Have you ever wondered what it would be like to take an idea and actually turn it into a business model that comes to life? That’s exactly what Jeff McCormack, Co-Founder and CEO of Iryss did. His years spent in the financial and high-tech industries got his wheels turning. He knew there had to be a better way for American’s to achieve financial freedom. He also knew this could be achieved using technology. Now all he had to do was combine financial freedom with technology to make the financial lives of Americans better, easy right?
Nothing was easy, but as you will read in the interview below it was all worth it for Jeff. Not only does Jeff have a background that lends well to starting a fin-tech app, but his own personal journey to greater financial clarity was the catalyst for Iryss. Thirteen years ago Jeff was diagnosed with multiple sclerosis. Doom & gloom, right? Nope, because Jeff took this challenge and turned it into a solution. He knew that he had to have a financial plan in place to protect himself and those he cares deeply about so he built a personal finance roadmap that became the backbone of IRYSS. IRYSS was created to help you build wealth. IRYSS helps the average American pay less for quality financial advice so they can afford important stuff like a rainy day fund or retirement. Simply put, IRYSS was built for you. Read more about Jeff and Iryss below!
- What led you to start Iryss?
While working as a wealth manager I noticed an unsettling pattern: individuals and families I encountered who were working with other financial advisers had messy financial situations. Their fees were outrageous, their asset allocation was incorrect, they had no income protection strategy, and estate planning was an afterthought. It was clear that these advisers did not have their client’s best interest at heart. When I dug into the national data I realized that this problem wasn’t just a Rochester, NY problem but was pervasive across the country. I knew that I had to try to help solve the problem, which could potentially benefit tens of millions of Americans.
- What is one of the biggest financial challenges you see everyday Americans facing today and how will IRYSS help?
Following bad advice! This advice can come from multiple sources, including family, friends, social media, and supposed “professionals”. Unfortunately, all too often this advice will cost an individual hundreds or thousands of dollars. IRYSS was built to deliver unbiased and personalized insights into a user’s finances. User’s can then use these insights to make better informed financial decisions. If needed, IRYSS can pair the user with a vetted adviser to help them execute their plan.
- What is your vision for the future of the investment world?
Financial advice needs to be democratized and delivered to the masses. Access to the “rich knowledge” of the industry and the data needed to make better informed decisions should not be obscured. Adviser’s that are not working in the client’s best interests need to be exposed and forced to change. Unfortunately, I have personally seen the blind trust people place in their advisers and the costs are staggering.Jack Bogle, the founder of The Vanguard Group, did the industry a great service when he exposed the high fees of active investment management. Vanguard’s introduction of passive investing led to a material improvement in the investment costs for the average person. However, adviser fees remain a relic of yesteryear and are costing American’s dearly each year. IRYSS is here to serve!
- Can you tell us a little bit about the pilot launch and how you see IRYSS expanding beyond the pilot?
The pilot of IRYSS will begin to peel back the layers a little bit and help users better understand the all-in costs of their investment advice. If users are unhappy with their current situation we can help them find a new adviser. The pilot will focus on people living in Upstate NY. Post pilot we are focused on delivering additional intelligence about our user’s investments to ensure they are making decisions that are smart and consistent with their needs. Additionally, we are working on expanding the application beyond Upstate NY by the end of 2021!
- Give us one fact that the world would be surprised to know about you!
Thirteen years ago I was diagnosed with multiple sclerosis and felt pressured to keep it private- until now. Why? I feared the professional repercussions that could come from making this public. Now, I’m sharing a key part of my MS journey- clarity on money matters – because it was the fundamental inspiration for building IRYSS. I want to help people that have experienced hardships or are currently experiencing them to better manage their money and ultimately achieve financial freedom. Honestly, I feel incredibly fortunate to be where I am today. My diagnosis is under control and it motivates me to help millions of Americans build a better financial life!
To find out more about how Iryss can help you sign up for the beta launch today!