Summary:
On this episode of Startup Junkies, hosts Jeff Amerine and Caleb Talley talked with William Peng, co-founder and CEO of Northstar. This FinTech company enables employers to offer financial wellness as an employee benefit. William, a former product designer, co-founded the business to provide financial wellness through financial advice for The One Hundred Percent. Throughout the episode, Jeff, Caleb, and William discuss financial wellness, working for a startup, tech valuations, and much more!
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Show Notes:
(0:43) Introducing William Peng and Northstar
(4:53) Encouraging Users to Get the Most Out of the Product
(6:32) How Working for a Startup Affected William’s Entrepreneurial Journey
(13:04) Tech Valuations
(14:59) Northstar’s Ideal Customer
(17:59) What Does Winning Look Like for William?
(22:30) Advice to Younger Self and Closing Thoughts
Links:
Quotes:
“There is a lack of resources for the majority of people—unless you’re already wealthy and can afford a financial advisor, for example—to make the best [financial] decisions for themselves.” William Peng, (3:37)
“With financial advice, it’s kind of the classic vitamin versus painkiller problem where people don’t generally sit around thinking ‘I need financial advice,’ unless they have a specific moment in time that they’re looking for it.” William Peng, (5:12)
“Our core [customer] base has a lot of high-growth tech companies of different sizes, from startups all the way to enterprises, but we also work with customers in other industries as well. It’s really important that we can support a wide diversity of backgrounds and employees, and not just those who have high-paying tech jobs.” William Peng, (15:15)
Making Financial Wellness Attainable for the 100 Percent
On this episode of Startup Junkies, hosts Jeff Amerine and Caleb Talley talked with William Peng, co-founder and CEO of Northstar. This FinTech company enables employers to offer financial wellness as an employee benefit. William, a former product designer, co-founded the business to provide financial wellness through financial advice for the One Hundred Percent. Throughout the episode, Jeff, Caleb, and William discuss financial wellness, working for a startup, tech valuations, and much more!
Northstar: Financial Wellness Programs for Employees
Individuals across the nation struggle every day to make the best financial decisions for themselves, but it doesn’t have to be this way. With complex jargon surrounding important economic resources, financial advisors have become indispensable, but their high billing rates make it difficult for the average person to access them.
“There is a lack of resources for the majority of people—unless you’re already wealthy and can afford a financial advisor, for example—to make the best [financial] decisions for themselves.” William Peng, (3:37)
William Peng saw a new way of providing financial wellness for the Every Man. Northstar presents every employee with the opportunity to reach the financial stability they’ve always dreamed of.
By partnering with businesses, Northstar matches each of its clients’ employees with a full-time Northstar Advisor based on the employee’s goals and demographics. With Northstar’s self-service financial tools, employees can track progress and make informed decisions based on their personal financial goals. Similarly, the company offers employees the resources they need to make an informed decision about the employee benefits that will best suit their needs.
“Our core [customer] base has a lot of high-growth tech companies of different sizes, from startups all the way to enterprises, but we also work with customers in other industries as well. It’s really important that we can support a wide diversity of backgrounds and employees, and not just those who have high-paying tech jobs.” William Peng, (15:15)
For many employees, financial advice and wellness are not things that they preemptively address. Because of the confounding vernacular, many individuals would rather wait for a crisis rather than choose to take precautionary measures to ensure their financial security. Just as drivers benefit from regular oil changes and other preemptive maintenance, employees stand to benefit from systematic help through Northstar.
“With financial advice, it’s kind of the classic vitamin versus painkiller problem where people don’t generally sit around thinking ‘I need financial advice,’ unless they have a specific moment in time that they’re looking for it.” William Peng, (5:12)
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