#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.”

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