3 Questions with Heather Holmes, CEO of Genivity

FintekNews is pleased to offer our weekly feature column “3 Questions”. Each week, we feature a thought leader within a unique sector of fintech and ask them to answer just 3 questions for our audience in their vernacular. This week, we’d like to introduce you to Heather Holmes, CEO & Founder of Genivity, a Family Engagement Platform for Advisors providing roboadvice on health risks and care costs to help retain clients and their next generation heirs.  Genivity has been chosen for the prestigious Envestnet / Yodlee Incubator program as 1 of 7 companies from around the world.

NAME:  Heather Holmes
TITLE: CEO & Founder
COMPANY:  Genivity
WEB ADDRESS:   https://www.genivity.com/

What does your firm do/offer within the fintech sector? 

We help advisors retain clients and connect with next generation heirs long before a wealth transfer.  Genivity is an award winning Family Engagement Platform for Advisors that provides roboadvice on health risks and care costs to clients and their next generation heirs.  Studies show that 5 of the top 7 concerns of the affluent are health-related worries such as unexpected medical costs and how adult children will care for their aging parents and when you think about it, health is a client’s greatest asset that needs to be protected.

It’s a simple and effortless way for advisors to engage clients: the platform is client facing so there is no added work on the advisor’s end. Clients are invited in via a co-branded portal and from there GenivityFamily guides the client through our gamified platform that gets the entire family involved. On average, a GenivityFamily tree includes 13 – 17 family members which provides an organic growth opportunity to bring related family members into the fold with the advisor. Most financial advisors who are using GenivityFamily product report that clients love getting their family members involved in the platform because it allows them to plan for health costs which helps protect their financial future better, and because it helps them care for the ones they love by leaving an accurate legacy for their children and grandchildren.

What are the biggest problems facing the fintech industry in the future? 

Forgetting about (or even worse by choosing to ignore) the family when thinking about risk, retention, and lead generation. That’s who a client is spending their time and money trying to protect and if you can charm and engage them in the process you’re going to earn loyallty with the client and win their family’s business effortlessly with the added benefit of “young-ing down” your books.

How do you feel consumers (or if more relevant for your firm – businesses) are adapting to the facet of fintech that your company operates within?

More than seven in 10 Americans nearing retirement say they are ‘terrified’ of what health care costs may do to their retirement plans, according to the sixth annual Nationwide Retirement Institute survey conducted by Harris Poll. Nearly three in four older adults say one of their top fears in retirement is out-of-control costs for health care. That’s a clear opportunity for an advisor to step in and show their value by helping clients discuss and plan for care costs while also putting the family’s mind at ease by helping them understand their parent’s plans for care in retirement and how the advisor is helping their parents protect that plan.

Heather Holmes, Genivity CEO & Founder:  Prior to founding Genivity, Heather led global market development strategy for a medical device company. Working in India and China inspired her to explore ways to provide simple yet reliable health information and solutions that could be managed within the family. An avid traveler, she’s been to 6 of the 7 continents and is hoping to get to the last one, Antarctica, sometime next year.