#170: Should we recommend fintech "banks" to clients?

Josh and Emily discuss fintech “banks” through the lens of Yotta’s collapse. Should we be steering clients away from fintechs? How do you evaluate the security of a fintech? Top takeaways: Using a fintech doesn’t necessarily mean it’ll take longer to get your money back if the underlying bank goes under. You do have liability as a coach if you advise a product/fintech etc. that goes under and causes your client to lose money etc. If there’s a substantial (greater than 1%) higher interest rate on an interest-bearing account, it might be worth considering switching to a different fintech/bank/etc. It’s always important to weigh the “cool new thing” with the security of “old standard.” Want help building or growing a successful financial coaching business? Find resources below based on where you’re at in your journey: - Deciding whether Financial Coaching is right for you? Join our free Facebook Community with over 5000 current and aspiring financial coaches! https://www.facebook.com/groups/financialcoachescommunity - Already decided you’re going to be a Financial Coach and want to learn more? Get 30+ tips and best practices in our free 8-part email series! https://www.financialcoachesnetwork.com/pre-launch-email-series - Ready to Launch your Financial Coaching business? Join FCN Launch, our step-by-step program that will help you successfully launch your business in four months and grow it to a consistent part-time income. https://www.financialcoachesnetwork.com/launch    - Are you already coaching clients and want to grow your business to a full-time income? Join FCN Grow, our program that helps you scale your business to a full-time income. https://www.financialcoachesnetwork.com/grow