071 | Silicon Valley FI | Chris Hutchins | Grove
071 | Chris Hutchins, founder/CEO of Grove, a new, optimized financial planning company based in San Francisco, talks about how a life and career of entrepreneurship led him to the FI community, and his current business venture. And, how his new company meets the needs of the average person better than a traditional financial planner.
What you'll hear in this episode: Is Chris a risk taker or financial conservative? How did Chris find his way into the financial planning and optimization world? Was Chris an entrepreneur growing up? Chris got his career started through relationships built in college – how can building relationships help open doors? Passion for entrepreneurship led Chris to make a move from New York to Silicon Valley. Although most people in the Silicon Valley have tech-related qualifications, Chris found his foothold in business development. How did Chris land his first job in the Silicon Valley? What steps did Chris take to earn an income after he was laid off in 2008? Did Chris’ wife buy into his ideas of financial optimization, and how has that developed within their relationship? What are the drawbacks or negative sides of frugal and financial optimization in a high-cost environment? How does Chris create a “memorable moment” each month? Chris found himself as a source of financial consultation for his friends, and his current business idea grew from there. The world of financial planning, in its current state, is focused on the already wealthy, and the exchange of information between planners and customers is both inefficient and confusing. How does Grove change the process of financial planning, and how does the software help Grove work more efficiently? Grove costs $600 a year – significantly less than a traditional financial planner. What services does Grove provide its customers? Financial goals are really just sums of money that someone wants to set aside, no matter the purpose. Why should someone in the FI community consider using Grove’s services? How do Grove advisors function a bit like personal trainers? On a personal level, how is Grove a different venture for Chris, different from some of his previous companies? Would Chris take an offer to buy Grove?
Resources mentioned in this episode:
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