One of the most interesting developments I have seen at Even is the sea change happening in the financial advisory sector. Financial advisors have historically focused on helping their clients manage their wealth, many of them refusing to take on clients who have less than $1M in assets. But with the introduction of robo-advisors like Betterment and Wealthfront, financial advisors have been forced to rethink how they help their clients. It’s no longer enough to help clients balance their portfolio when that task can be mostly accomplished by an algorithm. Financial advisors are realizing that they need to help their clients more holistically, and that includes looking at both sides of the balance sheet - not just with assets, but also with debt.
53 million US households have a combined $1 trillion in credit card debt, and that debt hurts their credit score and is not a wise economic choice if it can be avoided, due to the relatively high interest rates of credit cards. Further, 45M borrowers have over $1.5 trillion in combined student loan debt. These clients often feel that their next best dollar should be going to paying off that debt, which holds them back from developing an investment portfolio until much later in life.
Financial advisors are finding that offering solutions to help their clients deal with their debt, enabling them to put a plan into place, is often a great door opener to a long-term trusted relationship. At the same time, once that plan for debt repayment is in place, clients feel more comfortable putting money to work in the market.
Financial advisors are generally more familiar with traditional lending products like securities backed loans and mortgages, and might seem wary of the newer products that have proliferated as part of the fintech era born out of 2008. One of the key instruments to help people get out of credit card debt has been the advent of the personal loan. Financial advisors can easily identify when a client or prospect has a mound of revolving credit card debt, and then can support them by enabling them to refinance and/or consolidate that debt onto an installment loan called a personal loan. This loan doesn’t require the client to pledge any of their assets, rather it is an unsecured loan underwritten mostly based on credit history and income, with limits up to $100,000 and often single digit APR’s.
Many financial advisors recommend that their clients have at least six months of cash expenses on hand in case of an emergency, like losing a job or a medical issue. The obvious question a client might ask is then: “where they should keep that money?” Historically advisors haven’t had a great answer for this, but many advisors are now starting to plug into marketplaces where they can help their clients compare different high-yield savings and cash management accounts.
The evolution of the financial advisor space is something to watch in the coming years. As advisors are forced to differentiate from their algorithmic counterparts, the best weapon is the strength of the relationship and the advice they can bring. When I worked at SoFi, (now an Even partner), I was always amazed to see how happy their customers were when they refinanced their student loans or credit card debt, and how much of that positive halo accrued to the SoFi brand. Financial advisors of the future would be well served to learn from that and start using debt solutions as a way to help their clients take the first important step in their financial journey.
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MoneyLion’s consumer and enterprise businesses were recognized as winners of Benzinga’s 2022 Global Fintech Awards at this year’s Fintech Deal Day
New York, December 14, 2022-- MoneyLion Inc. (“MoneyLion”) (NYSE: ML), the go-to destination for personalized financial content, products and advice, is proud to announce that it has been named “Best Financial Literacy Tool” at Benzinga’s 2022 Global Fintech Awards. MoneyLion’s enterprise business, Even Financial, was also named as the winner for “Best API.”
MoneyLion and Even Financial were honored alongside other top Fintechs, banks, research companies and more. MoneyLion’s consumer business continues to push financial literacy through innovative and personalized content. With the MoneyLion app, users can view personalized financial content in short-form video format and receive personalized financial product recommendations such as loans, insurance and investing. As MoneyLion’s enterprise offering, Even Financial digitally connects and matches consumers with real-time personalized product recommendations from banks, insurance carriers, and Fintech companies on mobile apps, websites and other digital touchpoints through its financial product search engine and Embedded Finance Marketplace technology. This technology powers both the MoneyLion Marketplace, in the MoneyLion app, as well as more than 1,000 enterprise partners.
“We’re thrilled MoneyLion’s consumer and enterprise businesses were recognized by Benzinga,” said Dee Choubey, Co-Founder and CEO of MoneyLion. “Both awards showcase MoneyLion’s every time you money approach to helping our customers. The financial literacy gap is a huge problem for millions of Americans and we remain committed to reducing its effects through engaging, informative content and key partnerships designed to bring an elevated educational experience to all.”
These awards follow the October announcement of MoneyLion University, where MoneyLion launched its latest initiative aimed at closing the gap in money and financial education across the United States.
“We could not be more pleased with Benzinga’s recognition of our company’s API technology,” stated Phill Rosen, CEO and Founder of Even Financial. “Our technology natively integrates real-time credit decisions and product recommendations from the industry’s largest network of connected financial services providers, offering access and choice to consumers searching for financial products. Our elegant Embedded Finance Marketplace, API and search engine enable any company to add trusted, personalized financial products and services to their business, reaching people when and where they need it.”
Even Financial has been named a listmaker for the Benzinga Global Fintech Awards for the last two years and was a previous award winner. In 2021, Even was selected as a listmaker for Best API and, in 2020, selected as a listmaker for both Best API and Best API Platform. In 2019, Even was awarded the Benzinga Rocky Award.
The annual Benzinga Global Fintech Awards take pride in recognizing and honoring the companies and individuals who are propelling the Fintech and financial services industry forward with the most impressive technology advancements and innovations. A panel of industry experts from a wide range of companies reviewed and judged the nominations. Winners were announced at Benzinga’s Fintech Deal Day on December 8, 2022, where MoneyLion’s Chief Customer Officer Cynthia Kleinbaum spoke on the panel, Expert Growth Hacks For Reaching Underserved Markets.
About MoneyLion MoneyLion is the go-to destination for personalized financial content, products and advice. MoneyLion’s mission is to rewire the financial system to positively change the path of every hard-working American. MoneyLion uses its proprietary data advantage and technology to empower its customers. MoneyLion engages and educates its customers with daily, hyper-personalized money-related and money-adjacent content that is delivered through each customer’s own content feed. MoneyLion provides its customers a full suite of financial and non-financial solutions, bundling its proprietary, low-cost financial products with products that are offered through its marketplace technology and network affiliate partners. MoneyLion also leverages its distinct data, technology, and network advantages to deliver leading embedded finance and marketplace solutions for enterprise customers. Since its founding in 2013, MoneyLion has empowered millions of Americans to take control of their finances and live their best financial life, every day.
For more information about the company, visit https://www.moneylion.com/ and https://www.evenfinancial.com. For investor information and updates, visit investors.moneylion.com and follow @MoneyLionIR on Twitter.
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New York, Jan. 11, 2023 -- Even Financial ("Even"), an independent subsidiary of MoneyLion Inc. (NYSE: ML), and a leading embedded finance marketplace platform, is proud to announce that it was honored in Built In’s “2023 Best Places To Work” Awards. Specifically, Even earned a place on the Hybrid Best Places to Work in New York.
The Best Places to Work Awards, now in its fifth year, honors companies across numerous categories, sizes, remote-first employers as well as in person and hybrid working companies across the U.S.
Built In determines the winners of Best Places to Work based on an algorithm, using company data about compensation and benefits, and also weighs criteria like remote and flexible work opportunities, as well as other people-first cultural offerings.
This announcement follows Even’s recent win at the Benzinga Global Fintech Awards for “Best API.”
About Even Financial
Even is the industry-leading embedded financial marketplace and independent subsidiary of MoneyLion Inc. (“MoneyLion”) (NYSE: ML). MoneyLion is a leading digital financial services and lifestyle content platform serving both consumer and enterprise customers. As part of MoneyLion’s enterprise offering, Even digitally connects and matches consumers with real-time, personalized financial product recommendations from banks, insurance carriers, and fintech companies on mobile apps, websites, and other digital touchpoints through its marketplace technology. Even's infrastructure leverages machine learning and advanced data science to solve a significant pain point in financial services customer acquisition, seamlessly bridging financial services providers (such as SoFi) and channel partners (such as TransUnion) via its industry-leading API and embedded finance marketplaces. Even enables any company to add financial products to its business, with full compliance and security at scale. Even was named one of "America's Best Startup Employers'' by Forbes for 2022 and was named to the 2021 Deloitte Technology Fast 500, which recognizes the fastest growing tech companies in the world. Learn more at www.evenfinancial.com and investors.moneylion.com.