From the West Coast: XYPN16

Earlier this week the DataPoints team had the privilege of attending the XY Planning 2016 conference in San Diego, and presented its technology solution to the advisors there in the conference’s inaugural fintech competition. The XY Planning network is a group of fee-only financial advisors that are committed to serving as fiduciaries to their clients and have a special focus on serving those clients that may not fit with more traditional financial services. The culture of the conference was laid-back, collegial, and fun, and this attitude was reflected in both XYPN’s team and the attendees.

DataPoints was among the group of six fintech finalists that were given the opportunity to share their story and technology.  We shared DataPoints’ history in financial services, starting with the research underlying The Millionaire Next Door through to the creation of our technology platform that helps advisors assess the wealth-related behaviors of their clients.

Our conversations with the advisors at the conference confirmed our belief that holistic financial advisors that are seeking to maximize the wealth of their clients through all available means understand and embrace the power of behavioral change, and are looking for tools to help them help their clients improve their wealth-building behaviors.  Many of the advisors that we spoke to expressed the need for a way to assess these behaviors in their clients and to then work with them to improve areas that are inhibiting effective wealth building.  We explained how the DataPoints platform was designed in part by industrial psychologists with just this objective in mind, and how our assessments have been empirically linked to net worth.  We also highlighted the use of the technology as an efficient way to get to know prospective clients quickly at the start of the professional relationship, and how this can be a real efficiency boon–especially for many of these advisors that serve clients distributed throughout the country.  Another feature of our technology that was of particular interest to the advisors that we spoke to was the ability to compare the profiles of spouses/significant others as part of the coaching process, and how this objective measure could be used effectively in working with the unique differences in working with couples.

In sum, DataPoints was thrilled by the response from the XYPN16 attendees. The data from our research makes clear that behavioral change is key to improving financial success, and advisors’ expertise combined with our technology can change the way that individual clients improve their financial outcomes.

Thanks XYPN!  See you next year!

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