This week on WealthTech unwrapped, Ned speaks with Doug Fritz, Founder and CEO of F2 Strategy. They discuss the humble beginnings of WealthTech and Doug’s views on how it has evolved to what it is today.

When discussing recurring themes and lessons learned from failed WealthTech projects, Doug, drawing upon his controversial viewpoint, emphasized the need for WealthTech to move away from blindly adhering to advisors’ perspectives. He argued that advisors often struggle to accurately filter their clients’ preferences. Instead, he advocated for a data-driven approach, relying on facts and figures to inform decision-making in large-scale tech projects. Additionally, Doug stressed the importance of encouraging project teams in the WealthTech space to embrace risk-taking and learn from failures, as these experiences often lead to better project outcomes.

With 25 years of industry experience, Doug also shared insights on the challenges faced by long-term, large-scale transformational projects, particularly within large organizations. He observed that these projects often encounter difficulties due to the rigid expectations and pursuit of perfectionism instilled by corporate titles assigned to the project. Instead, he suggested focusing on precisely defining the desired customer experience and building solutions that align with customer needs, reversing the traditional approach.