One more reason to stick to the chosen line is time. In fintech, one faces more than 100 new opportunities every day and is forced to pursue the opportunities most closely aligned with the company.
“Maybe I’m an optimist at heart, but I always believe there are more opportunities than there is time in the day. Focusing on the most important opportunities is always going to be the central challenge of the business.”
Takeaways
The role of financial advisors is imminently changing, and so is the software. It’s crucial to make advisors’ lives easier and help them make better decisions for their clients. No matter what niche you choose, it’s important to focus on what you do best and keep improving the clients’ experience.
Elsasser developed Social Security Timing in 2010 because, as a practicing financial advisor, he couldn’t find a Social Security tool that would help his clients make the best decision about when to elect their benefits. Inspired by the success of Social Security Timing, Elsasser founded Covisum, a financial tech company focused on creating a shared vision throughout the financial planning process.
In 2016, Covisum introduced Tax Clarity, which helps financial advisors show their clients the hidden effective marginal income tax rates that can significantly impact cash flow in retirement. In early 2017, Covisum acquired SmartRisk, software that allows advisors to model “what-if” scenarios with account positions and align a client’s risk tolerance with their portfolio risk. In January of 2019, Covisum launched Income InSight, an income planning tool that deeply integrates with Covisum’s other tools and helps advisors make better financial decisions, faster, while resolving conflicts in assumptions and conflicts in results that plague other financial planning tools.
Covisum powers some of the nation’s largest financial planning institutions and serves more than 20,000 financial advisors.
Based in Omaha, Neb., Elsasser co-authored “Social Security Essentials: Smart Ways to Help Boost Your Retirement Income” and is a regular speaker at industry events and is frequently interviewed by trade and national media.
Vasyl Soloshchuk is CEO and co-owner at INSART, a fintech and Java engineering company. Vasyl is also the author of WealthTech Club, which conducts research into Fortune 500 and start-up robo-advisor and wealth management companies.