When Navid Boostani was getting ready to launch ModernAdvisor, there were no buzzwords for what he was doing in the industry. Now, the practice of giving financial advice online is referred to as “robo-advising,” and Boostani says it’s a term he can’t get behind.
“I think the term is misleading because you’re dealing with real, live people,” the co-founder and CEO said. “Why take the human element out of what we do?”
But the term took off, and Boostani saw his competitors adopt it. “It’s something you have to use if you want people to understand what you do,” he said.
With the launch date looming, Boostani made a hard decision to hit the pause button and restrategize.
At dining tables, in coffee shops and during walks in the park, he reconnected with friends and family to gauge what was missing in the world of finance.
“‘Give me a portfolio option that doesn’t trace back to corporations I don’t share values with,’” Boostani recalled a friend saying to him.
More conversations led him to realize how important transparency is when it comes to investments. “There was this shift,” Boostani said. “Millennials are actively looking for ways to be socially responsible. We want to add smart technology.”
Boostani launched Modern-Advisor with a later start date than originally planned, but he did so as the first online financial adviser to offer responsible investment options, he said.
“It wasn’t a concept that people understood until months later,” he said, adding that his competitors followed suit in their own offers shortly after.
While Boostani can’t change trendy jargon like “robo-advising,” he said stepping away from the buzz allowed him a clearer perspective to launch his company – a strategy that allowed him to start his own trend.
On adapting to changes | “When we announced we would delay the launch, I think it made people on the team very nervous. The reason why I think it didn’t damage the company was the trust we all had. The team was excited about the product, and that’s a very important quality to have in a company.”
Has a work or life challenge taught you a key career lesson? Contact Romila Barryman at [email protected].
