A co-operative, partner-led wealth firm this month announced a partnership with Shaping Wealth, a Chicago-born learning technology platform “dedicated to transforming the human experience of money.”
Founded in 2020 by a team of experts in applied behavioural science, Shaping Wealth works with financial institutions and advisors to improve financial literacy for their staff and clients through its fintech education platform.
Toronto’s Quintessence Wealth has established an exclusive collaboration with Shaping Wealth in Canada to develop the next level of “human-centric” client experience in the wealth management industry, according to a recently released statement from the firm.
“About 12 years ago, we discovered the emerging field of positive psychology, and ever since have been fascinated by the development and proliferation of this evidence-based science,” explains Jared Rabinowitz, chief executive of Q Wealth.
“It occurred to us,” he continued, “that between positive psych and fintech, we have the most incredible opportunity to reimagine our industry, and truly differentiate ourselves from the competition.”
Rabinowitz recalls reading “countless books on the subject,” but “converting the knowledge into a comprehensive framework and learning platform was an entirely different proposition.”
Innovating complex infrastructure such as the financial realm demands collaboration with other entities, the CEO believes.
“The Shaping Wealth team offers us a massive shortcut to operationalizing this incredible and emerging field of science,” Rabinowitz stated.
“This collaboration marks a pivotal moment for our firm,” Stephen Gasparek, chief of marketing for Q, agrees. “The Shaping Wealth team’s full engagement in developing a distinctive client experience will elevate industry standards in Canada.”
Over a multi-year collaboration, Shaping Wealth aims to pioneer techniques for delivering curated customer experiences which will “infuse the best of Shaping Wealth’s curriculum into the process of prospecting, onboarding, and driving ongoing engagement with clients.”
For 2024, Q Wealth intends to create “tasting menu” and “a la carte” offerings for clients “that can be woven into traditional and subscription-based financial planning experiences, based on individual client preferences,” according to Rabinowitz.
“Investments have become a baseline for all boutique firms, but ultimately it is the experience that counts in our minds, ensuring our partners and their clients feel they are receiving unparalleled service,” asserts Gasparek.
Brian Portnoy, founder of Shaping Wealth, believes that Q Wealth is “reimagining and transcending traditional financial advice, gaining momentum in pioneering a truly differentiated client experience that embraces a holistic perspective on wellbeing inspired by positive psychology.”
“The opportunity to deeply collaborate with Q Wealth in this multi-year engagement is an honour and we are thrilled to apply our collective knowledge in driving exceptional client experiences in Canada,” he stated.
Q Wealth was established in Toronto in 2007.