Here is a list of the Top 10 things I have learned building a B2B WealthTech Start-up.
- 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.
- 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.
- Integration makes or breaks the success of the project. If the flow of funds isn’t smooth nothing else matters.
- 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.
- 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.
- No marketing, no customers. Build it and they won’t come. Market it and they will.
- 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.
- 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.
- 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.
- 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.
Founder & CEO