Goldman Sachs alum pitches myFinancialAnswers—a new personal finance technology platform—at Shark Tank casting call in Philadelphia

For the eighth stop of the nationwide Shark Tank Diversity Tour, the casting team for ABC’s Shark Tank visited Philadelphia, where entrepreneurs pitched their businesses at Cheyney University’s Center City Campus. Here, Brandon Andrews sat down with Ben Pitts, founder and CEO of myFinancialAnswers; a new financial planning technology platform.

The future is uncertain, but no matter what the future holds, being stable financially will help. How does myFinancialAnswers help users prepare for the future?

Ben Pitts: We started the company because most people have a tough time understanding what “being stable financially” really means. Personal finance encompasses a host of issues including short-term issues like paying bills and longer-term issues like saving for retirement. And there are countless issues in between like buying larger homes, paying for kids to go to college, and paying down credit card debt. myFinancialAnswers allows people to organize all of those issues into one place, measure the inherent trade-offs of those decisions, prioritize action steps, and make informed decisions. I think of what we offer as a financial road map. And just like on a road trip, if the unexpected happens, myFinancialAnswers will help you consider your detour options and get back on track.

(Ben Pitts, CEO, myFinancialAnswers. Image: Aaron Houston NJBIZ) 

Why do you want to help people create financial plans? What’s the myFinancialAnswers story?

BP: I moved from ultra-high net worth wealth management at Goldman Sachs to helping mass affluent Americans at Cypress Financial Planning, another company I co-own.  myFinancialAnswers, for me, was the natural next step. I wanted to make sure everyday Americans could get help. Until that point, I had spent my time helping wealthy and well-off Americans make better financial decisions. It became clear to me that the financial services industry lacked quality options for hard working Americans. People like my parents—my Dad a New Jersey State employee for 30 years and my Mom an executive assistant at the church I grew up in—didn’t have great options.

So one day I decided to build the technology and business model that would allow us to focus on everyday Americans. That’s what we’re doing today.

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