myFinancialAnswers is a SaaS platform retirement plan advisors to differentiate and grow by offering a branded “Employee Financial Wellness” program to employer customers and individual employees. We help plan advisors build better relationships with employees and find opportunities to extend wealth services.

Customer Problem: Retirement plan advisors need to differentiate their services in order to grow revenue and protect margins in an increasingly competitive environment. New tech-enabled entrants like Betterment are moving up market while incumbents like Fidelity and Vanguard are moving down market, squeezing the advisor in the middle. Meanwhile, industry margins continue to shrink. Trends toward low cost investment options and plan sponsor fee rationalization continue to pressure advisor fees downward.

Solution: Our SaaS-based platform enables retirement plan advisors to provide a configurable, portable, branded, Employee Financial Wellness solution. The platform includes co...
myFinancialAnswers is a SaaS platform retirement plan advisors to differentiate and grow by offering a branded “Employee Financial Wellness” program to employer customers and individual employees. We help plan advisors build better relationships with employees and find opportunities to extend wealth services.

Customer Problem: Retirement plan advisors need to differentiate their services in order to grow revenue and protect margins in an increasingly competitive environment. New tech-enabled entrants like Betterment are moving up market while incumbents like Fidelity and Vanguard are moving down market, squeezing the advisor in the middle. Meanwhile, industry margins continue to shrink. Trends toward low cost investment options and plan sponsor fee rationalization continue to pressure advisor fees downward.

Solution: Our SaaS-based platform enables retirement plan advisors to provide a configurable, portable, branded, Employee Financial Wellness solution. The platform includes content, communication and marketing campaigns, and a subscription based financial coaching capability.

Benefits: Advisor firms win new plans and protect pricing by offering a value-added service. Furthermore, firms engage individual participants and identify wealth client opportunities, grow assets under management, and attract the next generation of individual clients, all while getting young associates up and running.

Target Market: Our market penetration strategy is to target independent plan advisor firms that control about 8% of the corporate retirement plan market. There are about 840 companies in our initial target market and they manage about 41,000 retirement plans. We will scale growth by targeting the lower-end Corporate RIAs, Broker-Dealer firms, insurance companies, and banks that control other 90% of the marketplace.

Customers/Traction: We launched two RIA customers in late-2017 and have ~$42,000 in annual recurring revenue (ARR). Our platform is supporting 4 plans with over 2,000 plan participants. We expect to penetrate 45 of 150 plans and about 4,500 plan participants by end of February 2018 based on our customer rollout schedule.

Differentiation: We offer a full-suite solution, including content, communication and marketing campaigns, light-weight subscription-based financial planning, employer reporting, and the integrations required for a seamless experience. We are the only platform exclusively focused on this underserved market.
More information

Advisors

Joshua Daltry
Admin
Joshua Daltry Executive and Engineer with experience in FinTech

Recommendations

Ned Moore

I met Ben and some of the team several years ago and have watched them really focus in on the solution they want to provide and the market opportunity. As an active advisor to several startups and an active angel investor, I am very excited about all the work Ben and the team have done on finding a great spot in the market along with working to nail down their solution and the go-to-market execution plan. The myFinancialAnswers have de-risked the technology by producing their alpha version and are beginning to pilot test to users where they will learn a lot more about what they are doing. Given how the team responds to coaching and market feedback I think they are in a great position to make a big impact to their industry. Happy to discuss more, just email me direct at ned.moore@clutch.com

Ryan Measel CEO at Fantasmo

I've known Ben for years. His dedication and ambition has always been evident. I'm very excited about the team he has put together to execute myFinancialAnswers, and I'm interested to see how it evolves.

Ben Brightwell

I was in the first class of TechStars in '07, in the successful company "Socialthing!". I met Ben Pitts through a mutual friend and have since discussed his venture, the direction it's headed and it's potential.

I believe myFinancialAnswers is in quite a favorable position to be guided into a successful startup. They have a solid idea of which markets they fit into, and they have a working product nearly ready for alpha/feature testing. With a bit of mentoring and a few connections, myFinancialAnswers is ready to take off.

If you have any further or more directed questions, feel free to email me at ben@brightwell.me .