Alan Moore from XYPN Live on Entrepreneurship, Escape Velocity, and the RIA Fee-For-Service Revolution
Alan Moore, CEO and Co-Founder of XYPN and AdvicePay, joins host Mike Langford live from the XYPN LIVE conference in Austin to share how he built one of the most influential communities in financial advice. Alan explains how advisors can grow stronger businesses by thinking like entrepreneurs, embracing EOS and Working Genius, and adopting fee-for-service models that open the door to serving more clients.
Alan Moore on Building Advisor Businesses That Scale with Purpose
On this episode of the Modern Financial Advisor Podcast, I sat down in person with Alan Moore, CEO and Co-Founder of XY Planning Network (XYPN) and AdvicePay, during the XYPN LIVE Conference in Austin, Texas.
If you’ve ever wondered how to grow a financial advisory business that thrives without losing your soul—or your sanity—this conversation with Alan is a must-listen.
Over the last decade, Alan and his co-founder Michael Kitces have built XYPN into a community of more than 2,000 independent advisors who are redefining what it means to deliver financial planning. They’ve done it by empowering advisors to serve clients the way they want to be served—with flexible fee-for-service models, subscription pricing, and a focus on helping younger clients earlier in their financial journey.
Connect with XYPN
What You’ll Learn in This Episode
From Picking Up the Phone to Building a Movement
Alan shared how XYPN began with a simple idea… help advisors like himself who wanted to serve younger clients and build sustainable, fee-only businesses.
Alan credits Jude Boudreaux of The Planning Network, for inspiring him to "be the guy who picks up the phone” because Jude answered Alan’s call and was open to helping him when he was starting out.
When he launched his firm in 2012, few 25-year-old advisors were striking out on their own. But Alan’s willingness to share what he was learning quickly created demand. Within a year, he’d fielded 100 calls from other advisors asking for help.
That insight led to an email exchange with Michael Kitces, and by 2014, the two launched XYPN with a goal of onboarding 20 founding members in four months. They had 31 in the first week.
Today, more than 2,000 member firms later, XYPN continues to expand its impact on the profession.
Learning to Lead at Scale
One of the most powerful parts of our conversation was Alan’s honesty about how much he has had to grow as a leader.
“I learned very early on that I am an awful people manager,” Alan said with a laugh. “So I surrounded myself with people who complement my weaknesses.”
That self-awareness led him to adopt the EOS (Entrepreneurial Operating System) framework, giving his teams clarity and structure as XYPN and AdvicePay scaled to more than 100 employees combined.
Alan also credits the Working Genius framework for helping him and Michael Kitces understand where each of them adds the most value—and where they should delegate.
Treating Advisors as Entrepreneurs
At XYPN LIVE, Alan and Michael took the stage together for a live recording of the Behind the Advisor podcast, walking attendees through the Launching, Building, and Scaling phases of an advisory business.
It’s an entrepreneurial lens rarely applied to financial advisors, but Alan believes it’s essential.
“Running a financial planning firm isn’t a formula—it’s art,” he said. “You get to paint the picture however you want. The key is being intentional about what you’re building and why.”
Alan encourages advisors to think in phases, to expect those early years to be hard, and to make sure they have the financial and emotional runway to persevere until they hit “escape velocity.”
Why Fee-for-Service Models Unlock Growth
A core focus of XYPN and AdvicePay has been helping advisors adopt subscription and fee-for-service models.
Alan explained that most Americans don’t have enough investable assets to fit the traditional AUM model—and that’s a business-model problem, not a client problem.
“Fee-for-service unlocks the other 48% of Americans who make a solid income but don’t have a million dollars to invest yet,” he said. “It allows advisors to profitably serve clients they couldn’t have before.”
That insight led directly to the creation of AdvicePay, the compliant payment platform built by Alan and Michael to make subscription billing and one-time payments easy—and regulator-approved—for advisors.
Building Gravity as a Founder
Toward the end of the episode, Alan and I talked about influence—how leaders like him and Michael Kitces have created “gravity” that attracts advisors, partners, and opportunities to their orbit.
Alan shared that his secret isn’t self-promotion—it’s partnership.
“Michael and I have completely different Working Geniuses,” Alan explained. “He thrives on being out front and connecting with people. I thrive on running the business. Together, we create balance.”
It’s a reminder that building influence in this industry isn’t about being loud—it’s about being authentic and playing to your strengths.
Resources Mentioned:
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Michael Kitces Explains How Financial Advisors Can Create Gravity to Attract Clients vs Fighting Time and Scale Constraints
What if scaling your advisory business wasn’t about doing more, but about doing less — better? In this episode of the Modern Financial Advisor Podcast, Mike Langford sits down with Michael Kitces, co-founder of XY Planning Network, AdvicePay, and Kitces.com, to explore how advisors can build gravity—the kind of focused brand that attracts ideal clients, talent, and opportunities. Michael shares insights on avoiding the “tyranny of the denominator,” why time-based marketing doesn’t scale, and how defining a clear niche can transform your firm’s growth trajectory.
Guest: Michael Kitces
Organizations: XY Planning Network | AdvicePay | Kitces.com
If there’s one person whose work has shaped how financial advisors think about building modern, scalable, and values-driven firms, it’s Michael Kitces.
From the iconic Kitces Blue blog and the Financial Advisor Success podcast to co-founding XY Planning Network and AdvicePay, Michael has spent his career helping advisors professionalize the business of advice.
In this in-person episode of the Modern Financial Advisor Podcast, recorded live at XYPN Live 2025 in Austin, Michael joins host Mike Langford to talk about how advisors can build gravity—that powerful pull that attracts your ideal clients and team members—by focusing on a clearly defined market and scalable systems.
Connect with XYPN
What You’ll Learn in This Episode
Why “time-based” marketing doesn’t scale
Michael breaks down why prospecting models that rely on your time—networking, referrals, cold outreach—inevitably anti-scale as your firm grows.
The “Tyranny of the Denominator”
Michael Kitces revisits one of his most enduring ideas, explaining why maintaining high growth rates gets harder as your AUM base expands, and how strategic focus can break the cycle.
How to build gravity around a clear niche
“We’re all terrified of who we’re not going to get,” Kitces says, “but you already don’t get 99.9% of the people you meet.” Focusing on one audience—like doctors in residency or young tech founders—can multiply your growth.
Why separating sales from service is essential
Kitces argues that the traditional model of advisors as both business developers and relationship managers is a relic of the brokerage era—and that scaling firms must rethink this structure.
How XY Planning Network and AdvicePay empower advisor independence
Learn how XYPN helps advisors launch and run their own RIAs, providing full compliance, tech stack, and community support—so they can focus on serving their clients, not paperwork.
The “Advicer” Mindset
Kitces also shares the inspiration behind the Financial Advicer Manifesto, a seven-point statement of values that defines what it means to be an independent, advice-centric fiduciary in today’s landscape.“Advisors who thrive are the ones who get clear on who they serve, what problems they solve, and why it matters,” he says. “That’s what creates gravity. That’s what scales.”
Why It Matters
As Michael reminds us, “Scaling isn’t about doing more—it’s about doing less, better.”
Whether you’re running a solo firm or leading an enterprise, the lesson is the same: pick a niche, build systems that serve it, and let the gravity of your reputation do the heavy lifting.
Resources Mentioned:
Kitces.com – Research, CE, and industry insights
XY Planning Network – Launch your own RIA with full compliance and tech support
XYPN Compliance Services – Support for RIAs handling registration, filings, and ongoing requirements
AdvicePay – Payment processing platform for fee-for-service advisors
Vocatus LLC – Thanks to Ray Hennessey, Lisa Aldape, and team for the introduction
Related Episodes You May Like
If you enjoyed this conversation, you’ll love these episodes too:
Building the Back Office of the Future: AI Agents and Operations Tech That Will Transform Advisory Businesses
Docupace CEO David Knoch joins host Mike Langford to make the case that operations—not marketing—are the real growth engine for advisory firms. Hear how a purpose-built back office, smart integrations, and “intelligent automation” (AI agents) cut errors, speed onboarding, and free advisors to focus on clients.
What if the most powerful lever for growth in your advisory business isn’t marketing or client service… but operations?
That’s the message from David Knoch, CEO of Docupace, in this episode of the Modern Financial Advisor Podcast hosted by Mike Langford.
David and Mike dive into the operational backbone of wealth management: the systems, processes, and people that make it possible for financial advisors to deliver on the promises they make to clients.
While most of the industry’s innovation has focused on the client experience, David argues that the real transformation (and the biggest inefficiencies) still live behind the scenes. As he puts it, “The industry is still pretty archaic in its operation.”
He estimates it’s a $50 billion problem, with error rates on paper-based workflows as high as 60% and compliance alerts that produce 95% false positives. All of that friction costs advisors time, money, and credibility.
Talk to Docupace Today
What You’ll Learn in This Episode
Why operations are the lifeblood of your firm.
The client-facing work may be the “tip of the iceberg,” but underneath lies the machinery that determines scale, client satisfaction, and profitability.
How Docupace is reimagining the advisor back office.
David explains how the company is building a “purpose-built universal operations platform” to help advisors maximize the value of their tech stack—regardless of size, channel, or custodian.
The growing role of AI in advisory operations.
Learn how Docupace is developing “intelligent automation”—a network of digital agents designed to handle repetitive, complex operational tasks so advisors can focus on higher-value client work.
Lessons on leadership and acquisition strategy.
David shares how Docupace’s recent acquisitions—Hubly and PreciseFP—fit into a broader strategy of building a cohesive operational ecosystem without stifling innovation or culture.
A fresh perspective on the advisor profession.
Having spent decades across channels, David believes the industry’s best people are motivated by service, not sales—and that operations excellence is central to honoring the promises advisors make to clients.
Why It Matters
As advisory firms consolidate, and as technology options continue to explode, operations have become the differentiator.
Firms that master efficiency and consistency at scale are the ones that will win the “battle for talent,” deliver superior client experiences, and sustain margins even as the industry evolves.
Docupace’s approach, connecting systems, automating manual work, and removing friction, offers a blueprint for what the next generation of advisory operations will look like: invisible, intelligent, and indispensable.
Related Episodes You May Like
How Financial Advisors Can Reduce Paperwork and Supercharge Their Productivity - Ryan George, CMO of Docupace joined Mike Langford for an episode of the show a few years ago. It’s a fascinating conversation that forecasted many of the innovations we see today for back office professionals.
Why RIAs That Take Workflow Management Seriously Are Growing 33% Faster Than Their Peers - Mike and Louis Retief, Co-Founder of Hubly sat down for an extensive conversation about his experience joining Docupace and his shared vision for the future of the industry.
How AI Will Power a New Era of Hyper-Growth for Financial Advisors and Wealth Management Firms - Ian Karnell, CEO of VastAdvisor shares how AI is set to transform client acquisition.
Why RIAs That Take Workflow Management Seriously Are Growing 33% Faster Than Their Peers
Louis Retief, Co-Founder of Hubly, joins Mike Langford to share how advisory firms using Hubly are growing 33% faster by running more efficiently. From his journey starting Hubly right out of college to the company’s acquisition by Docupace, Louis reveals why workflows are critical for advisors who want to scale, serve more clients, and build truly valuable businesses.
What if your firm could grow 33% faster simply by running more efficiently?
That’s not a hypothetical—according to Louis Retief, Co-Founder of Hubly, that’s the reality for firms leveraging Hubly’s workflow automation platform. In this week’s episode of the Modern Financial Advisor Podcast, host Mike Langford sits down with Louis to explore his journey from founding Hubly straight out of college to scaling the company and leading it through its recent acquisition by Docupace.
The conversation digs into the challenges financial advisors face as “accidental business owners,” why back-office efficiency is just as critical as client-facing tools, and how workflows can transform a practice from barely keeping up to thriving.
Book a demo for Hubly
What You’ll Learn in This Episode
How Hubly helps advisory firms scale by eliminating inefficiency.
Why many advisors struggle as accidental business owners—and how workflows can help.
The importance of educating teams about process management (and avoiding “workflow shaming”).
Insights into the current wave of wealthtech consolidation and acquisitions.
How Docupace, Hubly, and PreciseFP are working together to create a more powerful advisor back-office ecosystem.
Why Workflows Matter for Financial Advisors
Many advisors excel at building client relationships but struggle with the operational side of running a business. As Louis explains, that’s where workflows come in:
Client onboarding → Streamline every step from paperwork to funding accounts.
Money movement processes → Create accountability for transfers, contributions, disbursements, and conversions.
Client reviews → Systematize annual or quarterly check-ins to ensure nothing falls through the cracks.
Hubly takes the familiar concepts behind project management tools like Trello or Asana and makes them purpose-built for regulated wealth management firms. The result: less time spent on repetitive admin tasks and more time serving clients.
The Entrepreneurial Journey Behind Hubly
Louis shares the story of how a passion for efficiency and personal finance led him to cold-call over 100 advisors while still in college—discovering firsthand the operational pain points that became Hubly’s foundation.
The conversation also covers:
The unique role of the “process and automation influencer” in advisory firms—and why Hubly builds for them as much as for advisors.
Lessons learned from early mistakes in go-to-market strategy.
Why Louis believes consolidation in wealthtech is just getting started.
What it was like to evaluate and ultimately join forces with Docupace.
Related Episodes You May Like
How Financial Advisors Can Reduce Paperwork and Supercharge Their Productivity - Ryan George, CMO of Docupace joined Mike Langford for an episode of the show a few years ago. It’s a fascinating conversation that forecasted many of the innovations we see today for back office professionals.
How Financial Advisors Can Grow Beyond Accidental Business Owners - Mike mentioned this episode with Robert Russo, CEO of Independent Advisor Alliance during his conversation with Louis Retief.
Why Financial Advisors Who Embrace New Business Models and Adopt AI Today Will Be the Ones Still Standing Tomorrow
Steve Lockshin, founder of AdvicePeriod and Vanilla, joins Mike Langford to challenge conventional thinking about how advisors deliver value. He shares insights on estate planning, pricing models, and how AI and tokenization will transform the future of wealth management.
If you are not already questioning the core assumptions behind your advisory practice, this episode may give you the push you need.
In this episode, Mike Langford welcomes Steve Lockshin, founder of AdvicePeriod and Vanilla, for a wide-ranging conversation about how financial advisors can and should evolve their practices. Steve challenges long-held industry beliefs and offers a bold perspective on how estate planning, AI, tokenization, and new pricing models are shaping the future of wealth management.
While Steve is widely known for his success as an advisor and entrepreneur, it is his passion for solving real problems that stands out. His focus on estate planning, for example, began as a differentiator but has become a defining element of the value he brings to clients and the tools he builds.
Whether you are a financial advisor, a fintech executive, or someone thinking about where this industry is headed, this conversation will challenge your thinking and help you reimagine what great advice looks like.
Book a demo for Vanilla
What You’ll Learn in This Episode
Why Steve believes the traditional AUM model is broken, and what pricing structures better reflect true client value
How estate planning became a key differentiator in his advisory business, and why more advisors should embrace it
The opportunity to serve high-net-worth clients without managing their portfolios
How AI will extend an advisor’s capabilities by automating tasks, surfacing opportunities, and personalizing service
Why tokenization will fundamentally change how client data is accessed and shared
How younger investors and clients will reshape the advisor-client relationship in the coming years
What advisors can do today to stay relevant in an increasingly tech-enabled world
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Redefining Growth for Advisors with Dan Zitting, CEO of Nitrogen Wealth
Dan discusses how client behavior, digital engagement, and better communication skills are reshaping how firms grow.
Episode Resources
How AI Will Power a New Era of Hyper Growth for Financial Advisors and Wealth Management Firms
Ian Karnell, CEO of VastAdvisor, joins Mike Langford to unveil a game-changing platform that uses AI to create scalable, compliant digital ad campaigns—without the bloated cost of traditional agencies or lead brokers.
How can financial advisors and wealth management firms unlock true organic growth in 2025?
Ian Karnell, CEO of VastAdvisor, joins Mike Langford to unveil a game-changing platform that uses AI to create scalable, compliant digital ad campaigns—without the bloated cost of traditional agencies or lead brokers.
In this high-energy episode, Ian pulls back the curtain on VastAdvisor Enterprise and how it enables RIAs, broker-dealers, and asset managers to:
Define ideal client profiles with psychographic precision
Deploy niche-targeted ad campaigns across platforms like Meta, LinkedIn, and Google
Automatically generate compliant ad copy using SEC- and FINRA-aware AI
Measure ROI down to the dollar—with built-in campaign and compliance dashboards
If you’re tired of expensive steak dinners, unreliable lead brokers, and slow growth… this is the moment you’ve been waiting for.
Ian and Mike also explore the rise of agentic AI, why GenAI will reshape the competitive landscape in wealth management, and how firms can empower next-gen advisors with a real tech stack for growth.
Book a demo for VastAdvisor with Ian Karnell
What You’ll Learn in This Episode
Why organic growth has stalled for many financial advisors—and how AI can reignite it
How lead brokers like SmartAsset and Zoe make their money (and why it’s time to cut them out)
The hidden cost of slow, manual compliance workflows—and how AI can solve it
How VastAdvisor Enterprise builds predictable, scalable ad campaigns that convert
Why democratizing digital ad strategy is a game-changer for mid-sized RIAs and enterprise networks
How next-gen advisors can reach full client capacity faster—with an AI-powered lead engine
What “agentic AI” is—and why it might be the biggest shift in FinTech since the cloud
How niche audience targeting and platform-specific insights (e.g., Meta vs. LinkedIn) improve ROI
Why embracing AI isn’t optional—it’s a survival strategy for the next five years
Related Episode:
Dan Zitting, CEO of Nitrogen (formerly Riskalyze), shares how the advisor sales process is evolving—and what firms must do to keep up.
How VRGL Is Turning Prospecting Into a Scalable Growth Engine for Financial Advisors
Featuring Kyle Zasky, CEO of VRGL, on the Modern Financial Advisor Podcast with Mike Langford
Client acquisition is one of the biggest challenges facing financial advisors today — not because there’s a shortage of prospective clients, but because there’s often a gap between interest and trust. In this episode of the Modern Financial Advisor Podcast, Mike Langford is joined by Kyle Zasky, the newly appointed CEO of VRGL, to explore how advisors can use data, design, and digital empathy to turn prospects into clients faster and more confidently.
This episode is a must-listen if you’re looking to boost your organic growth without adding more friction to your already full plate.
🎧 Listen to the episode or watch the full video below.
Why Prospecting Is Broken — And How VRGL Is Fixing It
The traditional approach to financial advisor growth has long depended on referrals, word-of-mouth, and face-to-face meetings. But in today’s hyper-digital and post-pandemic environment, that model doesn’t scale. Most advisors have full calendars servicing existing clients — which leaves little time for prospecting.
Kyle Zasky, who stepped into the CEO role at VRGL just weeks before this recording, breaks down the real issue: while most advisors know they need to grow, they don’t always have the tools or processes to engage prospects meaningfully before they sign on the dotted line.
“We’re in the business of arming advisors with data and analytics about the prospect,” says Zasky. “So when they sit across the table from a lead, they’re not pitching — they’re educating.”
VRGL’s platform helps advisors quickly ingest unstructured portfolio data — even from PDFs and statements — and create personalized, white-labeled proposals that highlight risk exposures, fee inefficiencies, and opportunities for improvement. It’s a compelling way to build trust and demonstrate value before the client relationship officially begins.
🎙️ Related Episodes You Might Enjoy
One of the goals of the Modern Financial Advisor Podcast is to connect the dots between strategic conversations — and this episode with Kyle Zasky aligns perfectly with several others that explore technology, client acquisition, and the evolving role of the advisor.
If this conversation resonated with you, here are a few other episodes worth checking out:
How Financial Advisors Can Help Clients Understand What Is Actually Happening In Their Portfolios — Justin Whitehead, Co-Founder of Pebble Finance, explores how AI-powered storytelling and data translation can help advisors strengthen client relationships and close new business with clarity and confidence.
Exploring the End‑to‑End Digital Transformation of Wealth Management — Gauthier Vincent, Wealth Management Consulting Leader at Deloitte, breaks down how AI, data integration, and client experience are changing across every part of the advisory business — from first touch to full service.
Solving the Biggest Tech Problem in Wealth Management by Creating True Ownership of Your Firm’s Data — Jud Mackrill of Milemarker outlines why centralized, accessible data infrastructure is critical to performance, scale, and winning new clients — much like VRGL’s proposal platform.
The Evolving Role of a Financial Advisor in an AI‑Driven World — Dr. Emily Koochel from eMoney shares how advisors can blend data, AI, and human empathy to meet the expectations of today’s clients and prospects.
AI Isn’t the Threat — Inaction Is
Zasky also addresses a growing pain point for many financial advisors: AI-induced anxiety. Advisors are bombarded with new tools, and many feel like they’re falling behind if they’re not using the latest tech.
But here’s the truth: You don’t need to master AI. You need vendors who have and can deliver practical, easy-to-use solutions.
That’s where VRGL shines. The platform’s goal isn’t to dazzle you with complex algorithms — it’s to help you deliver smarter, faster, more confident conversations with prospects. So you can grow without feeling overwhelmed.
One Final Takeaway: Think Like a Financial Therapist
One of the most powerful moments in this episode is when Kyle draws a parallel between financial advisors and physicians.
Just like doctors use bloodwork and diagnostics to inform their advice, advisors should use portfolio analytics to diagnose client pain points. But that’s only part of the equation. The real differentiator is how well you understand your clients as people — their goals, fears, and financial behaviors.
“It’s not just about performance or fees,” Zasky says. “It’s about helping people feel seen, heard, and confident.”
That’s what today’s prospecting efforts must deliver. And that’s why tools like VRGL are fast becoming essential to modern advisory practices.
Ready to Close More Business With Less Friction?
If you’re looking to turn more leads into loyal clients — and deliver value from the first meeting — VRGL is worth a serious look.
📍Learn more about VRGL at www.vrglwealth.com
🔗 Connect with Kyle Zasky on LinkedIn
And don’t forget to subscribe to the Modern Financial Advisor Podcast for more insights from the leaders shaping the future of wealth management.
Redefining Growth for Advisors: Dan Zitting on Frictionless Tech, Sales Skills, and Client Confidence
Dan Zitting, CEO of Nitrogen Wealth, shares how financial advisors can remove friction, build client confidence, and spark real growth by embracing better tech and modernizing their approach. From risk assessment to AI-driven workflows, this episode offers powerful insights for the future-focused advisor.
What does it take to grow a modern financial advisory business in a world where referrals are no longer enough?
In this episode of The Modern Financial Advisor Podcast, Mike Langford is joined by Dan Zitting, CEO of Nitrogen Wealth, to explore the tools, strategies, and mindset shifts that today’s financial advisors need to succeed. From frictionless onboarding and personalized risk assessments to reviving the lost art of selling, Dan shares how Nitrogen is evolving to meet the real-world challenges advisors face every day.
Dan also opens up about what it’s like to take the reins of a legendary FinTech brand—formerly Riskalyze—and why the company’s rebrand was about more than a new name. It’s about refocusing on the advisor’s journey and the investor’s confidence.
What You’ll Learn in This Episode
Why Friction Is the Enemy of Advisor Growth
Dan explains how removing tedious data entry, manual workflows, and outdated interfaces is essential if advisors want to spend more time with clients—and less time wrestling with technology.
The Power of Net Promoter Score (NPS)
Nitrogen puts its NPS front and center, and for good reason. Dan breaks down how measuring client satisfaction is more than a vanity metric—it’s a leading indicator of trust and growth.
Risk Isn’t About Age—It’s About Psychology
Just because someone is 30 doesn’t mean they’re aggressive. And just because they’re 70 doesn’t mean they’re conservative. Dan makes the case for deeper, individualized risk insights that advisors can act on.
Why Referrals Aren’t Enough Anymore
Referrals used to be the engine of growth, but in a digital-first world, prospects need more proof before they engage. That’s a theme we’ve explored in other recent episodes:
Beatriz Acevedo of SUMA Wealth on expanding your reach by engaging the next generation.
Greg Bogich of AcquireUp on rebuilding your sales muscle through intentional prospecting.
Felipe Toews on why honest conversations about risk and loss are the foundation of strong advisor-client relationships.
How AI Will Reinvent Advisor Workflows
Dan shares a vision for AI as a co-pilot—automating meeting prep, surfacing portfolio insights, and creating client-ready reports without the advisor having to lift a finger.
🎉 Join Dan and the Nitrogen Team at the Fearless Investing Summit
Looking for more advisor growth strategies, tech insights, and high-energy inspiration? Be sure to check out the upcoming Fearless Investing Summit hosted by Nitrogen. It’s one of the most highly-rated events in the industry—and a great place to connect with forward-thinking advisors and FinTech leaders.
Final Takeaway
As Dan put it best: “Advisors want to spend less time in software—not more.” The future of advisor technology is all about simplicity, automation, and empowering confidence—both for the advisor and their clients. Whether you’re a solo advisor or leading a fast-growing RIA, this episode is a must-listen.
How Financial Advisors Can Help Clients Understand What is Actually Happening in Their Portfolios
“We’re not just translating numbers. We’re giving advisors the language to deliver real, human conversations at scale.” – Justin Whitehead, CEO of Pebble Finance
In this episode of the Modern Financial Advisor Podcast, Mike Langford welcomes Justin Whitehead, Co-Founder and CEO of Pebble Finance, to explore how AI is fundamentally transforming client communication in wealth management.
Forget the hype. While many firms are still slapping “AI-powered” labels onto basic automation tools, Pebble is quietly redefining one of the most important—and often overlooked—aspects of the advisor-client relationship: communication.
Justin’s story begins with a moment every investor can relate to: a well-intentioned but poorly informed decision to diversify into Chinese markets… followed by silence from his advisor and a sharp market downturn. That experience, and his background in building portfolio analytics tools at FactSet, sparked a question that now sits at the heart of Pebble:
Why is it still so hard for advisors to clearly explain what’s happening in a client’s portfolio?
Why Portfolio Conversations Are Broken (And How Pebble Fixes Them)
Modern portfolios are complex. Clients are overwhelmed by jargon. Advisors are stretched thin. And yet, the expectation for personalization and clarity has never been higher—especially among younger, self-directed investors who grew up with Robinhood, Reddit, and real-time market commentary.
Pebble Finance solves this by combining deep portfolio math with AI-powered content generation to create real-world narratives that advisors can use immediately.
Think:
✅ Contextual explanations for market shifts
✅ Client-ready commentary in plain English
✅ Custom newsletters at scale
✅ All without touching PII or raising red flags with compliance
As Justin puts it:
“We’re enabling advisors to speak their clients’ language—quickly, accurately, and at scale—without having to sacrifice compliance or credibility.”
What This Means for Financial Advisors
For financial advisors, Pebble isn’t just another dashboard. It’s a conversation engine.
Imagine being able to instantly generate timely, portfolio-specific commentary that references what your client read in the Wall Street Journal yesterday or what they just asked you about over email. Or sending a personalized newsletter that highlights what’s driving returns in their portfolio—without spending hours researching or writing.
Now you can.
More touchpoints. Better conversations. Lower churn. That’s the promise of Pebble—and it’s one that couldn’t be more timely as advisory firms face increasing pressure to scale personalization without adding headcount.
Related Episodes You Might Enjoy
🎧 Behavioral Portfolio Management with Felipe Toews
In this episode, Felipe Toews, CEO of Toews Asset Management, explores how honest communication and scenario planning can deepen client trust. A perfect companion to today’s conversation on AI and behavioral finance.
➡️ Listen & Read the Episode Recap
🎧 Arnim Holzer on Macro Risk and Client Conversations
Another great episode for advisors who want to make market risk relevant and understandable for clients. Learn how to frame global macro events in ways that actually resonate.
Want to Stay Relevant in the AI Era of Wealth Management?
If you’re an executive at a wealth management firm or a FinTech provider looking to empower advisors with scalable, high-quality client communication—Pebble deserves a look. This is the type of innovation that will define the next generation of advisory excellence.
Why Serving Business Owners is the Secret Sauce to Building a Vibrant Wealth Management Firm
In this illuminating episode of the Modern Financial Advisor Podcast, host Mike Langford sits down with Jason Early, CEO of RISR, to discuss how targeting business owners can massively elevate a financial advisor's practice.
The discussion covers why treating a privately held business as just another asset is a missed opportunity, and how business owners, who control a significant portion of private wealth, are an untapped client segment.
Learn how RISR's technology helps advisors understand and manage the complexities of business owner clients, moving beyond typical financial advice to drive substantial assets under management and deliver significant value. Don't miss the actionable insights on succession planning, risk management, and leveraging the unique needs of business owners to grow your advisory business.
Sponsored By:
PodBox - Help your guest sound their best on your podcast, webinar, or important Zoom call with a PodBox microphone setup.
If you would like to follow up with Jason, shoot him an email.
In the world of financial advisory, standing out requires more than just competence—it demands excellence in understanding client needs and leveraging untapped markets. One such market, as highlighted by Mike Langford and Jason Early in this episode of the Modern Financial Advisor Podcast, is the business owner segment. With 66% of millionaires being business owners and 88% of those worth $30 million or more, the rationale for advisors to target this demographic becomes clear.
Understanding the Unique Needs of Business Owners
Financial advisors often treat privately held businesses like any other asset on a balance sheet. However, this approach is inadequate given the complexity and significance of such businesses in an owner's financial portfolio. As Jason Early explains, understanding these businesses deeply is critical—not just in terms of their financials, but also their operational risks, succession plans, and the personal priorities of their owners.
The Rise of Business Owners as Ideal Clients
Business owners bring complexity, but also opportunity. They offer a wider range of financial needs that advisors can address—such as business succession planning, risk management, and retirement strategies for both the owner and their employees. This complexity translates to potential for advisors, as solving larger and more complex problems can lead to increased revenues without necessarily resorting to expanding the client base dramatically.
Strategies for Engaging Business Owners
Effective engagement with business owners requires both strategic planning and the right tools. Advisors should aim to deeply understand the industries their clients operate in. This is where platforms like RISR come into play, providing insights into business valuations, wealth management strategies, and risk assessments tailored specifically to privately held businesses.
Early advises financial professionals to hone in on 'riches in niches', focusing deeply on one or two industries. This specialized knowledge allows advisors to present themselves as more than just financial planners—they become strategic partners for business owners who are navigating the complexities of growth, management, and eventual exit strategies.
Building Trust and Relationships
Trust is paramount when dealing with business owners, notoriously hard to pin down due to their packed schedules and heavy responsibilities. Part of the challenge—and opportunity—lies in advisors building trust not only with the business owner but also with related stakeholders such as key employees and family members involved in the business.
Moreover, working with business owners offers the opportunity to forge long-lasting relationships across generations, as many businesses involve family members either as future leaders or stakeholders.
Conclusion
Engaging with business owners can seem daunting due to the complexities involved, but the potential rewards are significant. Financial advisors must position themselves not only as financial stewards but as comprehensive advisors capable of supporting business owners through every stage of their journey. Equipped with the right tools and approach, such as those offered by RISR, advisors can unlock substantial growth while ensuring they meet the holistic needs of their affluent clients.
By focusing on the unique needs of business owners, advisors are not only opening new avenues for their own business growth but are also playing a crucial role in supporting the economic backbone of communities—small and medium business enterprises. The message is clear: go beyond the balance sheet, understand the wealth-driving forces of a business, and watch your advisory business soar.
Chapters:
00:00 Introduction to Financial Advisors and Business Assets
00:34 Welcome to the Modern Financial Advisor Podcast
00:38 Introducing Jason Early and RISR
02:24 Myth Busting: Business Owners and Wealth
04:25 The Complexity of Business Owners' Financial Needs
05:21 The Evolution of Financial Planning
06:34 The Importance of Comprehensive Financial Advice
07:54 Connecting with Business Owners
10:35 The Role of Financial Advisors in Business Succession Planning
13:00 Understanding the Business Owner's Perspective
16:26 The Riches in Niches Strategy
24:07 The Confidence and Competence Gap
28:49 Blue Oceans vs. Red Oceans
29:30 The Importance of Tools for Business Advisors
29:55 How RISR Works for Advisors
30:58 Financial and Qualitative Insights for Business Owners
33:02 The Growing Trend of Private Company Ownership
38:51 Advisors' Role in Business Succession and Exit Planning
47:19 The Complexity and Opportunity of Working with Business Owners
51:04 The Rise of Solopreneurs
53:56 Conclusion and Final Thoughts
Why a Financial Advisor’s CRM Choice May Be Much More Important Than Which Broker-Dealer They Choose
In this episode of the Modern Financial Advisor Podcast, host Mike Langford is joined by Adrian Johnstone, CEO of Practifi, to discuss the pivotal role of CRM systems in financial advisory firms.
They explore the debate between the importance of custodial systems versus CRMs, emphasizing the value of maintaining rich client relationships. The discussion also covers the concept of viewing technology as an investment rather than an expense, the scalability of CRM systems, and the potential future of AI in the industry.
Perfect for advisors looking to gain insights on leveraging technology to enhance their client relationships and operational efficiency.
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If you would like to follow up with Adrian, shoot him an email.
Mike Langford sat down with Adrian Johnstone, CEO of Practifi, to delve into pivotal topics surrounding client relationships, the role of technology in financial advisory, and the future of the industry. This discussion offers invaluable insights for advisors seeking to adapt and thrive in an ever-evolving landscape.
Understanding the Core of Client Relationships
Johnstone eloquently touched upon the age-old debate of whether the CRM or portfolio management system serves as the core of a financial firm. Both Mike and Adrian agreed that while the financial asset record holds undeniable importance, it is the record of the client relationship that truly drives business value and compliance. As Johnstone stated, the CRM should be treated with the same sanctity as custodial platforms because the heart of a successful advisory business is the strength of its client relationships.
Technology: An Investment, Not an Expense
Adrian made a compelling case for viewing technology not just as an operational expense but as a strategic investment. He highlighted that technology, when considered an investment, prompts advisors to explore its full potential and harness its capabilities to drive business growth. Unlike the static nature of human knowledge, technology evolves rapidly, offering continuous enhancements and efficiencies. By aligning technological investments with long-term business goals, advisors can ensure sustainable growth and scalability.
The Future is Scalable
A notable vision shared during the conversation was Practifi’s goal of being the last CRM an advisor would ever need. By leveraging scalable infrastructure and robust data models, Practifi aims to cater to solo advisors as well as large multi-billion AUM firms. This scalability not only facilitates business growth but also ensures smoother succession planning and transitions, making technology an indispensable ally for future-proofing an advisory business.
Human Connection in a Tech-driven World
Despite the rapid technological advances, Johnstone reinforced the enduring importance of human connections in advisory relationships. No matter how sophisticated technology becomes, the essence of trust, understanding, and personal interaction remains irreplaceable. Technology's role should primarily focus on removing operational friction, thus allowing advisors to focus more on nurturing client relationships.
A Call for Integration and Cooperation
The conversation concluded with a thought-provoking wish: a standardized integration language across all financial technology platforms. Such a development would enhance portability and interoperability, allowing advisors to seamlessly integrate various technology solutions and ultimately deliver better client outcomes.
Conclusion
Adrian Johnstone’s insights offer a roadmap for advisors navigating the complexities of modern financial services. By embracing technology as a growth partner and maintaining the core human aspects of advisory services, firms can position themselves for success in an ever-evolving market. As the industry continues to change, staying informed and adaptable remains crucial for advisors aiming to lead and not just keep pace.
Chapters
00:00 The Debate: Custodial System vs. CRM
00:44 Introduction to the Podcast and Guest
01:53 The Importance of Client Relationships
04:24 The Role of CRM in Client Records
17:15 Technology Adoption in Financial Advisory
25:37 The Value of Technology in Financial Services
26:18 Technology as an Investment, Not an Expense
27:06 Maximizing Technology's Potential
32:14 The Future of Technology in Financial Advisory
34:23 Human Connection in the Age of Technology
40:41 Scalability and Integration in Financial Technology
51:44 The Importance of Standardized Integration
54:04 Conclusion and Final Thoughts
How Behavioral Portfolio Management and Honest Communication Can Transform Client Relationships
In this episode of the Modern Financial Advisor Podcast, host Mike Langford engages in a thought-provoking conversation with Felipe Toews, CEO of Toews Asset Management and author of 'The Behavioral Portfolio: Managing Portfolios and Investor Behavior in a Complex Economy.'
Delve into the intricacies of behavioral finance, market timing challenges, and the crucial role of effective advisor-client communication. Discover why Felipe believes that traditional portfolio management strategies might be leading advisors and clients astray, especially when considering unexpected market scenarios and significant losses. This episode offers valuable perspectives on educating investors and rethinking portfolio construction to better navigate a complex economic landscape. Don't miss this insightful discussion that could transform how you communicate with your clients and approach portfolio management.
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If you would like to follow up with Felipe, shoot him an email.
Mike Langford sat down with Felipe Toews, CEO of Toews Asset Management, to explore the complexities of behavioral finance. This captivating conversation delved into market timing challenges, effective communication between advisors and clients, and the upcoming transformation in our understanding of investment strategies.
The Misconception of Bounded Economies
Toews starts the discussion by challenging the common perception of economies as bounded systems. He compares them instead to natural ecosystems, which lack limits and can swing to extremes. Such perspective shifts require us to question our assumptions about economic recovery and market rebounds. Toews emphasizes that these assumptions, particularly the belief that markets always bounce back, may not necessarily hold true over time.
Understanding Behavioral Finance
Behavioral finance is a crucial framework that highlights how investors often make emotionally driven, poor financial decisions. Toews reinforces the notion that many advisors, despite their extensive knowledge and experience, might not effectively prevent clients from making these detrimental decisions. The focus should be on developing strategies to address these behavioral challenges.
Building Communication Constructs
The podcast emphasizes the importance of proactive communication strategies. Toews likens the investing world without proper guidance to driving without road rules—it’s chaotic and terrifying. Advisors are urged to educate their clients about market history, portfolio designs, and actionable plans. This preparation aims to establish ‘rules of the road’ for financial decision-making, helping clients react appropriately during market extremes.
Addressing Investment Strategies
Felipe Toews suggests that the current portfolio construction is a historical accident and proposes a shift towards behavioral portfolios. These would include strategies to mitigate significant market risks, such as large downturns or persistent inflation, while also promoting growth.
Toews strongly advocates for the necessity of adaptive strategies. Whether through hedging equities or adapting fixed income approaches, creating a diversified and resilient portfolio is key. The goal is to protect against various economic downturn scenarios while maintaining the potential for substantial returns.
The Debate on Traditional Portfolio Models
Langford and Toews address the growing criticism of the traditional 60/40 portfolio model. The financial advisory industry is seeing a shift away from this outdated paradigm, recognizing that today’s economic realities demand more innovative approaches. With increasing market complexities and evolving financial products, advisors are encouraged to reconsider how they diversify portfolios and manage risks.
Preparing for Future Challenges
This episode also highlights potential economic risks on the horizon, from sovereign debt issues to demographic changes impacting GDP growth. Toews warns that current economic vulnerabilities require advisors to prepare for unconventional scenarios, including possible currency crises. However, he stresses the importance of remaining optimistic and positioning portfolios to cope with these uncertainties.
Conclusion: Challenging Advisors to Evolve
Felipe Toews challenges advisors to rethink their investment strategies, emphasizing the need for informed, proactive approaches to behavioral finance. By integrating these insights, financial advisors can provide greater value to their clients, ensuring they are not only financially secure but also prepared for the future's uncertainties.
Whether you are a financial professional or a novice investor, understanding these concepts is critical. As Toews concludes, the challenge is not just about managing wealth; it's about transforming how we think about investing for both immediate and long-term stability.
Listeners and readers interested in diving deeper into these concepts can explore Toews' new book, "The Behavioral Portfolio: Managing Portfolios and Investor Behavior in a Complex Economy." As investments and economies grow more complex, staying informed and adaptable is more important than ever.
Chapters
00:00 Introduction to Economic Perceptions
00:45 Welcome to the Modern Financial Advisor Podcast
00:50 Introducing Felipe Toews and His New Book
02:12 Personal Anecdotes and Light Banter
03:22 Diving into Behavioral Finance
03:50 The Importance of Client Communication
04:33 Challenges in Market Timing and Decision Making
08:37 Historical Market Events and Their Implications
14:40 Proactive Behavioral Communication Strategies
21:13 Portfolio Design and Historical Worst-Case Scenarios
27:44 Economic Growth and Inflation Challenges
29:25 Behavioral Portfolio Design
31:40 Critique of Traditional Investment Strategies
33:39 Adapting to Market Changes
36:22 Addressing Investor Behavior
44:12 Crypto and Speculative Investments
49:29 Future Economic Risks and Portfolio Strategies
55:44 Conclusion and Final Thoughts
Unlocking Growth for Financial Advisors: The Power of Seminars
Join host Mike Langford in this episode of the Modern Financial Advisor Podcast as he interviews Greg Bogich, CEO of AcquireUp. Discover how seminars can be an effective strategy for growing a financial advisory business. Greg discusses the benefits of seminars, including filling the room with qualified prospects, the psychological advantages of face-to-face interactions, and the importance of being perceived as an expert.
Learn how AcquireUp helps financial advisors target the right audience and provides coaching to deliver compelling seminars. Whether you're a solo advisor or part of a larger RIA, this episode offers valuable insights into achieving scalable growth and converting prospects into long-term clients.
Sponsored By:
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If you would like to follow up with Greg, shoot him an email.
In the competitive landscape of financial advisory, many professionals are searching for effective ways to grow their business. While digital marketing and cold calling have their places, there's a traditional method that's proving to be resilient and impactful: seminars. Greg Bogich, CEO of AcquireUp, recently shared insights on the Modern Financial Advisor Podcast about how seminars are making a comeback, offering a unique blend of personal connection and business growth.
Why Seminars Work
Seminars offer financial advisors the chance to connect with prospective clients in a way that digital interactions cannot replicate. As Greg Bogich points out, having 20 to 25 households in a room allows an advisor to make multiple connections in one setting. This approach not only saves time but also increases the likelihood of establishing genuine relationships.
The success of a seminar lies in its ability to position the advisor as an expert. In a room full of motivated prospects, the advisor assumes the role of the authority figure, adding credibility and establishing trust. Moreover, the psychological principle of reciprocation often leads prospects to feel more compelled to engage further with the advisor.
Setting the Right Tone
Contrary to the common perception, not all seminars need to be held in a restaurant over dinner. Many successful events occur at libraries or community centers, which set a more educational tone. As Greg explains, it's important for advisors to select venues that align with their objectives—whether they wish to appear more academic or prefer a traditional sales setting.
The Importance of Qualified Prospects
One of the pitfalls that some advisors fall into is filling a room with just anybody rather than targeted prospects. AcquireUp’s approach focuses on ensuring the right people are in the room. They use data-driven strategies to attract prospects based on asset level, demographics, and proximity to the venue.
Navigating the Seminar Experience
For many advisors, the idea of presenting a seminar can be daunting. Despite the challenge, Greg emphasizes that one doesn't need to be Steve Jobs or Oprah Winfrey to be effective. The key is mastering the content and being genuine. AcquireUp helps clients by providing resources such as video libraries of effective presentations and coaching on how to engage audiences.
The Business Impact
Seminars are not just about immediate gains; they’re a strategic investment in long-term business growth. A well-run seminar can lead to new client relationships that last for years, providing a substantial return on investment. For advisors, it’s all about understanding that while not every attendee will convert immediately, over time, the numbers work in favor of the advisor who uses seminars consistently and strategically.
A Call to Action for Growth-minded Advisors
For those advisors who are growth-oriented, embracing seminar marketing can be a game-changer. The seminar model thrives on the law of large numbers, creating a steady funnel of new prospects while building personal connections that digital ads often miss.
The Future of Financial Advisory Growth
In summary, seminars present an opportunity to blend modern marketing insights with tried-and-true methods of client acquisition. Greg Bogich’s insights reinforce that in the world of financial advisory, seminars are not just a relic of the past but a powerful tool for the future. As the industry continues to evolve, advisors who leverage seminars will likely find themselves leading the pack in client engagement and business growth.
Chapters
00:00 The Challenge of Cold Calling in Sales
00:41 Introduction to the Modern Financial Advisor Podcast
01:59 Guest Introduction: Greg Bogich from AcquireUp
03:36 The Problem of Slow Growth in Wealth Management
05:00 The Struggles of New Financial Advisors
07:40 The Importance of Referrals and Their Limitations
11:08 The Effectiveness of Seminars for Financial Advisors
16:51 Targeting the Right Audience for Seminars
22:03 Educating Advisors on Effective Marketing
24:27 Understanding Seminar Attendance and Conversion Rates
26:11 The Importance of Re-engaging Non-Attendees
28:59 Effective Seminar Presentation Techniques
29:55 Training Advisors for Successful Seminars
37:39 The Value of Investing in Marketing
45:46 The Unique Appeal of the Financial Advisory Industry
47:56 Conclusion and Final Thoughts
Is It Time for Financial Advisors to Rethink Their Assumptions About Asset Allocation Models?
In this episode of the Modern Financial Advisor Podcast, host Mike Langford is joined by Arnim Holzer, Global Macro Strategist at Easterly EAB, for an insightful discussion on market volatility and the need to rethink traditional asset allocation models. They explore the historical context of Modern Portfolio Theory, its simplifications, and why its assumptions may not hold in today's economic environment.
The conversation delves into the instability of asset correlations during periods of volatility, the impact of macroeconomic conditions, and the importance of incorporating volatility-sensitive strategies into portfolios. Advisors can benefit from practical advice on how to use high Sortino ratio funds and strategies to manage downside risks and enhance client portfolio resilience.
The episode also touches upon the relevance of active versus passive management, the implications of the global pandemic on markets, and the importance of client perception of portfolio performance.
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If you would like to follow up with Arnim, shoot him an email.
Episode Summary
In the latest episode of the Modern Financial Advisor Podcast, we dive into the intricacies of market volatility with Arnim Holzer, Global Macro Strategist at Easterly EAB. This conversation couldn't be more timely, as many of the asset allocation fundamentals that financial advisors have held onto for generations may need reevaluation given current macroeconomic conditions.
The Evolving Landscape of Asset Allocation
Arnim shared insights starting with the history of modern portfolio theory (MPT), introduced by Markowitz in the 1950s. While revolutionary, MPT’s simplifications have led to certain assumptions that may not hold true in today's dynamic market. One such assumption is the stability of correlations between asset classes and returns over time. According to Arnim, these can be notably unstable when volatility spikes, posing risks that the original models did not account for.
Correlation and Volatility: The Hidden Risks
As Arnim explained, a huge risk in many portfolio models is their reliance on underestimated correlations, particularly between equity and fixed income. During periods of high market volatility, these correlations can unexpectedly increase, leading to synchronized downturns in supposedly diverse asset allocations. Arnim argues for a more nuanced understanding of asset behavior, especially under stress.
The Fee Focus and Passive Management Debate
Throughout the episode, Arnim emphasized the industry’s past fixation on managing fees, and the movement towards passive investment strategies. He raised concerns about how this shift, paired with an underappreciation of risk management, has affected overall portfolio resilience. While passive management has greatly reduced costs, it may inadvertently increase systemic risk by underestimating the need for active management in unpredictable markets.
Building Resilient Portfolios
For advisors, the key takeaway is the importance of incorporating strategies that mitigate these risks. Arnim suggests focusing on products that account for volatility spikes by breaking traditional correlation assumptions. He advocates for integrating funds that exhibit high Sortino ratios and offer disproportionate downside protection, enhancing clients' resilience in volatile times.
Practical Insights for Financial Advisors
Arnim provided valuable guidance on practical steps advisors can take to future-proof client portfolios. This includes considering funds that overlay options to protect against market downturns, and ensuring a balanced approach that still captures upside potential. He advises using tools to identify funds with strong upside-downside capture ratios, ensuring that even amidst volatility, a client's portfolio can withstand and thrive.
Final Thoughts
As markets continue to evolve with unexpected economic shifts, the conversation with Arnim Holzer reveals crucial insights for financial advisors. By embracing a strategic focus on volatility management, and rethinking traditional asset allocation models, advisors can better navigate the complexities of today's financial landscape.
For those interested in delving deeper into these strategies, Arnim’s expertise and resources through Easterly EAB provide guiding principles for adapting to these modern challenges.
Resources Mentioned In This Episode:
What If Financial Advisors Have Been Using the Wrong Methodology for Retirement Planning? - Steve Vecchione and Scott Schuebel of Statera Advisors were guests on the previous episode of the Modern Financial Advisor Podcast and they are taking a slightly different approach than Arnim’s to accomplish a similar goal for their clients. Their motivation however, is very similar… to protect their clients from market downside.
Dr. Zvi Bodie - Mike mentioned the the teachings and wisdom of his former Boston University Graduate School of Management professor . Dr. Bodie also the author of “Investments” which is the standard textbook used in business schools around the world.
Chapters
00:00 Introduction and Episode Overview
01:10 Guest Introduction: Arnim Holzer
01:24 Casual Conversation: Weekend Plans
02:21 Diving into Market Volatility
03:01 Challenging Traditional Asset Allocation Models
05:22 Flaws in Modern Portfolio Theory
06:27 Correlation and Volatility in Asset Allocation
16:06 Impact of Fed Policy on Market Correlations
24:00 Impact of the Pandemic on Inflation
24:55 Housing Market Dynamics During the Pandemic
26:13 The Fed's Response and Fixed Income Challenges
27:00 Volatility and Portfolio Management
28:36 Advisors' Role in Managing Volatility
31:25 Optimizing Portfolios with High Sortino Ratios
36:46 The Importance of Risk Management
42:40 Connecting with Arnim Holzer
44:20 Conclusion and Farewell
What If Financial Advisors Have Been Using the Wrong Methodology for Retirement Planning?
In this episode of the Modern Financial Advisor Podcast, Steve Vecchione and Scott Schuebel of Statera Advisors and Statera Retirement join Mike Langford to share their innovative approach to retirement planning.
After watching or listening to this conversation, it might be hard for financial advisors not to wonder “Have I been using the wrong methodology for retirement planning all these years?”
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If you would like to follow up with Steve, shoot him an email.
Episode Summary
In the world of financial advising, innovation and bold ideas often challenge conventional practices. The latest episode of the Modern Financial Advisor Podcast brings such a conversation to the forefront, featuring Steve Vecchione and Scott Schuebel from Statera Advisors and Statera Retirement. Hosted by Mike Langford, the episode delves into groundbreaking strategies that address the complexities of retirement planning.
A Fresh Approach to Retirement Risks
Steve Vecchione and Scott Schuebel join Mike Langford to explore their unique methodologies in managing retirement risks, which differ significantly from traditional approaches. One of the core elements of their strategy involves addressing three primary risks: longevity, inflation, and sequence of return. By focusing on these risks individually rather than relying solely on portfolio performance, Statera Advisors aim to provide clients with a more secure financial future.
Purpose-Driven Dollars
A noteworthy aspect of their approach involves assigning each dollar a specific purpose. This means that clients' assets are strategically allocated to address particular risks, such as ensuring significant cash reserves to weather market downturns. This method not only enhances financial security but also reduces the emotional stress commonly associated with market volatility.
The Importance of Internal Rate of Return
In stark contrast to the common focus on time-weighted returns, Vecchione and Schuebel emphasize the significance of internal rate of return (IRR) in retirement planning. They argue that since retirees draw from their portfolios, the IRR offers a more accurate reflection of the return clients actually experience. Understanding this distinction is crucial for both advisors and clients to avoid misleading projections based solely on time-weighted averages.
Breaking New Ground: A Balanced Legacy
Statera, meaning 'balance' in Latin, encapsulates the firm’s ethos perfectly. Their approach not only manages risks during the retirement phase but also focuses on maximizing the legacy clients can leave behind. By finding the optimal balance in asset positioning, Statera Advisors help ensure their clients' portfolios are robust enough to withstand economic downturns while remaining aggressive enough to generate substantial returns.
Get in Touch with Statera Advisors
For those interested in learning more about these innovative retirement strategies, Statera Advisors can be reached via their website, Statera-Advisors.com, where more detailed insights and explainer videos are available. Additionally, their second website, StateraRetirement.com, provides further resources and contact information.
Conclusion: Sharing Knowledge and Enhancing the Industry
As the podcast concludes, Mike Langford emphasizes the importance of sharing successful strategies with the broader financial community. With over 70% of Americans still without a financial advisor, the opportunity for growth and improvement across the industry is tremendous. By sharing these insights and methodologies, financial advisors can elevate their practices and better serve their clients' needs.
Resources Mentioned In This Episode:
eMoney Advisor - Steve and Scott are long time users and advocates of eMoney. During this episode Steve and Mike have a bit of fun with a plea to get eMoney to sponsor the Modern Financial Advisor Podcast. Mike also mentions a recent episode of the show in which Dr. Emily Koochel, Manager of Financial Wellness at eMoney was a featured guest.
Dr. Zvi Bodie - Mike mentioned the the teachings and wisdom of his former Boston University Graduate School of Management professor . Dr. Bodie also the author of “Investments” which is the standard textbook used in business schools around the world.
Fispoke - Mike mentioned that new companies like Fispoke are making it possible for RIAs and independent financial advisors to provide banking solutions to their clients. Terry Mullen, Fispoke’s Chief Revenue Officer was on the previous episode of the podcast.
SkyView1 - Mike also mentioned that SkyView Partners has also launched a banking solutions for advisors.
Chapters
00:00 Introduction and Episode Overview
01:19 Meet the Guests: Steve Vecchione and Scott Schuebel
02:03 The Origin Story: How Steve and Scott Joined Forces
02:55 Challenging Conventional Retirement Planning
04:42 Developing a New Retirement Strategy
12:48 Addressing Retirement Risks
18:24 The Importance of Internal Rate of Return
26:14 Understanding Internal Rate of Return (IRR)
26:41 Time-Weighted Rate of Return (TWR) Explained
27:26 Comparing TWR and IRR in Portfolio Management
28:56 Impact of Market Conditions on Returns
30:20 Strategies for Retirement Planning
40:37 Purpose-Driven Dollar Concept
46:06 Balancing Risks for Optimal Returns
49:30 Conclusion and Final Thoughts
Why RIAs and Independent Financial Advisors Who Add Banking Services are Poised for Rapid Growth
In this episode of the Modern Financial Advisor Podcast, host Mike Langford chats with Terry Mullen, Chief Revenue Officer of Fispoke, about how financial advisors can now offer comprehensive banking services to their clients.
Once exclusive to wirehouse advisors, these services are now accessible to RIAs and independent financial advisors, thanks to new technology and banking arrangements. Mike and Terry discuss the evolution of financial advice, the immense market potential, and the transformative power of integrating banking solutions for financial advisory businesses.
Learn about how Fispoke is bridging this gap, the opportunities for growth, and the future of comprehensive financial planning. Don't miss out on this insightful conversation that could change the way you offer financial advice!
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If you would like to follow up with Terry, shoot him an email.
Episode Summary
As the financial industry continues to evolve rapidly, staying ahead of the curve is essential for maintaining a competitive edge. In the latest episode of the Modern Financial Advisor Podcast, host Mike Langford delves into an exciting development that could revolutionize the services offered by independent financial advisors and registered investment advisors (RIAs). Joined by Terry Mullen, Chief Revenue Officer of Fispoke, they explore how comprehensive banking solutions are making their way into this space and what it means for the future of financial advisory services.
Introduction
In a powerful conversation, Mike Langford and Terry Mullen discuss the next wave of services that financial advisors will offer: comprehensive banking advice and management of banking products. Traditionally, these services were the exclusive domain of wirehouse advisors. However, with technological advancements and innovative companies like Fispoke, independent financial advisors can now integrate banking solutions into their offerings.
The Evolution of Financial Advisory Services
Terry Mullen, an industry veteran, returns to the podcast, reflecting on his journey and the transformative role new technologies are playing in financial advisory. From his early days with Truelytics to his current role at Fispoke, Mullen underscores the shift in advisor roles from merely managing assets to offering all-encompassing financial planning, including banking services.
Identifying the Problem and Market Opportunity
The conversation identifies a significant gap in the market: most independent advisors lack access to integrated banking products. Mullen explains that many clients assume their financial advisors can easily provide banking services, yet only 7% of advisors have integrated solutions. Fispoke aims to bridge this gap by providing a comprehensive platform for advisors to offer high-yield savings accounts, loans, mortgages, and more.
Fispoke's Integrated Banking Solutions
Fispoke positions itself as a "TAMP for Banking," providing turnkey cash and lending solutions for advisors. The platform connects advisors with banks offering competitive rates, allowing them to integrate these products seamlessly into their advisory services. This integration enables advisors to become fiduciaries for their clients' entire financial picture, enhancing transparency and client service.
Future Prospects and Industry Impact
Fispoke's innovative approach is poised to open up new growth opportunities for financial advisors. By offering integrated banking solutions, advisors can attract new clients, deepen relationships with existing ones, and recapture assets held elsewhere. This development is particularly appealing to advisors considering breaking away from large wirehouses, as it addresses a critical need for comprehensive client service.
Conclusion
As Terry Mullen and Mike Langford wrap up their discussion, they highlight the potential for Fispoke to pave the way for a new breed of advisors focused on banking advice. With the financial landscape continuously evolving, having access to comprehensive banking solutions positions advisors to deliver truly holistic financial planning, setting a new standard for client service in the industry.
In summary, the advent of integrated banking solutions is a game-changer for financial advisors, offering a platform for growth and differentiation. As Fispoke launches and expands its offerings, it promises to provide advisors with the tools they need to better serve their clients and navigate the future of financial services. For financial advisors looking to embrace this new frontier, the opportunity is not only exciting but essential for continued relevance and success in the industry.
Resources Mentioned In This Episode:
How Financial Advisors Can Help Clients Navigate The Black Box of Healthcare Costs - Mike mentioned the parallels between the work that Drew Schockley and the team at Move Health are doing for financial advisors and their clients on the health insurance landscape. Like banking, every client is going to have health care needs. As a financial advisor, you should be offering sound advice on areas like these that affect your clients’ financial lives in significant ways.
Episode 1 - The Truelytics Origin Story with Terry Mullen - As Mike mentioned in this episode, Terry Mullen was the first ever guest on the podcast back when it was actually called The Valuations Podcast. Jump in the time machine and give it a listen.
Chapters
00:00 Introduction and Episode Overview
01:26 Guest Introduction: Terry Mullen
01:36 The Evolution of Financial Advisory Services
02:52 The Next Wave: Comprehensive Banking Services
03:38 Identifying the Problem and Market Opportunity
05:28 Fispoke's Integrated Banking Solutions
10:45 Growth Opportunities for Financial Advisors
17:17 Future Prospects and Closing Thoughts
19:09 The Impact of Healthcare on Job Mobility
19:50 Breakaway Advisors and Wirehouse Firms
20:53 Fispoke's Integration with Independent Broker-Dealers
21:45 The Role of Technology in Financial Advisory
23:45 The Future of Banking Advisors
28:48 Fispoke's Banking Partnerships
29:50 Technology Integration with Advisor's Tech Stack
32:55 The Benefits of Smaller Banks
34:09 Conclusion and Contact Information
The Evolving Role of a Financial Advisor in an AI-Driven World
In this episode of the Modern Financial Advisor Podcast, host Mike Langford sits down with Dr. Emily Koochel, Manager of Financial Wellness at eMoney Advisor, to explore the critical role of the human advisor in an increasingly AI-powered world.
They discuss how AI can be used as a tool to enhance efficiency, personalize client experiences, and maintain trust, rather than replacing human advisors. With compelling data and practical insights, this episode aims to help financial advisors feel more confident in integrating AI into their practices.
Sponsored By:
PodBox - Help your guest sound their best on your podcast, webinar, or important Zoom call with a PodBox microphone setup.
If you would like to follow up with Emily, shoot her an email.
Episode Summary
As technology continues to advance at a rapid pace, financial advisors find themselves at a crossroads. AI, with its promise of efficiency and data-driven insights, presents both an opportunity and a challenge for those in the financial advisory sector. In a recent episode of the Modern Financial Advisor Podcast, Mike Langford sat down with Dr. Emily Koochel, Manager of Financial Wellness at eMoney Advisor, to explore the human element in financial advice amidst the rise of AI.
The Human Element in Financial Advice
Dr. Emily Koochel emphasizes the importance of maintaining the human connection in financial advisory. As AI becomes more integrated into financial services, there is a concern that the personal touch might be lost. However, Dr. Koochel believes that the relationship-based nature of financial advising can never be fully replicated by technology. Clients choose their advisors based on trust and personal connection, not just the services or products offered.
What Advisors Need to Understand About AI
Dr. Koochel highlights a significant shift in the financial advisory landscape following the introduction of ChatGPT in 2022. Financial advisors began to recognize the potential of AI to enhance, rather than replace, their roles. A survey conducted by eMoney found that 72% of advisors view AI as both an opportunity and something they approach with caution. Advisors acknowledge the potential for AI to improve efficiency, productivity, and client-centric services without diminishing the necessity for human oversight and connection.
Personalization at Scale
One of the promising aspects of AI in financial advisory is its ability to offer personalized services at scale. Traditionally, hyper-personalized services were reserved for high net worth clients due to the resources required. AI tools now allow advisors to offer tailored experiences to a broader client base, enhancing client satisfaction and accessibility without overextending resources.
Building and Maintaining Trust
Trust remains paramount in client-advisor relationships. Dr. Koochel advises financial advisors to not let technology overshadow the personalized touch clients expect and deserve. Trust fuels client satisfaction, loyalty, and encourages referrals. Advisors should work on fostering collaborative engagements with clients to build resilient relationships, ensuring that trust is not easily shaken by market fluctuations or external pressures.
Practical Steps for Integrating AI
For advisors hesitant about integrating AI, Dr. Koochel suggests starting with low-risk, high-impact solutions. Identify manual processes that could benefit from automation to free up valuable time. Familiarize yourself with AI technologies, engage in webinars, and be proactive in learning how these tools can drive growth without disrupting client relationships.
Conclusion
The integration of AI into financial advisory services offers exciting possibilities for efficiency and personalization while maintaining human connections. Dr. Koochel's insights provide a guide for advisors looking to navigate this evolving landscape, ensuring they embrace change without losing the essence of personal financial advising. As advisors explore these tools, the goal is clear— to leverage technology to enhance human-centric services, making high-end personalized advice accessible to a wider audience.
For those eager to dive deeper into this topic, follow Dr. Emily Koochel and eMoney Advisor for more insights and resources on how AI is shaping the future of financial advisories. Whether through podcasts, blogs, or webinars, staying informed and proactive is key to success in this exciting new era.
Resources Mentioned In This Episode:
The Psychology of Financial Planning - Dr. Emily Koochel was a contributing author to this pioneering book and practitioner resource guide published by the CFP Board.
eMoney Advisors Resource Center - As Emily mentioned, eMoney publishes a variety of resources for financial advisors.
Chapters
00:00 Introduction and Guest Welcome
00:12 The Human Element in Financial Advice
00:59 Podcast Subscription and Contact Information
01:29 Conversation with Dr. Emily Koochel Begins
01:45 Weekend Plans and Personal Anecdotes
02:23 AI's Impact on Financial Advisory
02:54 Dr. Koochel's Unique Qualifications
05:20 Understanding Financial Therapy
08:54 Financial Socialization and Childhood Influences
11:32 AI in Financial Planning: Opportunities and Concerns
17:25 The Importance of Human Connection
20:16 Generational Perspectives on Financial Advice
23:10 Emotional Conversations in Financial Planning
26:36 Practical AI Integration for Advisors
27:35 Exploring AI Integration in Financial Services
27:57 Identifying and Automating Manual Processes
28:47 Prioritizing High Impact, Low Risk AI Solutions
29:28 Familiarizing with AI Technologies
34:29 Personalization at Scale with AI
41:32 Building and Maintaining Trust in Client Relationships
51:52 Conclusion and Final Thoughts
Why the Timing is Right for Financial Advisors to Embrace Managing Digital Assets for Their Clients
Jake Claver, of Digital Ascension Group joins Mike Langford for an exploration of the growing importance of digital assets in wealth management.
They discuss the concept of 'digital lottery winners'—clients who have gained significant wealth through cryptocurrencies—and the necessity for financial advisors to adapt to this new landscape. Jake also dispels a few common myths that financial advisors may have about who is investing in crypto and digital assets.
The conversation also touches on the risks associated with holding digital assets and the future of regulation in the crypto space. The conversation highlights the opportunities for financial advisors to engage clients in discussions about digital assets, the potential impact of regulation on the market, and predictions for the future of transactions in a digital economy.
Sponsored By:
PodBox - Help your guest sound their best on your podcast, webinar, or important Zoom call with a PodBox microphone setup.
If you would like to follow up with Jake, shoot him an email.
Key Takeaways From This Episode
Digital assets are becoming a significant part of wealth management.
Advisors must adapt to the growing presence of crypto in client portfolios.
Institutional custody provides security and insurance for digital assets.
Many clients are unaware of the risks associated with holding crypto.
The average client at Digital Ascension Group has substantial digital assets.
Regulation in the crypto space is on the horizon.
Younger generations are more interested in digital assets.
Advisors can offer IRA options for investing in crypto.
The market for digital assets is currently speculative.
Understanding client needs in digital assets is crucial for advisors. Institutional custody in crypto is largely unknown to the public.
Digital lottery winners are seeking strategic financial advice.
Clients often hold assets with potential for significant appreciation.
Financial advisors need to take digital assets seriously.
Engaged clients are more likely to be satisfied with their advisors.
The future of financial products will be heavily influenced by blockchain technology.
Regulation will play a crucial role in the evolution of crypto markets.
Market predictions indicate potential volatility in the near future.
The US dollar remains a central figure in the digital economy.
Transaction volumes are expected to increase as digital assets gain traction.
Resources Mentioned In This Episode:
Digital Ascension Group - A multi-family office specializing in serving clients with significant digital asset holdings.
Digital Wealth Partners - An RIA that works with individual clients and other RIAs to manage and advise on digital assets and alternative investments.
Jake Claver on YouTube -Jake has a robust YouTube following. As he mentioned during the show , he hosts a livestream every Monday and Wednesday evening.
Chapters
00:00 Introduction to Digital Assets and Wealth Management
03:01 Understanding Digital Ascension Group's Services
07:59 The Rise of Digital Lottery Winners
09:23 The Importance of Advisors in the Crypto Space
15:32 Institutional Custody Explained
22:10 The Risks of Holding Digital Assets
24:37 Understanding Institutional Custody in Crypto
25:57 The Profile of Digital Lottery Winners
28:00 The Role of Financial Advisors in Crypto
30:29 Opportunities for Financial Advisors
32:27 Engaging Clients with New Asset Classes
34:15 The Future of Financial Products on Blockchain
36:29 The Impact of Regulation on Crypto
40:28 Market Predictions and Economic Insights
45:19 The Future of Transactions in a Digital Economy
How Financial Advisors Can Help Clients Navigate The Black Box of Healthcare Costs
Drew Shockley, Co-Founder of Move Health joins Mike Langford to explore how financial advisors can help their clients tackle one of the biggest obstacles that many are likely going to face at some point in their life…
Finding a health care plan that they can afford and that works within the framework of their overall life goals.
Sponsored By:
PodBox - Help your guest sound their best on your podcast, webinar, or important Zoom call with a PodBox microphone setup.
If you would like to follow up with Drew, shoot him an email.
Key Takeaways From This Episode
Healthcare costs can significantly alter clients' life plans.
Many clients feel trapped in jobs due to healthcare benefits.
Financial advisors often underestimate healthcare costs in planning.
The healthcare landscape is complex and requires specialized knowledge.
A significant portion of the population purchases their own healthcare coverage.
The age group 55-64 is critical for healthcare planning.
Myths about health insurance can prevent clients from making informed decisions.
The Affordable Care Act has changed the healthcare insurance landscape.
Financial advisors can play a crucial role in helping clients navigate healthcare options.
There is a growing need for financial advisors to integrate healthcare planning into their services. Financial advisors play a crucial role in retirement planning.
Healthcare costs are a significant concern for retirees.
72% of clients would switch advisors if healthcare needs aren't met.
Long-term care is a reality for 50% of Americans.
The modern advisor must understand healthcare options.
Personalized service is essential in financial advising.
The Affordable Care Act has changed healthcare access.
Advisors should engage with clients about their career plans.
Partnerships with healthcare experts can enhance client service.
Understanding healthcare costs is vital for financial planning.
Resources Mentioned In This Episode:
Move Health - A healthcare insurance planning firm utilized by forward-thinking financial advisors and their clients across the country.
Long-Term Care Episode - In similar fashion to standard healthcare cost, long-term care has an extremely high probability to need for most clients of today’s financial advisors. Yet, most advisors are not planning for it appropriately, if at all. In this episode, Larry Nisenson of Assured Allies provides a quality roadmap for financial advisors to follow to ensure their clients needs are met.
Chapters
00:00 Introduction to Healthcare Challenges
02:45 The Role of Financial Advisors in Healthcare Planning
06:05 Understanding the Healthcare Landscape
08:52 Target Demographics for Healthcare Solutions
11:59 The Importance of Age 55-64 in Healthcare Planning
14:56 Myths About Health Insurance
18:12 The Impact of the Affordable Care Act
21:05 The Shift in Financial Advisory Services
24:10 The Modern Financial Advisor as a Quarterback
27:59 The Financial Playbook: Strategies for Retirement Planning
34:52 Navigating Healthcare: The Role of Financial Advisors
40:56 The Human Element in Healthcare Decisions
44:01 Unlocking Freedom: Helping Clients Transition to Retirement
52:57 The Future of Healthcare: Understanding the Affordable Care Act
Why Asking The Right Questions About Your Client’s Values Often Leads to Higher Quality Financial Advice
Jason Britton, CEO of Reflection Analytics joins Mike Langford to discuss the transformative power of values-based investing. They explore how financial advisors can help clients align their investment portfolios with their personal values, moving beyond traditional metrics of financial success. The conversation delves into the evolution of financial advice, the importance of understanding client values, and the challenges of navigating polarized discussions around investment choices. Jason emphasizes the need for genuine discovery in client conversations and the role of behavioral economics in understanding client motivations.
Sponsored By:
PodBox - Help your guest sound their best on your podcast, webinar, or important Zoom call with a PodBox microphone setup.
If you would like to follow up with Jason, shoot him an email.
Key Takeaways From This Episode
Advisors should help clients align portfolios with their values.
Finance has evolved from a means to an end to a complex system.
Values-based investing is about real-time decision-making.
Discovery is key in understanding client motivations.
Advisors must leave their politics at the door.
Clients care about preserving the earth, regardless of political views.
It's essential to provide clients with investment options that reflect their values.
Finance is a social science, not just a hard science.
Understanding what clients own is crucial for values alignment.
Navigating values discussions requires sensitivity and openness. There is no such thing as perfection in business.
Consistency and alignment are key in investment.
Corporations should aim to create public good.
The free market is influenced by government intervention.
Subsidies are necessary for public infrastructure projects.
Transitioning to renewable energy requires collective action.
Wealth is created by providing value to society.
Corporations and society must work together for mutual benefit.
Personal values should guide investment decisions.
AI has both positive and negative implications for society.
Resources Mentioned In This Episode:
Reflection Analytics - A scalable values-based investing analysis engine that ensures asset managers, advisors and asset owners are accessing solutions that truly reflect their values and mandates.
Reflection Asset Management - A boutique wealth and asset management firm specializing in thematic investing.
Rural Electrification Act - The Rural Electrification Act of 1936 was a U.S. federal law that provided funding and support to bring electricity to rural areas, improving infrastructure and living standards in underserved communities.
Chapters
00:00 Introduction to Values-Based Investing
02:51 The Evolution of Financial Advice
09:22 Defining Values in Investing
15:11 The Importance of Discovery in Client Conversations
20:38 Navigating Polarization in Values Discussions
27:10 The Complexity of Values-Based Investing
29:02 The Pursuit of Consistency Over Perfection
30:53 The Role of Corporations in Society
32:42 The Myth of a Free Market
34:37 Subsidies and Public Good
36:33 The Value of Innovation and Risk
38:30 Wealth Creation and Shared Value
40:54 The Interdependence of Corporations and Society
42:47 Personal Values in Investment Decisions
44:40 The Future of Values-Based Investing
46:38 Engaging Clients in Financial Conversations
50:55 The Dual Nature of AI and Technology