Leveraging Fintech to Scale Practice Management Efficiency with Hiren Patel

Model FA Podcast

Hiren Patel is the Head of Advisor Solutions at 55ip, a fintech company dedicated to breaking down the barriers to financial progress. By using its tax-smart investment strategy engine, 55ip helps financial advisors dramatically improve their efficiency and effectiveness. Hiren served as an Advisor Engagement Manager for SigFig from 2019 until joining the 55ip team in 2022. He served Merrill Lynch for over seven years as their Managed Solutions Specialist and Merrill Edge Performance Management VP. He holds a Bachelor of Arts degree in Economics from Rutgers University and a Master of Business Administration degree from the Fox School of Business at Temple University.

Hiren joins us today to discuss how 55ip helps financial advisors break down barriers to financial progress and scale their businesses. He outlines 55ip’s tax strategies and how they help financial advisors make shifts in their careers. He offers advice on direct indexing. Hiren also explains how fintech can help financial advisors get time back in their businesses, increase their value proposition, or transition seamlessly to the RIA space.

“It’s hard to save and stock money for the rainy day, but it’s actually the easy part of investing. The hard part is getting the money out efficiently and effectively.” - Hiren Patel

This week on The Model FA Podcast:

• Hiren’s background, work experience at Merrill Lynch, and journey to 55ip
• COVID-19 and the shift of financial advisors toward the RIA channel
• What 55ip is and how they help financial advisors create scale and efficiency
• Tax-marked transitioning and automated tax-loss harvesting
• Tax-marked withdrawals and demonstrating value to clients
• Reviewing 2022’s volatile market and tax-loss harvesting
• Why tax-loss harvesting can be challenging for financial advisors
• How 55ip helps financial advisors address the challenges related to model customization and personalization
• Bringing back the value of time in a financial advisor’s business
• Direct indexing for financial advisors

Resources Mentioned:

• Book: Playing to Win: How Strategy Really Works by A.G. Lafley and Roger L. Martin

Our Favorite Quotes:

• “Putting together a thoughtful plan saves a considerable amount of time at execution and eliminates human error.” - David DeCelle
• “Any time you can buy back and leverage your time, you can grow your business or increase your lifestyle.” - David DeCelle
• “Tax harvesting is a great strategy that provides value and some additional returns in a negative market, but it needs to be done and executed effectively.” - Hiren Patel

Connect with Hiren Patel:

• 55ip
• Hiren Patel on LinkedIn
• Email: [e-mail]

About the Model FA Podcast

The Model FA podcast is a show for fiduciary financial advisors. In each episode, our host David DeCelle sits down with industry experts, strategic thinkers, and advisors to explore what it takes to build a successful practice — and have an abundant life in the process. We believe in continuous learning, tactical advice, and strategies that work — no “gotchas” or BS. Join us to hear stories from successful financial advisors, get actionable ideas from experts, and re-discover your drive to build the practice of your dreams.

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Our Team:

President of Model FA, David DeCelle

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