The Silicon Review
Financial services firms are economic services providers whose broad range of functions includes managing funds, insurance, accountancy, credit cards, stock brokerages, etc. Financial services are designed and delivered to businesses and individuals within the investment area, personal financial planning, real assets, government-sponsored enterprises, banking, insurance, and other related institutions. Firms working in financial services are usually customer-centric because they study the needs of the consumers in detail before deciding a financial strategy, liquidity, providing due in regards to costs, and maturity considerations. The firms stay in touch with customers to design products that cater to their clients' needs.
There are several financial firms with exquisite services, but one that stands out from the rest is Financial Gravity. The company is a publicly-traded parent company that aims to bring together the best of breed financial services companies, including brokerage, wealth management, estate planning, family office services, risk management, business and personal tax planning, business consulting, and financial advisory services. Financial Gravity's mission is to bring together companies that create symbiotic advantages synergistically. Financial Gravity's companies differentiate themselves from the competition by utilizing proprietary and best of breed technology. The company was founded in 2002, and it is based in Austin, Texas.
In conversation with Scott Winters, CEO of Financial Gravity
Q. What are the latest technologies leveraged by you to provide exceptional financial services?
We have developed four proprietary SaaS applications. These tools were developed utilizing the latest academic research into applied behavior finance. We built these tools to differentiate our advisors in a crowded market. The new Best Interest Analysis (BIA) can clearly demonstrate to your client's the all-important WHY. Why is your advice in their best interest? The Real Risk Meter can help you align client expectations with reality, so your clients have a truly great experience and fully understand the trade-off between risk and return. The new Incomize program provides advisors with a tool that can analyze a client's current investments and build an income plan will give a client the confidence to retire and live their best life without fear of running out of money, utilizing a proprietary income planning model call Time Optimized Planning. Our Tax Master Network (TMN) application allows tax professionals to do sophisticated tax planning for their business owner clients. The TMN program is unlike anything in the market today. We have successfully shown that the software can save the average business owner at least $22,000 every year. In addition, we equip our financial advisors with the best industry technology that we can find. Some examples are Salesforce Financial Services Cloud, Orion, and Laserfiche Cloud.
Q. Why do you think wealth management is important and is there any frequent misconceptions about it?
When you survey Americans about what is most important to their lives, the top two answers are health and money. Wealth management is difficult for most individuals. At Financial Gravity, our portfolio companies specialize in all areas that help a client live a successful life and then retire with dignity.
Q. How do you deal with regulatory?
Compliance is a critically important part of our business. We leverage technology to create an uber compliant environment while still allowing our advisors the freedom to be entrepreneurial.
Q. What are the different financial strategies that you implement and how do you develop one?
We provide a wide choice of financial strategies to our clients, both proprietary and non-proprietary. Our proprietary strategies have four important performance factors that we utilize. 1. Security selection — we focus investments in dominant companies, loved brands, and great products that are understandable, inspire confidence, and are on the right side of long-term trends, based on our analysis and due diligence. 2. Costs — Keeping costs low is critical to investment success. Most companies will tell you all the great things they do and then surprise you with exorbitant costs. Or, maybe they offer a fair price, but later you learn about additional resort fees, taxes, or convenience charges. We keep the cost low, so our clients win. 3. Taxes — We feel that mitigating taxes through tax lot harvesting and investment placement optimization can save our clients' money and, in return, boost returns. 4. Trust — In terms of both dollar impact and investor financial freedom, trust is likely the most critical of the 4 Alphas. Distrust, doubt, and fear may cause investors to sell when the market falls, which we believe is exactly the wrong way to invest.
Q. How do you integrate your strategies into the clients’ financial roadmap?
Financial Gravity has several portfolio companies that range from brokerage, wealth management, tax planning, insurance, business services, family office, etc. We can provide a client with a full array of offerings to complement a financial planning roadmap.
Q. Do you have any new services ready to be launched?
One of our companies, Sofos Investments, has recently launched a proposal generation tool that can build an appropriate asset allocation for a client utilizing both managed money and equity-index annuities. Analyzing and presenting these two investment vehicles in a single unified proposal is a truly unique value proposition.
Meet the leader behind the success of Financial Gravity
Scott Winters has had a successful multi-decade career in the financial services industry as a top financial advisor, manager, and executive. Notable accomplishments are that he built a wealth management business from zero to over two billion in assets managed across over 20,000 clients. He co-founded, built, and sold one of the fastest-growing fintech / wealth management businesses in America (according to Forbes). As a CEO he has managed and inspired hundreds of employees. Scott is a widely recognized speaker, author, entrepreneur, and leader. He has mentored, managed, or trained thousands of financial advisors and helped them achieve greater success. Scott is the author of the widely popular book, The 10X Financial Advisor, that is dedicated to helping advisors turn their practice into a thriving leveraged business. Scott has continuously helped change the landscape of the use of technology and practice management disciplines to help advisors achieve massive and sustainable business growth. He is an active board member for several companies and an angel investor. Scott has a BA in Business Economics from San Diego State University. Scott holds the following licenses, series 7, 24, 63, 65, and Texas Life & Health. He is also a Chartered Retirement Planning Counselor, CRPC®.