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What I have learned building a B2B WealthTech Start-up

27. What I have learned building a B2B WealthTech Start-up

Here is a list of the Top 10 things I have learned building a B2B WealthTech Start-up.

  1. Everyone wants free money. I have been asked hundreds of times how my robot beats the market. It doesn’t. I don’t have one of those. No one does. Yet, clients keep asking. If they had one of those they would be sitting on a beach. Think about it.
  2. As the great man said. Simple is hard. Build less to give more. Wealth is complex but adding features for the sake of features isn’t the answer.
  3. Integration makes or breaks the success of the project. If the flow of funds isn’t smooth nothing else matters.
  4. UI/UX matters. I get laughed at all the time when I say this. People seem to think UI/UX doesn’t matter in wealth. It does. Customers want a great experience. In wealth just as much as in all their other digital experiences.
  5. It doesn’t have to be different. It just has to be live. The biggest reason Robo-advisors don’t work? They won’t go live as someone wants a ‘different feature’ that probably no customer wants anyway. People often want different for the sake of being different. Just get it live. Then iterate.
  6. No marketing, no customers. Build it and they won’t come. Market it and they will.
  7. Move quickly. Don’t take a year to build it. You can do it in half that time. Have a champion in the bank who really believes.
  8. If you are building a mass retail robo try to remember it’s about the customer. Not the ETF or the mutual fund. It’s about the customer achieving their goal. Sell the outcome. Not the input.
  9. Launch it when it’s uncomfortably simple. Don’t wait for it to be perfect. Never will be. Get it out there. Listen to feedback. Improve.
  10. And of course. Believe in that little Start-up. The one who says they can do it. Who works 20 hours a day to get it done? Who probably takes a loss on their first project just to start? Who goes without salary and sleep to make it happen? Believe in them. Because when you do, a founder smiles.

Best,
Ned Phillips
Founder & CEO

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