael mentions that the platform guides users throughout the process, making it easy to complete their estate planning and is accessible to both advisors and clients.
05.56: Rafael notes that the platform's dashboard can integrate with the advisor's preferred CRM, such as Salesforce or Wealthbox.
07.05: Jason discusses a major concern, noting that people may question whether using the platform makes financial advisors act as lawyers, potentially raising legal issues.
07.42: Rafael emphasizes that clients using the platform make all the decisions, and financial advisors can assist by answering questions and providing factual information. The financial advisors do not make decisions for the clients, thus maintaining a clear separation.
08.57: Rafael confirms Jason's interpretation and clarifies that Wealth.com doesn't just generate wills; it also produces other legal documents, including revocable trusts, advance directives, power of attorney documents, and guardianship documents.
09.31: Jason inquiries about how platform triggers reminders in the background to address such situations where someone moves but forgets to update their will.
12.48: Rafael details the proprietary machine learning system that reads and comprehends estate plan documents, extracting essential information such as names, locations, dates, and creating a summary for financial advisors.
14.34: Rafael highlights the relevance of the Tax Act and its potential sunset in 2025 and how clients can use the platform to project their financial situation for the next 5 to 10 years.
16.31: Rafael talks about upcoming integrations with financial planning software and the platform's goal to use this information to optimize estate plans without managing clients' money. He also mentions the platform's connections to 15,000 financial institutions, and how they pull data daily to refresh new assets.
18.33: Rafael underscores the startling statistics related to estate planning, with a majority of Americans not having a plan, and even those who do often have outdated plans. He notes that many people only consider estate planning when faced with a loss or a famous person's passing.
21.03: Rafael shares a real-life example where one of his advisors was late to a meeting because one of their clients' parents had passed away without a plan. The advisor was the first person the client called due to the trust they had built.
22.31: Rafael emphasizes that they wanted a domain name that represented more than just estate planning. They aimed to provide a holistic, digital solution that encompasses various aspects of financial planning and positions the advisor at the centre of the client relationship.
22:45, Jason shares his experience negotiating with cybersquatters, explaining that they often start with high demands but can be reasoned with over time. He points out that these individuals have sat on domains with zero return on investment for many years, suggesting that they eventually realize the need to negotiate.
25.30: Rafael highlights that they work to educate their customers, emphasizing that if advisors stay within their professional lanes and don't make decisions for the end users, they can safely use their services.
27.32: Rafael emphasizes the importance of their mission, stating that it motivates them to create a company that can tackle the challenges they face. He discusses the idea of instant solutions and their commitment to serving the new generation, who rely on digital technology for solving problems.
3 Key Points
Rafael discusses the creation of Wealth.com and the motivation behind it. He begins by explaining his involvement with a global fraud prevention company before venturing into estate planning.
Jason highlights the importance of improving estate planning, particularly in areas like tax, estate, and insurance, where there are significant opportunities for enhancement.
Rafael reiterates his desire for more flexibility, asking why estate planning can't be done from the comfort of one's home, given the advancements in technology.
Tweetable Quotes
“The visualizer tool provides scenarios and simulations, helping clients and advisors understand the implications of different situations, such as one or both spouses passing away.” – Rafael
“The platform has an API connection with Zillow, so when a client's real estate is sold, they receive a notification. The platform prompts the client and notifies the advisor, placing the advisor at the center of the relationship.” – Rafael
The only effective incentive for estate planning may be opting for a comprehensive financial planner who includes it in their scope of work and compensation structure.”- Jason
Resources Mentioned:
Facebook – Jason Pereira's Facebook
LinkedIn – Jason Pereira's LinkedIn
Woodgate.com – Sponsor