Democratizing Financial Advice | Ethan Jung & Vineet Mohan | Advisor Ally Podcast 10

In this episode of Advisor Ally, we spoke with Ethan Bernhagen-Jung, Chief Technology Officer and Co-Founder of Abundo Wealth, and Co-Founder of the Advice-Only Network. Ethan’s story is unusual, inspiring, and a clear sign of where the advisory profession is heading.

He started out with a degree in environmental science, moved briefly into a traditional firm, and within months of joining Abundo Wealth taught himself to code. That decision changed the course of his career. Today, Ethan leads technology at Abundo, building systems designed to serve tens of thousands of clients, while also pushing forward the movement for advice-only planning.

This conversation was about more than career choices. It was about how financial advice is being reshaped by technology, new business models, and shifting client expectations.

From Environmental Science to Fintech Builder

Ethan’s path into financial planning was not direct. He first joined a large insurance-based firm but quickly realized the model did not align with his values. When he discovered Abundo in its early days, he wanted to serve clients in a way that was conflict-free and transparent.

At first, his role was that of a planner. But as the firm grew, he saw that the tools they needed did not exist. So, he began building them himself. What started in spreadsheets eventually turned into a custom-built technology platform. Just seven months after joining, he was coding full time. That shift gave Abundo the ability to scale and gave Ethan a new career as a fintech builder.

The Rise of Advice-Only Planning

One of the most important themes we discussed was the advice-only model. Unlike traditional advisors who charge based on assets under management, advice-only planners charge a flat subscription fee and give clients unbiased guidance. Clients manage their own accounts, but they get clear instructions on what trades to make, how to allocate their assets, and how to plan for major life goals.

At Abundo, the model is simple: every client pays $189 per month. There are no commissions, no asset minimums, and no hidden incentives. Clients appreciate that their advisor’s guidance is aligned only with their goals.

This approach also opens the doors to younger households, families without significant assets, and people who would otherwise be shut out of traditional AUM-based advice. As Ethan put it, “If a client can afford our monthly fee, we can work with them. And our job is to keep making that fee more affordable over time.”

Building Technology for Scale

A core part of Abundo’s growth story is its technology. Ethan has been building an all-in-one platform that combines CRM, client portal, account aggregation, risk assessment, and portfolio planning. This is not just about efficiency. It is about enabling a practice to serve thousands of clients without losing quality.

The system even generates trade instructions for clients and verifies afterward that the trades were executed correctly. It reduces manual work, improves compliance, and gives both advisors and clients peace of mind.

What makes this especially powerful is how it sets the stage for AI integration. As Ethan explained, AI only works well when it has access to complete, structured information. By consolidating everything in one system, Abundo ensures that AI can be applied meaningfully rather than being limited by fragmented data.

AI in Financial Planning

We explored how AI is changing the profession. For Ethan, AI is already a game-changer, but he is clear-eyed about its risks. In financial planning, mistakes can be irreversible, and hallucinations are not acceptable. That is why AI must always be paired with human oversight.

Used responsibly, AI can supercharge advisor productivity by automating plan creation, surfacing insights, and managing repetitive tasks. But clients will still need the human element. As Ethan put it, financial planning is “a little bit like therapy.” The emotional side of money requires empathy, trust, and real conversation things that no algorithm can replace.

Shifting Client Demographics

Another important theme was how Gen Z and Millennials are engaging differently with advice. They are comfortable with digital-first, remote relationships. They expect transparency, responsiveness, and easy-to-use tools. Abundo has been built around this expectation, delivering planning via Zoom and Google Meet, supported by client portals and digital workflows.

This is part of a larger industry shift. The average advisor today is much older than the average client inheriting wealth. Younger clients want something different, and technology-enabled firms are ready to serve them.

The Advice-Only Network

Beyond Abundo, Ethan is also a co-founder of the Advice-Only Network, a growing directory and community of advisors committed to this model. The network not only helps consumers find unbiased advisors but also supports advisors who want to transition into advice-only planning.

The goal is to raise awareness and credibility for this approach and to build an ecosystem where advice-only can become an industry standard.

Lifestyle and Travel Hacking

Ethan’s story is not just about building technology and business models. It is also about lifestyle. He and his wife live full-time in an RV, chasing “endless summer” while exploring national parks, biking, and hiking. This adventurous way of living fuels his work and keeps him grounded.

There is also a fun twist: Abundo helps clients with travel hacking. By using credit card points strategically, clients can unlock free flights and hotel stays. It is not just about building wealth - it is about enjoying it. As Ethan noted, clients often send photos from trips they booked with points, making the financial planning relationship more personal and rewarding.

Where the Industry is Headed

Our conversation closed with a look at the future. Margins on traditional AUM models are shrinking. Clients are demanding more transparency and lower costs. Technology is moving from being optional to being essential.

Advice-only firms like Abundo are showing that a scalable, technology-driven, client-first model can work. And as AI matures, those firms will be in the best position to grow, while still keeping the human connection at the heart of planning.

Final Thoughts

Ethan’s journey shows what happens when curiosity meets conviction. From environmental science to fintech builder, from spreadsheets to a custom CRM, he has charted a path that is as unconventional as it is impactful.

For advisors, his story is a reminder that the profession is changing fast. For clients, it is a sign that high-quality advice is becoming more accessible than ever.

This was more than just a career story. It was a roadmap for the future of financial planning, one built on transparency, technology, and trust.

Be sure to subscribe to Advisor Ally for more conversations with leaders who are reshaping financial advice.