CEO & Founder: Jessica Willis, CFP, CPWA
20 years experience
co-managed $1 billion for 300+ families
MBA Loyola University Chicago, BS Univ. of Michigan
CTO: Chris Wascha, CTO
20 years experience
9 years GSTV CTO from early stage startup through exit
BS University of Kentucky
CMO: Ashleigh Craven
15 years experience
PR/marketing: brand, social media, communications
MA Wake Forest University, BA University of Michigan
Key Advisors/Board Members
Lauren Bigelow, Patti Glaza, Charley McQueen, Ian Sefferman, Ellen Rachlin, John Wernz
Number of Employees
31 consisting of 8 FTE
Total Funding to date $4,500,000
(Reseda Group, IDV, Impact Seat, Cieo, Red Cedar)
Monthly Burn Rate
Financial Planning for the DIY’ers, B2B2C & SaaS: Pocketnet provides comprehensive financial planning in a tech platform primarily targeting genX and millennials. We white-label our software to financial institutions including banks, credit unions, investment advisors, broker dealers, insurance companies and benefit providers. Based on psychology, behavioral science and coaching, we lead users through all ten themes of personal finances, resulting in actionable and customized to-do items and recommendations. The value to our financial enterprise-customers include supplying them with personal, behavioral and financial data about their consumers allowing them to serve more people, identify cross-sell opportunities, sell their products in our app and, ultimately, be more profitable.
Only 8% of millennials can demonstrate high financial literacy. Millennials are a do-it-yourself generation of which 81% have long-term debt and only 25% can demonstrate basic financial knowledge. 67% of this generation is getting the majority of their financial advice from two sources: Facebook and Twitter. They use social media for financial advice because the financial industry has not fully adapted to their mobile first mentality with 43% saying their financial institution does not communicate with them through their preferred channel of technology.
Additionally, millennials are asking their banks, credit unions, investment companies and benefit providers for more holistic services versus the current siloed options available through robo advisors, micro savings and micro investing apps. 62% of genX & millennials say they want their financial tools to provide more comprehensive services. The financial industry hoping to serve them is not prepared to do so with current transactional technology (like P2P payments, mobile deposits, placing a trade), unscalable face-to-face traditional practices and non-comprehensive practices as well as a major flaw in the industry that until a person has wealth over $1M, advisors are unable to spend the proper time to serve them.
Pocketnest provides users with customized, easy to-dos around comprehensive financial planning by addressing all ten themes of finance including: Net Worth Snapshot, Budget, Debt, Insurance, Retirement, Investment, Income Tax Planning, Estate Planning, College Savings Plans, and Periodic Review. Users receive step by step guidance through an empowering and addictive digital experience by way of questions, linking accounts, assessments and calculators.
Enterprise customers benefit through the Pocketnest Admin Panel, push reports, data share and CRM integration which allow filtering and data mining through users’ financial & personal data, including which financial solutions are appropriate. Enterprises can serve 16X more customers, members, clients and participants using our
software helping them scale, move downstream, identify cross sell opportunities, sell their products in our app, and ultimately, be more profitable. Pocketnest helps enterprise customers to identify, educate, and market to prospects and qualified leads at the time of purchase.
Our total addressable market is $20B based on 100,000 global financial companies paying $200,000 in annual licensing fees. Our immediate revenue opportunity over the next 18 months is $5.4M based on targeting regional banks, credit unions and RIAs. To scale, we will distribute to core processors, broker dealers, insurance companies, tech providers, credit union leagues & retirement benefit providers.
Competition falls into two categories. First, fintech firms siloed and addressing one piece of personal finance yet lacking in true comprehensive and actionable planning. Second, traditional advisors who attempt to be comprehensive yet have antiquated or no user-facing technology. Pocketnest merges these two worlds, resulting in the only comprehensive digital financial resource, allowing individuals to drive their own planning experience. Further, Pocketnest is the sole resource for efficiently collecting new client comprehensive information through technology and delivering back to the enterprise, a data-mining tool.
Business Model and Distribution Channels
Our revenue model is an annual subscription paid by the institution and based on the number of active end users. We charge $1.00 monthly per user. We have a one time set-up fee and contracts are based on monthly minimums ranging from $500-$30,000. We have the opportunity to consider and move to a revenue share model on internal lead generation.