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Pocketnest, a comprehensive financial planning app, licensed to employee wellness programs, banks & credit unions

Pocketnest App provides nextgen comprehensive financial planning, free to user, licensed to employee wellness programs,banks,credit unions

Photo of Jessica Willis
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A mere 8% of the country’s millennials can demonstrate high financial literacy. Millennials are a generation of which 81% have long-term debt and only one quarter of them can demonstrate basic financial knowledge. Instead, 67% of this do-it-yourself generation is getting the majority of their financial advice from two sources: Facebook and Twitter. This advice is unreliable and often incorrect.

Meanwhile, the financial advising industry has not adapted to the demands of the next generation who are used to technology-based, and mobile-first service with 43% of millennials saying their financial institution does not communicate with them through their preferred channel of technology and 53% of millennial-millionaires saying they would find a new advisor if theirs was not using technology. On the other hand, 86% of financial advisors are ignoring genX and millennials as potential clients all together. The average age of a financial advisor is 51 and older advisors are selling their practices and retiring at a much faster rate than younger advisors are coming in, resulting in an expected shortage of 200,000 advisors by 2022.

Burdened with debt and lacking basic financial knowledge, genx and millenials are approaching their prime earning and savings years without sufficient preparation. The industry expecting to serve them will not be prepared to do so with insignificant technology, archaic practices, fewer advisors available and a flaw in the industry that until a person has accumulated significant wealth, advisors are not compensated to serve them. Must we teach the next generation that in order to qualify for financial advice, they must first grow their wealth? Yet, how can they do so without access to the very financial advice they need to accumulate wealth?

PocketNest is well-suited to remedy this brewing financial crisis for both financial institutions and the next generation of consumer they expect to serve. 

Our Social Impact: 

The PocketNest team is on a mission to demystify and democratize comprehensive personal financial planning. By revolutionizing an industry that has been historically for elite and high-net worth individuals through traditional financial advisors, we aim to make comprehensive personal financial planning and financial education accessible to everyone through a scalable, methodical and proactive digital platform. 


We do this all through a white labeled platform for institutions. Financial institutions like banks, credit unions, investment companies and non-financial institutions like universities, employee wellness platforms and non-for profits.

Describe who will use your solution (1,000 characters)

Our initial target users are college-educated genX and millennial parents who are self-sufficient but not well-versed in personal finance. They may be aware that they have gaps in their financial plans or seek verification on having a complete plan. Our users are not lazy; they are mis- or uninformed. The same generation that would rather learn how to fix household appliances from YouTube than call a plumber is currently seeking financial advice from social media; A staggering 67% of millennials look to Facebook and Twitter for financial education. As our target users attempt to self-manage their personal finances, they lack the proper tools.

Describe your solution's stage of development

  • Prototype - you have built a prototype and tested it with potential users
  • Pilot - you have implemented your solution in a real-world scenario

Insights from previous testing (500 characters)

We've spent the last two years in researching mode, interviewing over 600 industry experts, potential users and financial institutions. From our users we learned that we need to make the process seamless, easy and include lots of handholding (we're iterating on our last beta test now), from our institutions, we've learned they are eager for a nextgen, digital & comprehensive tool, and one that serves CRA, we need to help them market to the next generation (we are building a library to do that).

Tell us about your team or organization (500 characters)

Our team is non-stop hard-working and passionate. We have the right set of complementary skills (visionary, industry expert, business, marketing, tech, product, user-experience, design). After 6 months of courting our potential CTO, he is formally joining us in October (not reflected on our marketing materials yet) https://www.pocketnest.com/about-us

Size of your team or organization

  • 2-10

Funding Request

  • $75,000

Rough Budget (500 characters)

$15,000 Travel, research, developing relationships in local market with local financial institutions $10,000 White label, minor customization of platform $50,000 Marketing to end users in local market

Describe how you would pilot your idea (1000 characters)

Promoting financial education to the end community by educating and helping users get their financial planning items in order. We can pilot with financial institutions, universities, companies promoting employee wellness or any community. Our pilot will be led by CEO Jessica Willis who will immerse herself in the local community, understanding the needs of the end users and the needs of the financial institutions in the community. Our CMO, Ashleigh assisted by her two junior marketing associates will also be immersed in the community to market to and serve the end users of the pilot, and promote the pilot as an expert in PR. Our CTO will be customizing the platform and iterating based on the pilot feedback and user's feedback. He is assisted by a team of 8 developers, engineers and a designer.

Describe how you would measure the success of your pilot (1000 characters)

By number of users, their frequency in the app, the number of items getting done (in the platform) We are currently measuring these metrics daily through our beta test Pilot Success for the End User, Kate: - Kate gets stuff done, gets badges, accounts set up - User spends time in app - user is in app weekly - User forwards to friends - user shares on social media - actions are done, purchases life insurance, investment accounts are set up, 529s set up, rolled over iras - NPS 1-10 score mostly 9 and 10s - users are sleeping at night better, feel reassured measured by survey Pilot Success for the City (employee wellness) or Financial insitution: (bank, credit union)

Sustainability Plan (500 characters)

Yes. We are high growth, high revenue company. Our primary revenue model post pilot will be be to license the pocketnest platform to financial firms in a white labeled tech platform. Our core revenue is a B2B2C, licensed model and our projections show we are highly sustainable.
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Attachments (2)

CRA pocketnest July 2019 (2).pdf

Pocketnest to qualify for CRA (Community Reinvestment Act for low and moderate income families) requirement for Banks

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