“On the Circuit” is a podcast where conversation sparks innovation, hosted by Johnny Sandquist from Three Crowns Marketing. This season, his guests include industry conference attendees from across the country.
Net worth equals assets minus liabilities.
“You don’t need to have the Series 65 to know that equation,” Siddhartha Oza said.
Siddhartha is co-Founder and co-CEO of Sora Finance, an AI-driven debt financing and management platform.
According to Siddhartha, advisors excel at all things asset management (i.e., estate planning, wills and tax prep) but ignore the other component in the equation: liability planning.
A Spectrem Group study found a huge gap between client expectations and advisor services when it comes to this area – 83% of clients expect credit and loan advice from advisors, but only 3% felt that they received those services.
It’s not like advisors don’t want to offer liability planning. Lack of access to liability data is a huge roadblock that keeps most financial planners from even considering offering it.
And even if you could gain access to up-to-date data, what would you do with it? How could you use it in a way that adds value, not cost, to your clients and business?
Enter Sora Finance. With access to APIs and connections to lenders, Sora pulls in clients’ up-to-date liability data. They simplify the process for clients and advisors – and ensure it’s a value-added service, not a cost center.
“Whether a client comes to you looking for support on a mortgage or they’re coming for support on a private aircraft loan or they’re looking for a commercial loan for their small business because they’re a small business owner, suddenly now you can support them and not just send them to a third party bank,” Siddhartha said.
Siddhartha firmly believes that liability planning is the secret to differentiating your practice and unlocking new AUM – and it’s hard to argue with him.
Siddhartha joins us for episode 42 of “On the Circuit” to talk about the importance of liability planning for advisors and how Sora provides the resources and support throughout the process. He talks with host Johnny Sandquist in a conversation recorded live from the Fearless Investing Summit in October 2023 in Miami.
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