Australian fintech launches in US with family-focused platform

When Santiago Burridge founded Lumiant in 2020his more than 15 years of experience as a financial advisor were instrumental in the process.

Now a solutions provider, Burridge said he wanted to find a way to leverage technology to harness “every advisor’s superpower” – the ability to guide and coach clients. to their dreams.

He also wanted to deepen advisor-client relationships by focusing on family members often overlooked by planners, including spouses who aren’t typically involved in money matters or children who might one day become key decision makers.

With this approach and two years of growth in Australia, the fintech company with a customer engagement platform that aims to put families first makes its debut in the United States, announcing the appointment of a new American CEO and sharing plans to make more superhero advisors.

“Customers are our North Star. They’ve always been core to how we thought about our platform, and we’re very passionate about the financial advice industry because it’s our experience,” Burridge said. Financial planning. “I’ve been in this industry too long, and almost every technology I’ve used has been underdelivered. The promise was never kept… so I spend a lot of time thinking about Lumiant and how we can improve it.

Currently serving nearly 4,000 families worldwide through its cloud-based customer experience platform, Lumiant wants to help advisors more easily reconcile a client’s life goals with financial goals. Burridge said the tools they offer focus more on life outcomes and expand the conversation about planning beyond whoever can be considered the head of the household.

By removing this key person reliance and focusing more on family members like the “non-financial spouse,” Burridge believes advisors can increase referrals and retention while forging stronger bonds with people than they advise.

The software does this by tracking and measuring a variety of goals that have nothing to do with dollars and cents. Instead, advisors craft conversations with clients around values, ideals and aspirations.

For example, the primary goals of customers on the Lumiant platform are to support and protect the people they love. Burridge said knowing this helps advisors give better advice and maintain long-term relationships with clients.

Lumiant focuses on previously unengaged family members by creating accounts for each and tracking how often the non-financial spouse interacts with the platform. The aim is to keep them involved by encouraging them to play a more active role.

The platform’s new feature, called your best life, was launched in March. Described as a multi-objective optimization engine, the tool is designed to help clients answer the question “Am I on the right track?” »

Through scenario planning and modeling the life they want to live, families can see if they are on track, underfunded, or overfunded. This allows advisors to better identify what motivates clients and help them make financial decisions that align with who they want to be and what’s most important to them.

“In our opinion, everything was built for the first three months of the customer relationship, and we want to build a platform for 30 years,” Burridge said. “We’re just so proud to have built a platform that advises heroes, heroes the non-financial spouse, and helps this profession and this industry become the profession it deserves to be. We know our clients better than any other profession in the world. The technology just didn’t support that.

While Tuesday brought the news of Lumiant’s US launch, it was also announced that Blake Wood will lead the company’s US expansion as US CEO. Most recently Senior Vice President of Corporate Strategy for InvestnetWood said he’s excited to help counselors enrich the lives of American families.

He added that Lumiant’s mission to center the non-financial spouse resonates with him after seeing a lack of engagement from advisors affect loved ones.

“A little over a year ago my father passed away and my mother was a non-financial wife. It was eye-opening,” Wood told Financial Planning. “She was lost, her adviser was not engaged with her at all and it was just a rough time. She had nowhere to go to find out where things were, and I showed up with boxes of paper everywhere.

“If a counselor had engaged her with my dad earlier in a better conversation about this, I think it would have changed the last 20 years and hopefully the next 20 years of her life in a meaningful way.”

Wood said as part of his due diligence, he tracked the value session that advisors using the Lumiant platform undergo to identify a client’s core values.

Keeping it in the family, he described the strong emotional reactions experienced by his mother and stepfather when he recently asked them to identify their values ​​in the same way. Like many others, her in-laws put protecting the people they love at the top of their lists.

“They were sitting there having these deep conversations that a lot of spouses don’t have. You don’t provide them with solutions. You don’t even give them advice. You just ask them why (something) is important and what success means to you,” Wood said. “Finance professionals should help their clients succeed in all aspects of their lives. Not just retiring with a boatload of cash.

Lumiant’s platform has two levels of membership with full breakdowns which can be found here. The starter plan costs $249 per month and gives advisors access to client acquisition, goal tracking, investment preference tools and more. The Professional Membership, which is $499 per month, unlocks access to additional end-to-end customer experience tools, including the new Your Best Life app.

“Traditional financial planning software largely exists to onboard a new client and help sell portfolio management or other financial products,” said Gavin Spitzner, president of Wealth Consulting Partners and non-executive board director of Wealth Consulting. administration of Lumiant in a statement. “Lumiant was specifically designed to nurture deep, meaningful, long-term, advice-based, and emotionally charged relationships with customers. I have yet to see another technology provider champion and engage every member of a household like Lumiant. »