Zoe's Innovation Story: Winning Fast Company’s Most Innovative Companies 2022

From Zero to One of The World’s Most Innovative Companies 

Almost 5 years ago, my parents asked for help finding a financial advisor as they neared retirement. Given that I worked at a big bank, I eagerly took on the task, assuming it would be a piece of cake! 

Interview after interview, I kept coming to a similar realization: most of these advisors were pushing high fee products despite claiming they were fiduciaries. One guy, no joke, was a car salesperson 6 months before I interviewed him!

It dawned on me that most Americans out there probably face the same headache. It is difficult to find a financial advisor who actually works in your best interest, and once you find them, the process to hire them is a huge pain. For some reason, advisors seemed to think I wanted to have three meetings before they showed me the potential value-adds of their service. It almost felt like I was working for them rather than the other way around!

In other words, wealth management is antiquated, cookie-cutter, and ridden with hidden fees. People deserve better.

Today Zoe has been named among Fast Company’s 2022 Most Innovative Companies because we are delivering on our promise to accelerate wealth creation through innovative technology and exceptional client service. 

When you have the client as your Northstar, you’re inherently going to face the challenge to innovate in order to keep up with their ever-increasing needs and wants. After all, every person is unique and everyone wants the best. Receiving an award won by leading businesses worldwide is a validation that our team efforts have created something important. When you’re in the business of helping people, it’s not just about scale, it’s about impact. At Zoe, we believe that one day we will help millions of families accelerate their wealth. We’re already on our way… 

An Industry-Shaking Solution 

Wealth management was once only accessible to the ultrawealthy. We have built a platform that democratizes financial planning, enabling more Americans to access high-quality guidance. 

Not only do we make these services available for those who aren’t billionaires, but we also recognize the importance of offering solutions for the modern diverse client. Today, the Zoe Advisor Network proudly has significantly more African American and Hispanic advisors compared to the industry average (Zoe 10% vs Industry 4.5%). 

Aligned-Incentives x Transparency = A Win-Win Solution

This industry has traditionally been dominated by large banks, where advisors are incentivized to charge hefty fees and commissions for selling products. Advisors in the Zoe Network are thoroughly vetted to ensure they work in the client’s best interest. 

Transparency and aligned incentives are crucial. Zoe does not receive a referral fee from the advisor unless the client hires the advisor. This is how we ensure that the client-advisor relationships that come from a Zoe connection are always a win-win. 

Creating A Positive Growth Cycle

There are 32.5 million small businesses in the US. However, more than 20% of them fail in the first year, and nearly 50% within the first five years. 

In the wealth management industry more and more advisors are launching their firms from scratch so they can focus on their clients rather than generating fees for corporations. For many of these independent registered investment advisories (RIAs), it is hard to compete with established large banks. Zoe’s business model helps advisors overcome the “small-business” barrier, enabling them to accelerate their firms’ growth. 

Optimizing The Experience With Technology 

Technology is the fuel enabling us to deliver a seamless end-to-end digital client experience to fulfill our promise.  

Our software is helping clients and advisors in ways we could only dream of a few years ago. For instance, we recently launched the Financial Snapshot and the Proposal Builder. The Financial Snapshot provides consumers insights into their current financial situation and empowers them to have more informed conversations with advisors. The Proposal Builder helps advisors create modularized deliverables that outline opportunities and next steps. 

Thank You! 

Great milestones become moments to reflect on where we are and what comes next. We wouldn’t be here without our amazing Zoe team, stellar Advisor partners, and our clients. 

Winning Fast Company’s Most Innovative Companies is a great milestone, but we are always looking forward. This is just the beginning of many more great things to come. We’re Zoe. Your way to wealth.