Title: Bankless Advisor: Fiduciary Planners + Non-Custodial Defi
Authors: Coffee & Crypto#0444, Larseny#3336
Date Created: 10 SEPTEMBER 2022
SUMMARY
Bankless Advisor will equip a generation of financial advisors with the education, technology and legal tools to introduce one billion people to the Bankless life.
We are proposing that Bankless DAO provide an initial landing and incubation space for this project (which may be spun off into its own DAO or sub-DAO in the future). We are not requesting any $BANK tokens; Bankless Advisor will purchase $BANK on the open market to pay for bounties…
We have an agreement with a company that provides Defi software for financial advisors who will whitelabel and revenue share with Bankless Advisor.
Bankless Advisor will be a source of revenue for BanklessDAO within 90 days of approval.
You can see the Bankless Advisor Pitch Deck here.
BACKGROUND
- Finding fiduciary advice in Crypto & DeFi is hard
- Finding fiduciary advice in Crypto & DeFi that doesn’t require taking custody of assets is even harder
- Bankless Advisor is a complete solution for financial advisors that allows them to provide a guided DeFi experience for their customers that anyone would be comfortable referring their mother to
- The initial target market is the 1,300+ members of PlannerDAO and 400+ advisors who have completed the Certified Digital Asset Advisor (CDAA) course
- Larseny#3336 has been accepted into the Superfluid Reactor program to integrate streaming payments into the software
MISSION & VALUES ALIGNMENT
- The mission of Bankless DAO is to “help the world go Bankless by creating user-friends onramps for people to discover decentralized financial technologies through education, media and culture”. This organization is designed to be in alignment with that mission, and specifically targets the enormous ecosystem of fiduciary advisors and their customers
- This tool will be used to educate both fiduciary advisors and their customers on wallets, custody and defi, but will also be used as a platform to provide ongoing educational content (Bankless Academy integration anyone?) to all users and consumers of the platform.
- By incubating the project in Bankless DAO we will be able to crowdsource ideas and opportunities for improvements and additions to the platform as we move beyond the beta test into mainstream financial advisor channels.
- It is our intention to source as much of the work as possible (legal, development, design, etc.) from Bankless DAO itself.
SCOPE OF WORK
- The objective of this proposal is to provide a landing and incubation space for the Bankless Advisor project inside of Bankless DAO and for the DAO to provide talent for the initial design, marketing, and website work. It is our intention to use external funding or revenue generated from the platform if/when any would be required.
FINANCIAL IMPLICATIONS
- Total Addressable Market (we covered the initial PlannerDAO market above) is 300,000 financial advisors with over $100 Trillion of assets under management
- A realistic model is the XY Planning Network which has 1600 members that charge financial advisors approximately $260-$460 in fees per month
- Our current model requires that all fiduciaries who use the software are required to own (stake)10,000 $BANK tokens and 10,000 $PLAN tokens (this will be enforced in a TBD way through the software application itself).
- An author of this proposal (Larseny#3336) is the Founder of the first legal, fiduciary financial advisor software built purely in Defi. Upon approval, Bankless Advisor will receive a white label version of this software and a 10% - 20% revenue share for all fees generated by Bankless Advisors.
- The software itself generates revenue through the following mechanisms which will allow Bankless Advisor to be self-funding:
- Swap Fees
- Streaming Fees
- Nexus Mutual Insurance
- CDAA Education
- The software itself generates revenue through the following mechanisms which will allow Bankless Advisor to be self-funding:
- How Bankless Advisor will build the BanklessDAO ecosystem:
- Require staking of BANK tokens
- Contracting Certified Digital Asset Advisor (CDAA) education to Bankless Academy - approximately $1,000 per advisor
- Using other Bankless DAO resources
- Bankless Advisor Logo/Branding (Design Guild)
- Development Resources (Dev Guild)
- Ultrasound Mech (Bankless Advisors T-Shirts & Coffee Mugs anyone?)
- Project Management Guild (Maybe possibly?)
- Bankless Academy/Education Guild (courses/content for Bankless Advisors)
BRAND USAGE
Bankless Advisor believes that its education and investment activities should be under the Bankless DAO brand, which would be beneficial for both Bankless DAO, Planner DAO, and Bankless Advisor itself.
We already mentioned possible integration with Bankless Academy for education content, and our intention to source as much work as possible from the DAO itself.
On top of that there is the potential for revenue from Bankless Advisor, increased tokenomics through demand for the $BANK token and mandatory staking/owning for the fiduciaries, hundreds (thousands?) of new Bankless brand ambassadors as well as an influx of financial talent to Bankless DAO.
Thus, all activities of Bankless Advisor should be under the Bankless DAO brand to strengthen the overall Bankless mission but also to strengthen the Bankless Advisor competitive position.
SUCCESS METRICS OR KPIS
- Internal Metrics
- Approved by Bankless DAO
- Ten advisors onboarded into Alpha test
- Advisor software whitelabeling completed
NEXT STEPS
- Formalize Bankless Advisor as a Guild/Sub-DAO
- Begin to source potential advisors for Alpha test (and what the test will look like)
- Formalize Bankless Advisor branding
- Formalize legal structure & entities
SQUAD BACKGROUND
@Coffee&Crypto is is a 17 year IT veteran and a lifelong technology enthusiast with over a decade of experience in virtualization and cloud computing. He “fell down” the Crypto rabbit hole nearly a year and a half ago and became enamored with and excited by the potential of blockchain technology to revolutionize and upgrade every facet of our lives. He is incredibly passionate about how technology empowers individuals and communities to create solutions and solve problems that improve the qualities of their lives and the lives of everyone the technology touches. I have been hanging around the DAO for a year or so now and have contributed things like the Web3 Security Fundamentals Workshop as well as being one of the Genesis Team members of CryptoNexus.
@Larseny3336 is a CPA, CFP®, and the Founder of Defi Steward, where he helps Investment Advisers safely manage digital assets for their clients. He is also the Co-Founder of PlannerDAO, a decentralized community of financial advisors, and the Certified Digital Asset Advisor (CDAA) designation.
Previously, Steve built a $250m Registered Investment Adviser in the Pacific Northwest, serving as President and Chief Compliance Officer. In 2022, he merged his continuing education company for accountants with Interaxis to create the only full-service digital assets education platform for financial advisors and accountants.
As a Certified Public Accountant and Certified Financial Planner, Steve has spent most of his career as an independent fiduciary financial planner. He is also an Adjunct Professor of Finance at Gonzaga University, where he teaches classes in Cryptocurrency and Financial Planning along with developing continuing education courses for CPAs and CFPs.
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