Do you ever look out of your window and imagine being at the beach? Do you wish you could fast-forward through Wall Street's looming rainy season and get to something a little sunnier?
Then allow Financial Planning to transport you back to the dog days of summer and directly into the heart of Surf City.
Our special look back at the Future Proof Festival continues through a series of interviews with insiders and newsmakers conducted by the Financial Planning editorial team.
In this clip, Wealthtech Reporter Justin L. Mack chats with Anders Jones,
Over the past seven years, Jones' firm has grown to serve thousands of clients with a team of more than 300 people. It's raised more than $160 million of venture capital backing as well. Prior to founding Facet in 2016, Jones spent 12 years in Silicon Valley as an early-stage investor and a partner at Argyle Ventures, investing in companies in emerging tech markets.
At Future Proof 2022, he hit the beach to discuss the psychology of money and explain how the evolution of financial planning will have as much therapeutic effect as it will financial value. In his opinion, the advisor of the future will look a bit more like a behavioral scientist, psychologist or therapist.
During his chat with Mack, the fintech leader explained why having firm control over your financial life is the key to better overall wellness, and why the industry needs to change its outdated approach to help clients tap into that superpower.
"There's a ton of research out there that basically says if you don't have your financial life under control, it can actually impact you physically very negatively. And the flipside of that is true, too. Which is if your finances are in a good place and you feel confident about your personal financial situation, your physical health actually gets better and the rest of your life gets better," Jones said. "So at Facet, we really see this opportunity to redefine what financial planning is. Traditionally, by the industry, it's been defined as 'we're going to manage your money and we're going to help you save for retirement.' And that's about it. That's a pretty narrow scope. So we think about it much more broadly than that.
"There's the sort of traditional way of doing things is charging an asset-based fee. And I think that's very antiquated. And I also think it's really not the way of the future, and it's wrong, frankly. It doesn't put the consumer first and it really misaligns incentives."
Check out the full interview below.
Future Proof, an event billed as the first wealth festival, attracted more than 2,200 people to Huntington Beach, California, last year. Financial Planning was a sponsor of the event. Dates for Future Proof 2023 have already been announced. The event is slated to return to the beach Sept. 10-13, 2023.
