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67. Digital Evolution in Credit Unions and Community Banks with Evan Kulak

67. Digital Evolution in Credit Unions and Community Banks with Evan Kulak

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Key takeaways

  1. To remain competitive, technology can’t be an afterthought.
  2. The term “Robo-advisor” is divisive and supresses the potential of its technology.
  3. With the aid of technology, advisors can focus on their role as a relationship manager or behavioral coach.

This week on WealthTech Unwrapped, Evan Kulak, co-founder and wealth advisor at Polaris Financial, joins Ned to discuss the FinTech evolution in the US. They dive into the adoption of tech in the credit union and community bank space, and what it means for advisors and their clients.

As Polaris Financial focusses on credit unions and community banks as clients, Evan speaks about the impact of these institutions incorporating technology and innovation into their advisory offerings. He shares that credit unions and community banks might not view wealth management as their core competency, but these institutions are gradually moving toward partnering with emerging FinTechs to stay relevant.

Going further into digital transformation, Evan and Ned agree that the term “Robo-advisor” fails to capture the value of its technology. It pushes the dichotomy between digital and human advisors. Evan believes that the tide is turning on the advisory process as clients are increasingly demanding quicker turnarounds and more personalized services. This is a good opportunity for advisors to take advantage of technology to provide a truly comprehensive financial planning.

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Meet Our Guest Speaker

Evan Kulak

Polaris Financial

Evan Kulak is the co-founder and wealth advisor at Polaris Financial, a RIA that provides strategic consulting to credit unions and banks on digitally native wealth management programs. Evan started in the private banking industry before noticing a wealth management and technology gap in the community bank and credit union space. In his free time, Evan enjoys a game of basketball which he grew up playing throughout high school and college.

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