Sept. 2, 2026

Trusting AI With Your Retirement? Inside the Financial Fitness Passport

Show Notes
Transcript

AI seems to be everywhere these days — but can it actually help you plan for retirement? Bonita sits down with Scott Zuckerman, founder of Financial Fitness Passport™, an AI-powered platform that gives users a clear, measurable picture of their financial health. They explore the tool's "Retirement Number™" & AI coach "Penny™" work, whether AI tools like this are safe, & how to separate genuine innovation from hype. Wondered whether AI can be trusted with something as personal as your money?

Ask Good Questions is broadcast live Wednesdays at 6PM ET on W4CY Radio (www.w4cy.com) part of Talk 4 Radio (www.talk4radio.com) on the Talk 4 Media Network (www.talk4media.com). Ask Good Questions is viewed on Talk 4 TV (www.talk4tv.com).

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Welcome to the Ask Good Questions podcast, broadcasting live every Wednesday,

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6 p.m. Eastern Time on W4CY Radio at W4CY. com. This

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week and every week, we will reach for a higher

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purpose in money and life, as well as a focus

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on health and wellness. Now, let's join your host, Benita

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Bell Anderson, as together we start with Asking Good Questions.

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Hey, welcome to the Ask Good Questions podcast. I am

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your host, Bonita Bell Anderson, and we have got a

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phenomenal show for you today. I know this is on

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everybody's mind. Today, we're gonna talk about artificial intelligence or

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AI and how in the heck does that intersect with

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your money? So with that, I have a guest that

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is all about this type of thing. I will invite

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him to the podcast stage now. His name is Scott Zuckerman.

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Hello. How are you today?

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I am good. I am good.

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Scott's coming at us from Long Island, right?

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I am joining you from Long Island. That is right.

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And I am way across the country in Washington State.

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So the wonders of technology.

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Absolutely. And I got to tell you, that was some intro.

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I love the music and everything.

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Oh, well, good. I actually picked the music myself.

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That's great.

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I like it.

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It was like snappy, right?

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Yeah.

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So Scott, I want to tell everyone a little bit

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about you. This topic of artificial intelligence seems to be

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everywhere today. And this week, You are the founder of

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the Financial Fitness Passport, right?

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That's right.

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You describe it as.

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An AI-powered platform that gives users a clear, measurable picture

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of their financial health. And then there's this thing called

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the retirement number we're going to get into. And you

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have an AI coach named Penny. Snappy name there. Penny,

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that sounds perfect. And we're going to talk about whether

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or not a platform like this based on AI.

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Is actually safe to use. And if you've ever.

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Wondered, then this is going to be the place to

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find out a lot of questions around this technology that

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seems to be everywhere. He also has something called a

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passport score system. that ranges from zero to a hundred

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and it gives users an honest, actionable read on their

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overall financial readiness. But I know that one thing that

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people will be wondering about is are you hooking up

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to my bank account?

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We'll talk about that for sure. We're going to.

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Talk about that.

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So you, you, you talk about it like privacy first

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design means that no bank account linking is ever required.

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So is there anything you'd like.

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To add to that?

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No, you did really well there.

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Well, when I first was introduced to Scott, I was like,

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I've got to have this guy on because... This is

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something that we're seeing. I mean, everybody knows you're seeing

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this in all kinds of industries everywhere. But when it

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comes to your money, it's like, wow. So you spent

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decades in the financial service. In fact, we really connected.

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We both come from insurance, big insurance company backgrounds. And

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what was the moment when you realized that people needed

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something like this?

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Well, you know what it is, Benita, and you, I'm sure,

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can attest to this. The majority of the population is

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not engaged with a financial professional. You typically find it's

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the top 5% that are actually working with an advisor.

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And financial education is something that most people lack. It's

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not taught in schools. whether that be high school and

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even college, unless that's something that you major in.

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I had to do that with my kids. I started

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my daughters with a checking account when they were 13. Yeah.

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But I was like, that was not normal.

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Well, and that's because you're in the business. So it

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gives you the ability to do that. But most people

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are not. And in fact, it's interesting that you... You're

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talking about you and your kids. Where do people learn

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their financial skills from? Well, it's going to be learned

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at home first. And someone's parents may not necessarily be

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financially fit themselves. So who are you really taking advice from?

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So it's your family, your friends, your coworkers. That's who

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most people are taking financial advice from. And now what

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they're doing is they're turning to AI, like Chad GPT

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and Claude and Brock and you name it. They just

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go and start asking financial questions.

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What do you think the biggest gap is for people.

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And how they're managing?

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I mean, because I think once you become an adult,

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I'm seeing this with grandchildren, you realize you have to

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manage your money somehow. And so it seems like this

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is a little bit of a scary thing, but I

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think people are going to trust AI more than they're

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going to trust their parents.

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So what do you think is the biggest gap?

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Well, the biggest gap is that you also, while you

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can ask AI a question, you have to know what

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questions to even ask the AI.

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Yeah, the context.

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Right?

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Like, what do you even put in there?

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And then the answer that you get, the answer is

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going to be intelligent, but does it also relate to

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you and your personal life? So it's almost like in

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our industry, we talk about the talking heads who will.

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Remain nameless here.

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And it's generic advice that is given to people. to everybody,

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but yet that doesn't necessarily mean that it fits a

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person's individual life and what their goals and objectives are

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and how much money they make. And do they have children?

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Do they have children with special needs? I mean, the

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list just goes on and on and on. And that's

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the issue.

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What, you know, when you, when I'm thinking about how

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in the world did you get started with this? you're

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building an AI powered solution. How come you, you didn't

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just start out and just like do a spreadsheet type

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of program?

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Well, or is that old school?

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Yeah, that looks spreadsheets are old school.

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And when you say, and, and I'll tell you, I

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have clients that come to me in my, in my

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planning practice and they'll email me their Excel spreadsheet.

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Yes.

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People still do that stuff.

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Engineers do it especially.

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Yeah.

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Yeah.

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So, You have the spreadsheet.

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And so we need to definitely get more complex than

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a spreadsheet, besides the fact that the spreadsheet is only

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going to really accomplish a couple of things.

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And that's really cash flow.

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And if you put some formulas in, maybe some present

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and future value formulas and things like that.

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But how does it all fit together?

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How does your cash flow, emergency fund, debt, insurance, investments, taxes,

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estate planning, how do they all link together? That's what

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Financial Fitness Passport does is it really gives the user

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a total overview of where they are and how well

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they're doing.

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Well, let's get into this. Tell me about this retirement number.

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What is that?

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Yeah, so the retirement number is a proprietary number. algorithm

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that I created. And it's a number between zero and 150.

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And the number is going to determine how healthy of

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a retirement one has the potential to live. So what

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does that retirement look like from a success standpoint? And

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it's going to take into account the liquid net worth

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and a whole bunch of other factors to determine that.

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So that's what the retirement number is.

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Well, so, okay.

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So we're going to, you know, kind of explore that

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a little bit more as we go along, but let's

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talk about penny. I, when I first saw that, I went,

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what a great, you know, it's so great to have

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that be the name. So tell me about Penny, the

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AI companion or coach that is there.

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Yeah, so Penny is exactly like you said, a person's AI.

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Guide, coach, educator. She fills all those, checks all those boxes.

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And what's different about Penny than just going into ChatGPT

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or Claude and asking a question is it Penny actually

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gets to learn the user's behavior? Right.

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That's number one.

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Number two, besides learning the user behavior, she also knows

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exactly what is going.

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On in someone's financial life.

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So you've got all this stuff inputted. And so she's

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looking at that Exactly.

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Okay. So she's looking at that.

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And, and when, and the reason why I mentioned behavior

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is there's reflection points all throughout the modules. So for example,

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if someone feels that they're, they're choked by consumer debt,

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I'm never going to get out of this debt. What

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am I going to do? That becomes a reflection point.

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Penny knows that she knows it's a and educate them

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on why debt is bad and guide them to getting

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out of that debt.

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So the other big thing, the other big name here

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is that passport score.

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Yes.

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So what would a score of, say.

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40, that sounds to me like it would be bad

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as compared to like an 80 or an 85.

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Yeah. So what does it actually mean?

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What's it mean for someone?

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So the system is gamified, which also makes it fun

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and engaging. So the way that the score is created,

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it's a scale of zero to 100. And based upon

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the modules that have been completed within the system, determines

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what the passport score is.

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So we have seven pillars.

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And each area of the financial planning framework Each component

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of the financial planning modules within the software have three

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different badges to unlock.

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So it starts with bronze, then it goes to silver.

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So you're getting little success hits.

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Right. And as those as those.

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Modules are unlocked and those badges are earned, there's also

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rewards that are given out that could be discounts on

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Amazon or whatever the case may be.

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So we want to keep the users engaged.

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We want to make finance fun and not boring.

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Is there a cost for this or is it free?

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So there is.

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A free version, but the free version is what that

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does is it just gives someone their score, their baseline score.

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So someone goes on, takes 90 seconds, and within that

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90 seconds, that self-assessment is going to say, okay, here's

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where I am. And then from there, it's a paid plan.

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So the paid plan, when I tell you, is less

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than the frivolous money that most people spend on nonsense.

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So it's $ 9. 99 a month or $ 80 a year. And

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with that, you're going to be on your way to

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real financial freedom.

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Well, so it sounds like if you do the paid plan, you're.

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Going to spend some time.

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Yes, that's for sure.

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Which is okay, I mean, because this is important. But yeah,

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so what are the seven pillars that you're going to

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be dealing with when you get into this?

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Oh, we have cash flow, emergency fund, debt, insurance, investments, taxes,

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and estate planning.

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So it's going to cover all aspects areas of someone's

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financial life. Yeah. For sure.

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Well, AI, you know, like I was saying, AI feels

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like it's everywhere. And I think it is, it's pretty

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much everywhere. For someone who's wary of that, what would

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you say to ease their mind?

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AI, when people think of this, the first thing that

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goes through most people's minds is the Terminator.

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Okay.

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And he's really scary looking too.

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Exactly.

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And AI is not the Terminator.

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It's not.

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Penny's not the Terminator. No.

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And Penny's very cute too. She's, she's a really good mascot.

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So the AI isn't taking over your life. It's not,

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going into, it's not taking over your bank accounts and.

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Not telling you I'm going to be, I'll be back.

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Yeah.

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It's, it's not, it's really there to help us.

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These were very similar fears back in, let's call it 95,

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1995 when the internet was really just coming about and

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everyone was petrified of the.

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Internet and what it was going to do. Right.

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Right.

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And, and yet now here we are all, we use

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the internet every day and there's new websites.

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Yeah.

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You can't have this. We have this thing that.

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Yeah. I say, right.

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Who, if someone had told us 15 years ago that

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we were going to spend 150 bucks a month on

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a device that we can't.

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Live without, you'd think that we were crazy.

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So joking around about the Terminator and everything, but what

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does it mean when you say privacy first?

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What does that actually mean in practice?

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So privacy first, the way that Financial Fitness Passport was

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designed was so a user does not have to enter

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their bank accounts to get results.

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That's number one.

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Number two, we never collect personal identifiable information. We don't

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ask for dates of birth. We don't ask for social

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security numbers. Just basic data is needed in order to

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get results from the system. So it is a privacy-first system.

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That being said, we've had a lot of inquiries about

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actually having bank linking. So the way it's designed and

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the way that it's out right now as of September 2nd,

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There's no bank linking.

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However, we do have it in beta right now. So

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within the next 30 days.

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So if they want to, they can.

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Exactly.

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Because there's a lot of programs where you can. And

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sometimes it's annoying whenever I have, you know, it's like, oh,

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you need to relink.

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Yeah, you do not need to link bank accounts to

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get tremendous value out of the software.

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We're going to make it easier.

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And for those who don't want to spend the time

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to do all the data input, because like you said,

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this is time consuming, but like anything else, this is

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not a get rich quick, uh, fix everything overnight.

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That stuff doesn't exist.

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So this is for someone to take their time, go

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through it piece by piece by piece and consistently use

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it throughout their life because in there is our goals module,

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which is going to allow a user to plan for things.

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And you can plan for things your entire life.

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And so the system's going to help you reach your

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financial goals.

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Let's step back just a little bit. What are the

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real risks that people should be aware of when they're

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using AI with something as personal as their finances? You know,

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so we're talking about this program, but what were the

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things that you had in mind when you were designing

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this to, you know, to make sure that this was

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going to be okay for people and people would feel

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good about it?

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Well, we have disclosures everywhere and notifications as it relates

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to data upload, because we do want to encourage users to.

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To, use the upload feature.

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And what that is, is the ability to upload insurance

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declaration pages or insurance policies themselves, investment statements, tax returns,

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legal documents for your will, living will, healthcare proxy.

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Trusts, things along those lines.

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We encourage that because the more data that Penny has,

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the more analysis she could do, the more education she

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could provide, and the better guidance she gives. Now, what happens, however,

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is the way that the software is written on the backend,

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when a user uploads any of these documents, they are

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uploaded and encrypted.

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The data is scrubbed.

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Once the data is scrubbed, The documents are completely deleted

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off the servers. So there is no retention as it

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relates to the documents themselves.

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So that's how we get all around that.

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If someone were to upload, let's say their tax return

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has their social security number, that is going to be

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completely redacted. It does not get posted anywhere, put anywhere.

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And again, those documents are deleted. So there's zero retention

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as it relates to any personal data.

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Are you training people when they're using this software? Are

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you training them to say like, we're never going to

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call you and say, Oh, we need your social security

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number again.

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We don't have, we don't communicate directly with the users

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because we want the users to be able to use

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the platform on their own and not feel like I

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don't have access to anybody's data from that standpoint. Right.

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So I, we don't want to really have that type

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of interaction with, we want the system to be self-sustaining

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for each individual.

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I do caution.

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Everyone that you should never just give out your social

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security number, dates, anything that identifies you. We certainly will

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never ask for it. We don't ask for it on

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during the onboarding process. We do not have a phone

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number for someone to reach out to call. Like we're

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not doing outbound calls or anything along those lines. And

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Penny knows how the system works. So you can ask

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her any question and she's going to teach you how

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to use the system.

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Plus we're in the process of doing a ton.

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Of videos so that people will know exactly how to

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use them.

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We'll be demoing each piece.

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Well, like the next thing that I think the people

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are going to be saying, I mean, like, you know,

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here you and I are both financial advisors have been advisors.

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For a gazillion years. Is this going to replace?

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I feeling know that there's no replacement for being able

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to talk to somebody one-on-one, but what do you think?

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A tool like this, where does it stop and where

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does the human advisor step in?

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Well, let's put it this way.

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As mentioned in the very beginning of the podcast today,

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Advisors are working typically with the top 5% of the population.

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So as it relates to this system replacing advisors, there's

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always going to be people out there who want to

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have human interaction. There's always going to be a need

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for an advisor to sit with their client and review things.

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There may be some people that say that don't care

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about that human interaction and that's okay because an advisor

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would never have gotten that client to begin with. So

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I don't think a system like this is going to

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replace any financial professional.

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In fact, I think if anything, it helps us.

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And it helps us because if I have a prospect

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that I know is coming to me, if I can

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get them on financial fitness passport first to get some,

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to get some basic education and then share their passport

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with me, it helps build the relationship stronger and faster

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because I now have an educated client coming into meetings

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and planning and I know what I'm getting into as

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it relates to what they have, the decisions that they've

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already made, what those reflection points are. So I can

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really guide the conversation specific to that particular person or family.

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So I think if anything, it's a help. It definitely

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does not replace.

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What do you think then?

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So it sounds like this is, hopefully this should just

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be another tool where you're trying to really interact with

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the client.

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But do you.

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Think there's a fair criticism of AI tools like this

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that people.

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Should take seriously?

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Is there a criticism that you've heard about AI tools

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like this?

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This is America.

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And since social media, everyone criticizes everyone and everything. Yeah.

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Trusting AI With Your Retirement? Inside the Financial Fitness Passport

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