Women's Money Wisdom

Episode 297: Preparing the Next Generation for Financial Success with Philip Barrar

• Melissa Joy, CFP® • Season 1 • Episode 297

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What if you could give your kids a real head start—not just for college, but for life?


Melissa Joy, CFP®, sits down with fintech founder Philip Barrar to talk about building generational wealth the modern way—through financial literacy, access, and the right tools.

Philip shares how his company, Future Money, is helping families create a foundation for financial security—no trust fund required. From innovative accounts like the Junior Roth IRA™ (a 529-to-Roth pathway) to new “Trump Accounts” launching under the SECURE 2.0 Act, they explore how technology is democratizing wealth-building for everyday families.

Melissa and Philip also dig into:

  • 💬 Why conversations about money at home matter more than ever
  • 💸 How to make financial tools accessible without needing a million dollars first
  • 🧠 Lessons in financial confidence for parents and kids
  • 📈 New, tax-advantaged ways to invest for your child’s future

Together, they reframe generational wealth as something inclusive, intentional, and deeply personal—a legacy built not only on dollars, but on knowledge and confidence.

Connect with Philip:

https://www.futuremoney.co/

https://www.linkedin.com/in/philipbarrar/

The previous presentation by PEARL PLANNING was intended for general information purposes only. No portion of the presentation serves as the receipt of, or as a substitute for, personalized investment advice from PEARL PLANNING or any other investment professional of your choosing. Different types of investments involve varying degrees of risk, and it should not be assumed that future performance of any specific investment or investment strategy, or any non-investment related or planning services, discussion or content, will be profitable, be suitable for your portfolio or individual situation, or prove successful. Neither PEARL PLANNING’s investment adviser registration status, nor any amount of prior experience or success, should be construed that a certain level of results or satisfaction will be achieved if PEARL PLANNING is engaged, or continues to be engaged, to provide investment advisory services. PEARL PLANNING is neither a law firm nor accounting firm, and no portion of its services should be construed as legal or accounting advice. No portion of the video content should be construed by a client or prospective client as a guarantee that he/she will experience a certain level of results if PEARL PLANNING is engaged, or continues to be engaged, to provide investment advisory services. A copy of PEARL PLANNING’s current written disclosure Brochure discussing our advisory services and fees is available upon request or at https:...

SPEAKER_02:

Welcome to the Women's Money Wisdom Podcast. I'm Melissa Joy, a certified financial planner and the founder of Girl Planning. My goal is to help you streamline and organize your finances, navigate big money decisions with confidence, and be strategic in order to grow your wealth. As a woman, you work hard for your money, and I'm here to help you make the most of it. Now let's get into the show.

SPEAKER_03:

Have you ever wondered if you could set your kids up for success and thought, I wish I could be doing more? Well, today's episode is going to be all about preparing the next generation for greatness when it comes to their relationship with money and wealth. Today I am privileged to have a founder of Future Money, Phil Berra, as a guest. And he is going to be telling us all about the future of money. Phil, welcome to the podcast.

SPEAKER_00:

Hey, thanks for having me.

SPEAKER_03:

What's the let me get the phone um hung up on in the background? Sorry about that. So tell me a little bit about why generational wealth, and we can talk about what that means and what that is. Um, why generational wealth matters to you?

SPEAKER_00:

Yeah, absolutely. Um, so maybe a little bit about my origin story. Uh, I've been a fintech founder for for over a decade here, but prior to uh this company, I previously started a Roundup to invest platform. We were the third largest Roundup to invest platform globally, and we were helping people start saving and investing for the very first time through goal-based investing platforms. And one of the things that we saw was people like this concept of investing for kids. They saw that um this was a great tool to help bridge some of the wealth gap um challenges that people were facing and and and specifically the challenges that we're facing today. We're the first generation has to be financially worse off than our parent generation due to wage stagnation, home affordability challenges, inflation, rising education costs, living out the American dream feels out of reach for most. And um we we had this really unique insight um that people were were trying to bridge those challenges with uh investing. And that's what brought us here today.

SPEAKER_03:

Terrific. Um maybe we can debate whether we're the worst generation in the future, because I feel like I don't know about that, but I I'm totally loving the conversation about building generational wealth, um, feeling the empowerment to have financial independence and also pass that along to the next generation. And by the way, so the Roundup um uh fintech technology is when you have kind of automatic investments with the loose change kind of in your portfolio. Is that right?

SPEAKER_00:

That's correct. You'd link your credit and debit card, every purchase you made, be rounded up to the nearest dollar, would take that spare change, virtual spare change, and put it into a fully managed investment account.

SPEAKER_03:

So one of the things that I love and I think will be enduring in this conversation is that in the wealth management world, is um many of the people like me, um, and I'll even you know blame myself too. We are not built for scale, right? Like we're not built to serve a thousand, five thousand, ten thousand clients. And kind of because of that, and because of the economics of running a company like ours, um you need some wealth to begin with in many cases, in order to get access to services. Um, I really work hard, and this podcast is one of the reasons one of the outcomes to make sure that our information, advice, and kind of knowledge is accessible to broader populations. Um, but both with your first startup as well as what we're gonna talk about with future money, it sounds like you are providing access to people that don't need their first million dollars to make the next million. Is that correct?

SPEAKER_00:

That's correct. We're we're helping families who may not have an investment account set up, or if they do, um they may not be uh they'd consider themselves an investor, not a trader. They they want to go in and uh and and make sure that they're doing the right things for their families, but maybe not necessarily sure is this the right account or am I putting in the right amount every single week? So um my whole career has been dedicated to building financially inclusive products that help through the use of technology make products more affordable and more accessible for everyday Americans. Um, we know that there's a massive wealth gap that's been closing through the use of technology, but our goal is to help people get started and feel confident about their money. So um I was reading uh a Charles Schwab report on investing for women recently, and it said that 90% of women who are investing feel like they're on track for their goals, um, which is incredible. And and I would say probably more confident than if you were survey men for the same same results, but um 85% said that they wish they started sooner. I think it's half of um millennial women start investing after the age of 30. So um getting started early is the most important thing you can be doing towards that wealth-building journey and then and helping get access to great platforms like like yours.

SPEAKER_03:

Well, let's before we dive into the products that you're providing or the services and technology solutions that you're providing, can you tell me your definition of generational wealth?

SPEAKER_00:

Yeah, absolutely. So um that's a great question. Um and not one that people ask me very, very often, but what we're sorry to put you on the spot. No, it's it it's great. Um so for us, my the reason why I I started this company was to be able to provide my kids with financial security. I know that the the future is uncertain and that um life can take you in many different ways. And to know that you have the peace of mind that regardless of what happens in your life, that you'll be able to um live out your your best goals and and milestones that you're looking for is really important. So for me, um my concept for my family building generational wealth is setting enough money aside so that regardless of what happens in my kids' lives, we know that they will always be okay.

SPEAKER_03:

I know that that is a growing trend is to really have accounts and money set aside for kids. Now, we've seen it over the years, um, certainly, but it's um, you know, something I I think I read a New York Times or Wall Street Journal article about families that were um, you know, creating accounts for not just for, you know, a college fund, but like the first 20 years out of school fund and things like that. Um, I would also add for those of you listening, and you can tell me what you think, Phil, but um access to the concepts of money, access to feeling that money is inclusive to you and feeling prepared to deal with money, that is a gift that is generational wealth because one of the important prerequisites for um feeling comfortable, confident, and not shameful about money is to have money discussed in the household, have um feel that you are not being excluded from kind of the pools that create wealth and things like that. So I think you're doing a double service as we're getting into your products, um, and that you are both able to uh provide accounts that can build wealth, but you're also providing conversations and education and um normalizing conversations about money, which is just something that we both know, I would assume, and I won't put words in your mouth, um, is woefully inadequate as a culture, um, especially for uh those who don't feel like they grew up with wealth.

SPEAKER_00:

I would completely agree with you. And I would say that um a lot of those financial um literacy foundation blocks come from the parents and they come from the conversations, and you're either getting really great advice on um how you should be managing money, thinking about money, and I've heard great things where you know parents have helped kids by forcing them to save to buy their first car. And then when it came time to actually buying the car, they're like, actually, no, I'm gonna buy it for you, take all that money, put it into your retirement account, and here's how it works. So teaching them the actions of going through and learning um the the habits of saving and and investing. And I've also heard horror stories where people are like, Oh, you should buy your first card, just put on a credit card. And um that is a horror story.

SPEAKER_03:

Yikes.

SPEAKER_00:

That is a horror story, and spooky season on that one. And you look at the extremes of both of those pieces of financial advice that are both coming from the parents, and and and one person is set up for success, and the other person is set up for uh starting in the negative and in a in a really difficult position. So um I think that this is a a great opportunity to to help parents um guide their kids and having fruitful conversations with their kids um about the value of money and and how to be able to start off on the right put.

SPEAKER_03:

Okay, so you knew that you um were you wanted to make sure that your kids and families like yours were um preparing the kids for financial success. Um and in fact, you have a brand new baby, so you were preparing for this in advance. Kudos to your family values and culture that you were working on things this way. Um but then you pivoted from your first startup to future money. Um, and there are actual, you know, kind of services um within this financial technology, fintech software. So give me a little lay of the land for future money. What are you actually offering?

SPEAKER_00:

Yeah, absolutely. So today, future money is the most comprehensive platform to access tax advantage accounts for families in this country. Uh, what we're trying to do is take these very sophisticated account types and make them simple and accessible for everyday Americans. Um, we think that if um access is a barrier to getting started, what can we do to be able to remove that barrier and make it um simple to start? And uh so we've used a simple mobile application or web platform for you to be able to go through, um, state your goals, whether it be saving for education in 18 years or saving for retirement and 65 years and everything in between, um, and then picking the right account types to help you get there.

SPEAKER_03:

So I want to give a couple prerequisites before we get into the nitty-gritty and nuts and bolts of the accounts um and the products that you're providing. First of all, for those of you listening, make sure to put the oxygen mask on yourself if the plane is turbulent before you put it um on the kids. So if your finances aren't stable, if you're saving for the kids but not for your own retirement, I want you to also listen to our episodes about yourself because it is really important to have balance. Um, in and I love these concepts. So that's um prerequ number one. Pre-req number two is uh we're gonna go into a conversation about some specific um investment products. And um, as a wealth management myself and an investment advisor representative, I just need you to know that uh we're uh you should do your own research. We're not giving a recommendation. I'm sure Phil would agree. Um, and so um we're gonna get into some technicals, but you need to, you know, kind of go in eyes wide open and do your own research. Okay, so now let's get into some of the products that you're offering. You mentioned that you can save for generational wealth and tax advantage manners. Um, I'm assuming some of the accounts that you're thinking about that provide advantages tax-wise are perhaps Roth IRAs. I know that's on your website, as well as 529s. Can you any other um account types that I should be aware of that you're offering?

SPEAKER_00:

Yeah, absolutely. So when we think about tax advantage accounts for families, uh education, um, utilizing a five to nine account is uh is a great place to start. Um, again, very specific to your own individual goals and and whether or not the five to nines are the right account type for you. But um for a lot of Americans, they do find that this is a great place to start. Um, custodial Roth IRAs are incredible if you have unemployment income. Um typically these have only been historically available to um people who do. So either you own a business and you can hire your kids, or um you're a high net worth individual that put together a complex tax infrastructure, or you're a child actor or celebrity. So typically these have not been um uh historically available to many uh Americans, and um we're we're trying to democratize that access uh today as well.

SPEAKER_03:

So I will pause you right there. So most, many, if not most, of um the consumers working with Future Money today, uh, you've shared with me, are maybe Gen Z, uh younger millennials where their kids are under the age of 10 or even perhaps five. Um, my son is 16, so he just got his first job as a 15-year-old that was like, you know, kind of W-2 income. He's come to the office for a couple of things, but we don't have him on the payroll. Um, and so he, if for him, because he hasn't, you know, reported income, had earned income um in the past, then the first time he became eligible to contribute to a Roth IRA or an IRA was last year when he was a 15-year-old and he had his summer job at a park and you know he made$2,000 so he could contribute up to$2,000 into a Roth IRA. That is the first kind of age of eligibility uh for um traditional retirement accounts.

SPEAKER_00:

Absolutely. And and and we we highly suggest that people as soon as they do become eligible to start uh utilizing those accounts, because the years that you don't use it, you you lose that contribution room. So um it's a it's a great opportunity to get started early and congrats to to your son getting started in the workplace.

SPEAKER_03:

If you're a listener, you have until next um tax season. Um if you've got a kid that put away money, and I think an excellent, you know, kind of recommendation is to perhaps have a matching program if you have um room for it. So if they put in money, you'll put in money, you know, kind of get a lay of the land and set up a target up front. Um but it's great to not just have the money magically plop into the account and be like, oh, I had to, you know, I got to spend it all. And then mom and dad um, you know, kind of paid the retirement bills. Um, so keep that in the back of your mind. We have a whole episode about um minor Roth IRAs, but let's get further. So so that does exclude so many people are like, oh my gosh, Ronk, I'm in, let's go. And that's like, well, you do actually need to earn income. And most five, six, and seven-year-olds are not um doing actual work um unless they're, you know, a cover model or they're an influencer, which you know, crazy things have happened.

SPEAKER_00:

Absolutely. Um so uh maybe just out of curiosity, where where did you want to try the conversation from here?

SPEAKER_03:

Yeah, so I would love, let's go into one of your flagship products is the junior 529. Um and so that or junior Roth IRA, I should say. Um, a trademark product, am I saying it right?

SPEAKER_00:

Correct.

SPEAKER_03:

Okay. So you have intellectual property, a trademark. Um, this is a pathway when you do not have earned income, where over time you can end up with Roth assets. That's the way I would say it, but you tell me how you would say it, Phil.

SPEAKER_00:

That that's uh that's a great summary. So one of the things that Future Money is most known for is our junior Roth diarrhea product. And as you mentioned, it is a trademarked uh account that we are putting together, but the accounts um are comprised of multiple accounts under the hood. So the first one is a cash account. Typically, you need an account minimum to be able to invest into a five to nine account. So um, in order to provide early access and recurring deposits, money aggregates into a cash account until you hit the account minimums required for investing into a five to nine. Once you hit those account minimums, we then transfer the money from a cash account to a five to nine account. While it's in a five to nine account, all that money grows completely tax-free. Um, and it can be withdrawn tax-free for education purposes or upon hitting certain criteria, you're able to roll over that money from a five to nine account to a Roth IRA. Um, so we're calling it the junior Roth IRA because it is your pathway into being able to make Roth IRA contributions with income that's grown tax-free in a five to nine account early on.

SPEAKER_03:

So, for lack of a better um word, you need to kind of age this account in order to turn it into the Roth asset down the road. Um, but with new legislation over the past few years, um, 529s have liberated their the access to leftover funds so that there is a pathway um to put a certain amount of um 529 assets, whether they were um intended for college or in um the case of this program, perhaps they were really earmarked to become Roth assets from the beginning after a certain period of time. How long do you need to wait to make those assets Roth assets?

SPEAKER_00:

Yeah, that's a great question. So through this Cure Act 2.0 that came into effect January 1st of 2024, you can now migrate up to$35,000 from a 5 to 9 account to a Roth IRA. In order for that to be eligible, the 5 to 9 account has to be at least 15 years old. The contributions into that account needs to be a minimum of five years old. And then the rollover needs to hit all the relevant criteria for a Roth IRA in that calendar year that you are doing that. So typically, if you were to max out the$35,000 uh basis, you wait to the 15 years, your child hits the age of maturity. That is a multi-year rollover process that you're managing from the five to nine count to the Roth IRA, requires a bunch of paperwork and sometimes people upset headaches. Um, what we've done is we've automated the entire process using our technology to be able to help uh families be able to access these tools in a pain pain-free manner. Um and uh that's what we call the junior Roth IRA product.

SPEAKER_03:

I love that because it is um very new right now, but it will become more um understood and regular over time. One of the things that happened when this first became available was the the law was passed, but then you call the 529 companies and you're like, how's this gonna work? And they're like, not sure. Like we'll figure it out as we go, basically. So it's not uh it's something that is an aspiration for many, but not being utilized as frequently nowadays because it's only you know less than two years old.

SPEAKER_00:

Absolutely. So we're seeing that oh, go ahead. We're seeing that across multiple account types. So the the five to nine to Roth IRA rollover is is a great example. The the one that we're all in the middle scratching our heads and trying to figure out is the new Trump accounts that are coming, uh coming out next year.

SPEAKER_03:

So are you planning to have those products available for the Trump accounts or TBD?

SPEAKER_00:

We absolutely yeah, we absolutely are. So um maybe just to take a quick step back, future money is a registered investment advisor. We are SEC registered across the US, um, available in all 50 states. And um we don't actually touch the money. We work with trusted custodians to be able to manage your assets and and and invest those assets um for for you. Um so as part of that process, we've built a multicustodial model. So we're working with Fidelity, Schwab, Ultra S, BNY Mellon Pershing, and a handful of states and different five to nine accounts. And through this multicustodial model, as soon as one of these custodians offers the the Trump account, we will be one of the first to be able to do so. So we're very excited to be uh leading the charge on that front in combination with some of the incumbents that have built so much trust and credibility in the market over the last uh hundreds of years.

SPEAKER_03:

Just financial professional to financial professional, it's going to be interesting because when you think about an account for every child born during certain years, which you probably know this off of the top of your head. And I um have talked about it in the past, but I don't have the one big beautiful bill act completely memorized from the summer. Um, but it will be available for kids in what years of birth.

SPEAKER_00:

Yeah, so the pilot project is slated right now for kids born between the age uh years of 2025 and 2028. Um the way that's drafted at the moment, they will get a$1,000 account opening bonus into a Trump account. Um, those$1,000 account opening bonuses will be invested in an equities type product with a very low management fee as prescribed by the government. Um those funds cannot be touched or utilized for the first 18 years of your child's life. So once they turn 18, they can start taking a look at what's the best way of managing it. And these are currently tax-deferred accounts. So the money will grow tax-free and then you'll pay um the taxes upon the use of capital, depending on how the capital is used at that point.

SPEAKER_03:

It'll be really interesting because these, I don't know if any of you listening have health savings accounts, but they're also um, you know, kind of a newer quasi-investment account, but can also be kind of a pool of money. And um because you just add a small amount every year and the Trump accounts are gonna be even smaller, um, it'll be an interesting cohort of companies that choose to do them because they know they'll have many eligible participants, but also those accounts are going to be a thousand dollars and you can't, you know, kind of nickel and dime people. So technology is really going to need to be those custodians' friends. Um, and obviously feel you're anticipating that as you kind of get ready for whatever 2026 has to offer.

SPEAKER_00:

We we definitely are. And um, today future money is available to consumers across the the US through our technology products, but uh future money also offers a product for advis to be able to offer these to uh their clients as well. So um sometimes these accounts come with headaches, as you mentioned. Managing these small dollar accounts requires multiple hours of admin per account per year. Um, sometimes you make little to no fees and comes with regulatory complexity and risk. Um, so any um financial professionals who are interested in offering that Suture Money has an entire program dedicated to empowering you to be able to do so and maintain that relationship without managing the overall burden with offering these accounts.

SPEAKER_03:

So you're creating, um, you have plans to create the um Trump accounts. You have the pathway to Roth with the Junior Roth, um, which is a 529 to Roth pathway, trademark product. Um, what other types of accounts are you offering or planning to offer um that might be accessible or interesting to families looking to build generational wealth?

SPEAKER_00:

Yeah, absolutely. So we we do offer uh 529 accounts as a junior Roth IRA product, Costello Roth, the Trump accounts coming soon. Then lastly, um a taxable brokerage account is is an important tool in everyone's toolkit. Um, it provides the most flexibility um on withdrawal, um, and there's there's a lot of advantages towards one of these um tax advantage taxable investment accounts. Um one of the popular tools that you may have seen in funded technology platforms is a UTMA or UGMA account, Uniform Gifts for Miners Act or Uniform Transfers for Miners Act. Um so these account types are taxable brokerage accounts in child name. Um the benefit being you pay the child income um uh tax rates versus the parent income tax rates. Um, the downside being the child gets full access to these accounts at the age of maturity. And we've heard horror stories about parents putting money aside for kids for their education or for their wedding or for a down payment of a house, and their their children may have used the funds more irresponsibly than the parents would have deemed at that time. So um what our alternative to doing that is is we put together taxable brokerage account and parent name segregated from their other assets with the child listed as the beneficiary. Now, the benefit of doing it this way is twofold. Parents can maintain full control over the accounts for as long as they want. They can use the lifetime gift allowance to be able to gift the account in kind from the parent to the child whenever they feel like it is um the right time uh to do so. Um, and then lastly, from an estate planning perspective, if the parent doesn't gift the account before they pass, there's a step up and basis um on that transfer that that happens. So there is a minor tax advantage and tax planning component, but more importantly, provides full control for the parents to team the money that they set aside for the kids, how is it being utilized and what goals is it going towards?

SPEAKER_03:

That's um terrific. I would also concur that um saving and taxable assets um provides a lot of flexibility um regardless of the structure. And I've certainly seen some of those horror stories on UGMAs and UTMAs. I also just find um, well, here's a horror story. Um, depending on your perspective, um someone I knew in college, um, grandma had uh gifted an inheritance outright um to minor child. Um he reaches the age of majority. So uh for reference, that's typically 18 or 21. The money's in an account that's completely controlled by him, meets a new girlfriend, they are engaged very quickly within weeks, if not months. Um, and then um the wedding is planned, the wedding is$100,000, half of the inheritance is gone, marriage lasts 12 to 24 months. Um, and you know, it's just like poof, the money is gone. And um, I think that there's something to be said for, you know, kind of allowing the prefrontal cortex to mature before you have access to large pools of funds. Um, but also if you're thinking, you know, you're kind of playing the long game when it comes to college financing and things like that, money in the parent's name or money in a 529 is um looked on much more favorably with the financial aid FAFSA um than money that is directly owned by the child.

SPEAKER_00:

A hundred percent. And um, one of the great things with the FASFA um improvements over the last few years is money held in grandparent name is not um deducted against uh that as well. So if grandparents are pulling any of these investment accounts, five to nine accounts for their grandchildren, um it's even more favorable from a financial aid perspective uh as well.

SPEAKER_03:

I'm curious about the beneficiary designation on your taxable accounts that are kind of earmarked for the kids. Is there is it going directly to the kids? So if mom and dad unfortunately pass away during lifetime, then it it has kind of the same access to funds at 18 or 21, or is it in trust um so that there are instructions that might delay till you know closer to 25 or something like that?

SPEAKER_00:

By default, it it's set up as a uh account that goes directly to shop as soon as um the parent would ask. We're coping with the uh mortality rates that most uh parents are living past um that age point, and and that's not something we're gonna have to process very often. Um but to the extent that parents have their own wishes and want to plan for that, um something we can totally accommodate for putting it in trust and managing it. So by default, um, it is fully flexible, but uh we can put in those restrictions as as needed.

SPEAKER_03:

Yeah, if you're playing the odds, then most people won't have the challenge of dealing with that. But if you want to be extra safe, then oftentimes that's one of the reasons that when you're drafting your estate plan, which includes will, power of attorney, healthcare power of attorney, um, living will, uh, that a trust is often utilized or advised by estate planning attorneys for people with minor children or children who have recently reached the age of majority. Um the other thing that I've noticed though with UTMAs is that they tend to like they're small accounts. They are often, you know, kind of a tag along on the statement at the brokerage. And um, you know, sometimes we have a 30-year-old who still has this account that they really can't do anything with because they haven't sent in the old school paperwork that needs to update the account to the ownership of the kids. So you both have the kids that use it too quickly and the kids who never use it because it's just this like tad-along statement that they don't really know what to do with it. So um, if you do have a dusty file or a dusty UTMA or UGMA, um, you may want to just start the process of getting things updated to your own name because you are now the owner. Um, and it's really difficult to do things when mom and dad are still listed and you're 27 and it's an account built for somebody under the age of 18.

SPEAKER_00:

Absolutely. That's great advice. And one of the reasons why we don't offer it uh in our platform today.

SPEAKER_03:

Well, um, when you have started this work, I want to leave with just one question, which is what surprised you and perhaps gratified you um in terms of starting to, you know, kind of democratize um generational wealth? I think that generational wealth has always been considered, you know, being a decamillionaire, having$10 million and setting your kids up to be trust fund babies or um adults who, you know, each are growing to their own$10 million. But I love the concept of generational wealth being um more inclusive. Um, so with the work that you are doing, and I know you're building something that is near and dear to your heart, what has surprised you? What has Has uh been rewarding and you know, kind of what are you hearing from the consumers that are um using your um software?

SPEAKER_00:

Yeah, absolutely. It's a great question and and a couple answers. But the first one, Prudential just released a survey earlier this year saying 80% of prospective parents think that retirement savings should start at work. So this is a really interesting time to be building a product like this. Uh the current administration has said investing for kids is the most important topic for our generation and um one of the best tools in the toolkit. So it's one of the fastest growing segments, and it's really exciting to see people planning ahead and thinking about this in a great way. Um, one of the scariest things we've heard through customer discovery. Um, one person said, uh, I'm doing this in place of buying term life insurance. Um I don't recommend doing that at all. But that was the the approach that they were taking. So obviously we we gave them the advice that they should go and and take a holistic look at all their their financials and thinking what is the right plan for them. Um but the the peace of mind that's coming from a platform like this and and and um the what is helping parents feel comfortable about the future for their kids is really exciting and and and everyone has their own why, which is is great, whether it be um hospice care workers seeing end-of-life coverage and not wanting the same thing for their their families, or um survivors of domestic abuse and financial manipulation, saying that they never want the same thing to happen for their own kids. Um, it is incredible to hear the stories on why people are opening up these accounts. Um, and I give them huge kudos for for taking um a step forward in the right direction, helping their kids be set up for financial success in the future.

SPEAKER_03:

I mean, that's one of the gifts being sitting in the roles that we have, right, Phil, is money is so personal. It can be such a weight and an acre when people's relationship with money is tainted, traumatized, um, and turning things into um a perspective where you feel like you're constructive, you feel like you're improving over time, you feel like you're um taking care of the ones that you love. And on a women's money wisdom podcast, women are so communal in wanting to ensure that their, you know, their um block is being tended to as well as themselves. And so um apps, tools, and um technology like yours um is so important and congratulations on your success.

SPEAKER_00:

Thank you very much.

SPEAKER_01:

Thank you for listening to the Women's Money Wisdom podcast. If you found value in this episode, the best way that you can support the podcast is to forward an episode to a friend or leave a review. Go to ProPlan.com and the podcast link to get all the resources and links mentioned. This presentation by Pro Planning is intended for general information purposes only. No portion of this presentation serves as the receipt of or substitute for personal investment advice from Pro Planning or any other investment professional of your choosing. Copies of Pro Planning's current rent and disclosure brochure and form CRS discussing our advisory services and fees are available upon request or on our website platform at ProPlan.com. The information that we share is meant to educate and inspire, not serve as personalized financial advice. Everyone's situation is unique, so be sure to consult with your own financial professional for guidance that fits your life. And just so you know, the opinions shared in this podcast are Melissa's own and those of our guests. They don't necessarily represent any organizations with which Melissa is affiliated. For more important disclosures, please go to our webpage at proplan.com.

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Melissa Joy, CFP

Host