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Deadline: October 19, 2017 | Apply here
Prize: The winning applicant will have the opportunity to enter into a long-term partnership with Norman Piché, a Certified Financial Planner from Ontario, Canada.
Eligibility: The ideal partner will provide the technical expertise in the development of a software tool for financial planning.

FinTech Partner Challenge 2017

A national survey conducted by Leger* on behalf of Financial Planning Standards Council (FPSC) has found that 42% of Canadians rank ‘money’ as their greatest stress.

That stress is driving Canadians to lose sleep, reconsider past financial decisions, argue with partners, and even lie to family and friends.

The Value of Financial Planning, commissioned by FPSC in conjunction with the Financial Planning Foundation conducted a three-year longitudinal study which included close to 15,000 Canadians. The study revealed that Canadians who engage in comprehensive financial planning report significantly higher levels of financial and emotional well-being than those who do no planning or only limited planning.

Those who have their financial planS in place feel:

  • More on track with their money-related goals and retirements plans;
  • That they have become better savers over the previous five years;
  • Strongly positive about their ability to handle financial challenges in life;
  • Better able to enjoy their saved income.

People all over the world struggle with planning and reaching their long-term financial goals

To make the matters worst, the majority of certified financial planners are limited to serving high net worth individuals, who have an investable income exceeding $100,000 USD in cash.

Thus, the families and people who need help remain underserved.

Seeking an ideal technical candidate to form a partnership to develop a Software Tool to Automate Financial Planning for Everyone

The challenge aims to find a co-founder from North America who is passionate about scaling financial planning services to anyone, anywhere.

The common goal will be to minimize the burden of financial uncertainty and provide all individuals with the necessary tools to enable sound, empowering decision-making.

The ideal partner will provide the technical expertise in the development of a software tool.

This tool will serve the widest possible user-base with an automated, comprehensive, solutions-based financial planning service.

How can I win?

The winning team or individual must demonstrate an ideal partnership through alignment of technical experience, motivation to partner, and submission of an automated tool.

  • Hard Skills: Design and develop an automated tool based on the example below;
  • Soft Skills: Complete the submission form;
  • Get ranked higher than your competitors;
  • Land a Finalist Interview with Norman Piché;
  • Win up to $6,000 in cash;
  • Enter into a long-term partnership!

Financial planning expertise is not required.

Norm’s contribution to the partnership lies in his relevant financial industry expertise and his master set of algorithms intended to be leveraged to develop a robust financial planning tool set.

Technical competence and partnership fit are key to win this challenge.

The following is one, simplified example of a financial planning solution which has to be automated.

You must submit an automated tool meeting the requirements described in the following example:

“A young couple has aspirations and dreams of one day purchasing their own home, however, they currently do not have a sufficient down payment nor do they know all that it entails to feel comfortable moving forward. They wonder if there is a better way of proceeding or a cheaper way of getting their own home.

One day, the wife comes across your automated financial planning tool and quickly and anonymously answers a few questions, all online, from the privacy of her home.”

Here were the blank fields she completed:

Spouse 1 Annual Income: $70,000
Spouse 2 Annual Income: $57,000

Spouse 1 RRSP Contribution Room: $13,000
Spouse 2 RRSP Contribution Room: $11,000

Estimated Date of Home Purchase (if known): March 1, 2018
Have you ever owned a home in the past? No

Additional Information to use in your tool:

Average Marginal Tax Brackets:

$0 – $12,000 0%
$12,000 – $46,000 22%
$46,000 – $90,000 35%
$90,000+ 45%

2. RRSP = Registered Retirement Savings Plan

3. HBP = Home Buyers Plan; An individual can access monies from their RRSP without incurring income taxes if they are purchasing a home and they are considered a first time home purchaser.

4. If this couple invests $10,000 into an RRSP, they may expect a reduction of income taxes of $3,500 ($10,000 x 35% = $3,500).

5. The financial solution (output) is for a first time home purchaser to consider:

(1) Putting an RRSP loan in place; with the proceeds,
(2) Put the amount in an RRSP, 90 days later,
(3) Withdraw the amount when they are purchasing a home and with that money,
(4) Pay off the RRSP loan.
(5) RRSP loan interest rate of 3.5%

The Challenge

Design and develop a simple, mobile-friendly website where a user can anonymously register, input these 6 simple data pieces, and retrieve an automated output report; estimated benefits and related costs of the financial solution (estimated income tax refund and estimate interest loan cost).

Your website must also be able to generate the output report, and then the client must be able to share the report and chart with other people.

About Norm Piché

Following the competition, the winning applicant will have the opportunity to enter into a long-term partnership with Norman Piché, a Certified Financial Planner from Ontario, Canada.

“My name is Norm Piché, and I am a Certified Financial Planner from Ontario, Canada. With 26 years of industry experience, and Top 1% status as a Financial Planner, I am now at a phase of my life where I am ready to give back. After traveling the world and gaining exposure to a wide variety of cultures, people, and socioeconomic statuses, I have seen generations of families from all backgrounds suffer greatly due to a lack of financial resources and proper planning.”

Northern Ontario Business listed him as one of their Top 40 Under 40 for 1996 and with his natural talent in finance, he has become a sought-after Consultant and public speaker.

With a focus on helping clients realize their life stage financial goals using targeted planning techniques, Norm offers creative solutions that will protect and preserve clients’ savings. He utilizes a holistic approach including tax and estate planning, insurance protection, investment lending and business succession in helping clients reach their investment goals

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