Should We Grant PlannerDAO 1000 NXM to Complete Legal Work Required to Create the Financial Advisor DeFi Toolkit?

Steve Larsen, CPA, CFP®, and Adam Blumberg, CFP®, from PlannerDAO applied for a grant for 1000 NXM to fund the legal work required to create the Financial Advisor DeFi Toolkit.

PlannerDAO is building an all-encompassing framework and toolkit which will enable financial advisors to offer Decentralized Finance advice and guidance to their clients in a compliant and safe manner. The toolkit will include:

• Education requirements for DeFi, and for the tech stack PlannerDAO chooses
• Compliance and regulatory documentation for the advisor to file with the regulators, and have prepared in the event of an audit.
• Sample agreements to use with clients
• Tech stack including social recovery wallet, accepted protocols, smart contract cover
• Error and Omissions insurance covering the DeFi advice and funds

Every client of an advisor utilizing the toolkit would have to purchase Nexus Mutual smart contract cover for the wallet, and for any protocols being utilized. PlannerDAO would, therefore, be adding distribution and education, and setting up for the possibility of adding commissions and brokerage.

In addition, PlannerDAO would look to add Nexus Mutual as somewhat of re-insurance, and as a protocol for our Errors and Omissions coverage.

Overall, while Steve and Adam realize this isn’t the typical project seeking treasury funds, PlannerDAO is looking to build a long-term partnership that will onboard so many financial advisors and investors into DeFi with the requirement to use Nexus Mutual smart contract cover.

Steve and Adam have proposed a 90-day timeline for completion. The grant would be paid out in three (3) installments.

The first installment of 250 NXM will be to get the attorneys started on their work of legal opinion on allowable custodial solutions and investment options. PlannerDAO will require some of the attorneys’ initial thoughts to work through tech stack, insurance and education, and the attorneys require a retainer to start work.

Upon completion of the technology stack and protocol outline, based on the attorney recommendations and opinions, PlannerDAO will submit to Nexus Mutual, and request installment 2 of 350 NXM. This installment will again be for attorneys to draft recommended language to amend SEC and State disclosures and client agreements. At this time PlannerDAO can also start on Errors & Omissions insurance design.

Upon completion of the entire project, PlannerDAO will submit to Nexus Mutual, and request the remaining balance of 400 NXM.

Forum Post: Financial Advisor DeFi Toolkit