A Look Back: The Question of 2021
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January 7th, 2022

Written by Justin Pullaro

It's still hard to believe, but the PlannerDAO got its official start on Mighty Networks on May 21, 2021.

With only 12 people in the Genesis Block, we've grown to 600 as of today.

When joining the DAO the first thing we ask is, “what's one thing you'd like to change about the financial services industry?"

Here’s what a few members said:

“The ability to service smaller clients the way we service larger clients. I've been in this business since 1998 and ever since it seems account minimums for financial advising keep ratcheting up”

“Clients should be treated with more empathy when talking about money”

“Size of the investment shouldn’t matter. All should access the same financial product”

“Salespeople selling products posing as advisors”

“Transparency on fees (also layers of fees)”

“For all advisors to be "true" fiduciaries with no loop holes”

“That individuals are not getting gate-kept out of financial services & opportunities because of wallet size or their geographies”

“Processing times, transactional commissions, digital advice to newer generations that is not traditional 60-40, and use diversification when is really needed and not because this is traditional thinking”

“The participation rate. It would be wonderful if more people could easily take part in and benefit from the services of financial planners”

“The whole jungle of complexity...make it simple...it should become a true enabler of people's freedom, financially and mentally”

“More cooperative and simplified tech stack(s)”

“The inability to give quick & blanket investment/financial advice on topics & common ideas when I’m a licensed investment advisor and CFP. Yet, Joe Snuffy can go on YouTube and give all the investment advice he wants about naked options, shitcoins, and penny stocks”

“The ability to provide services to those who are not as wealthy. High net worth clients dominate traditional financial services and are the focal point of firms. The majority of individuals need financial help, yet can’t get access to it. Crypto and the decentralization can help solve this”

“I would like to have more stringent credentialing and licensing to better classify advisors. Think MD vs. massage therapist, both may help your physical wellbeing but their skillsets are very different and easy for the patient to understand”

“I'd like the financial services industry to be more disintermediated, fairer, with low friction costs. True fiduciaries are the future of wealth!”

“I'd like that anyone can access to every opportunity, not being limited in any way for country, age, status”

“The inequality and centralization of the existing financial system have to change, remove intermediaries so everyone to have a fair and equal access to their own finance”

“Better career pathing for those who are young in the business that would get them more and better opportunities to grow their experience level more quickly”

“Transparency, honesty and using client friendly verbiage”

“The financial literacy of younger people and access to financial education for people who currently have lower income”

“No Gordon Gekko, greed is not “good”, and coffee is not for “closers”, coffee (including French press Justin Pullaro) is for everyone! I’d like to change the way the greed of a few ultra wealthy and powerful people/institutions dictates and limits the opportunities for the rest of us. I’d like the caring advisors on Main St. to not be punished for the crimes on Wall St. (that go unpunished).

I would like an industry that stops packaging complicated products to be sold for large upfront commissions, and then tries to regulate the morality of the salespeople. How about we fix the problem at the source and don’t package products like that anymore? If it is complicated and pays the same, it will only be used if the planner truly believes it is the best solution. The Gordon Gekkos would go away, and we would be left with professionals who are in it with the clients for the long term, side by side. Problem solved.

I’d also love to see the empowerment of families; especially single moms in underdeveloped countries - when they can get access to capital, transparent and fair financial systems, and good advice. Imagine the new growth and abundance, not to mention improved health and life circumstances for billions of people!”

“Financial planning access to the underserved”

“To stop doing it ‘the way we have always done it’. Advice, culture/work environments, career/growth opportunities, client experience, selling, planning, investing, process, definitions of success, access, education, etc”

We see the problems that exist in the financial services industry and we know there’s change to be made.

It wasn't a coincidence that this question was the most active topic with the most comments and cheers for all of 2021.

Why?

We believe that you see the potential of digital assets and the power of community to build something better.

In fact, the words you shared the most center around:

  • Access, transparency, opportunity

The PlannerDAO does not exist because of an investment opportunity. This is so much more than just new asset allocation strategies.

Like you, we see an opportunity to build greater access to more transparent financial services for everyone.

How will we do it?

It starts with our three core values of education, collaboration, and innovation.

Then it just needs your time, talent, and enthusiasm to spark the community forward.

A future we both see.

Thank you for being the spark to get us started in 2021.

Here's to what lies ahead in 2022 🥂

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