Financial Planning

Reimagining Estate Planning As Helping Clients Make Premade Decisions For Their Loved Ones

Andrew Crowell, Vice Chairman of Wealth Management at D.A. Davidson returns to the show to explore a new perspective on estate planning: pre-making decisions for heirs and loved ones. Andrew and show host Mike Langford emphasize the importance of having conversations early and often to prevent emotional duress and ensure that family members are aware of the individual's wishes. They also discuss the significance of planning for digital assets, including passwords and online accounts. The conversation highlights the need for clear instructions on how to handle sentimental or private items after someone's passing.

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 Andrew, shoot him an email.

Key Takeaways From This Episode:

  • Estate planning should involve pre-making decisions for heirs and loved ones to alleviate stress and emotional duress.

  • Having conversations early and often about end-of-life wishes and asset distribution can prevent confusion and conflict.

  • Planning for digital assets, such as passwords and online accounts, is crucial to ensure smooth transitions and access to important information.

  • Consider the disposition of sentimental or private items and communicate preferences to avoid misunderstandings or disputes. Open communication and having conversations about wealth transfer are crucial in estate planning.

  • Individuals without biological heirs need to plan intentionally and consider who they want to inherit their assets.

  • The concept of an ethical will can be used to pass on values and intentions to future generations.

  • Remarriage later in life can complicate estate planning, and it is important to consider the impact on existing assets and family dynamics.

  • Senior investor protections are necessary due to the increase in life expectancy and the complexities introduced by digital assets.

  • Seeking professional advice from estate attorneys and financial advisors is essential in navigating the complexities of estate planning.

Resources Mentioned In This Episode:

Chapters

00:00 Introduction: Improving Sound Quality with PodBox

01:26 A New Perspective on Estate Planning

03:53 Pre-Making Decisions for Heirs

07:06 Avoiding Emotional Duress

09:44 Disposition of Sentimental Items

16:30 Planning for Digital Assets

23:27 Privacy Concerns and Personal Journals

28:12 Having a Partner to Dispose of Sensitive Items

29:09 The Importance of Conversations in Estate Planning

31:37 Challenges Faced by Individuals without Biological Heirs

34:27 The Concept of an Ethical Will

37:19 The Impact of Remarriage on Estate Planning

46:51 Senior Investor Protections and the Complexity of Digital Assets

53:13 The Role of Professional Advice in Estate Planning

One Man's Mission To Make It Easy For Financial Advisors To Go RIA

Chuck Failla, Founder and CEO of Sovereign Financial Group returns to the Modern Financial Advisor Podcast to share some updates on the goRIA initiative he launched in partnership with InvestmentNews. Chuck also shares his journey of going RIA and the motivation behind creating goRIA as a media outlet to educate advisors about the benefits of the RIA space. 

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 Chuck, shoot him an email.

Key Takeaways From This Episode:

  • The importance of having a high-quality microphone setup for podcasting. Just listen to how great Chuck Failla sounds in this episode.

  • The motivation behind creating goRIA as a media outlet to educate advisors about the benefits of the RIA space

  • The value of networking and learning from other advisors at conferences

  • The need for integration and future-proofing technology in the RIA industry, including the concept of a data warehouse or data lake When choosing an RIA firm, it is important to do thorough research and speak with other advisors who have experience with different firms.

  • The RIA industry needs to improve training programs to better prepare new advisors for the job.

  • Succession planning and ownership transition are important considerations for RIAs, and options like minority stakes and internal ownership can be explored.

  • There is a growing interest in RIAs advising on alternative investments beyond marketable securities.

  • AI can be used to streamline processes in the RIA industry, such as portfolio analysis and presentation creation.

Resources Mentioned In This Episode:

Chapters

00:00 Introduction and The Importance of a High-Quality Microphone Setup

03:27 Educating Advisors about the Benefits of the RIA Space

15:26 Networking and Learning at Conferences

19:07 Integration and Future-Proofing Technology in the RIA Industry

29:22 Choosing the Right RIA Firm

30:18 The Need for Better Training

32:44 Succession Planning and Ownership Transition

38:21 Expanding Services: Advising on Alternative Investments

52:32 The Role of AI in the RIA Industry

Why Financial Advisors Should Focus On Serving The Unique Needs Of Childfree Clients

Dr. Jay Zigmont, Founder and CEO of Childfree Wealth joins Mike Langford for a fascination conversation about the intricacies of providing comprehensive financial advice to childfree clients. They discuss the significant population of adults who do not have children and the unique needs that are not being met by traditional financial planning methods. They also explore the reasons why people choose to be childfree and the challenges faced by financial advisors in serving this niche. The conversation covers topics such as dying with zero, long-term care planning, estate planning, retirement, and the importance of understanding the goals and desires of childfree clients.

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 Jay, shoot him an email.

Key Takeaways From This Episode:

  • Child-free individuals make up a significant population of adults who have unique financial needs that are not being met by traditional financial planning methods.

  • Child-free individuals often have different goals and desires, such as wanting to die with zero and focusing on experiences and passions rather than retirement.

  • Long-term care planning and estate planning are important considerations for child-free individuals, as they may not have the same support system as parents.

  • Financial advisors should be aware of the assumptions and biases they may have when working with child-free clients and should tailor their services to meet their specific needs.

  • There is a lack of resources and dedicated financial planning firms that focus on serving child-free clients, despite the significant size of this population. Child-free individuals face unique challenges in financial planning and end-of-life care.

  • There is a lack of resources and services available to child-free individuals.

  • Financial advisors need to understand and serve the child-free demographic better.

  • Legal and societal biases against child-free individuals need to be addressed.

  • There are opportunities for financial advisors to specialize in serving child-free clients.

Resources Mentioned In This Episode:

Chapters

00:00 Introduction to Child-Free Financial Advice

03:45 The Size and Significance of the Child-Free Population

08:07 Understanding the Choice to Be Child-Free

13:25 Dying with Zero: A Different Approach to Financial Planning

15:23 The Life of Child Wealth: Redefining Retirement

27:43 Addressing the Unique Needs of Child-Free Individuals

36:44 Creating Communities and Support Networks

46:25 Challenges and Biases Faced by Child-Free Individuals

53:48 Opportunities for Financial Advisors in the Child-Free Market

What Exactly Is Sustainable Investing? And Why Are Today's Clients Demanding It?

In this episode of the Modern Financial Advisor podcast, Mike Langford interviews Pete Krull, CEO of Earth Equity Advisors, about sustainable investing. They discuss the importance of sustainable investing for financial advisors and their clients, debunk common myths about sustainable investing, and explore the growth opportunities in the field.

Pete and Mike also touch on the role of ESG metrics, the future of the insurance industry in the face of climate change, and the increasing demand for sustainable investing among different generations.

If you would like to follow up with Pete Krull, shoot him an email.

Key Takeaways From This Episode:

  • Sustainable investing is an important aspect of a financial advisor's role in helping clients have a vibrant and sustainable future.

  • ESG metrics are a set of metrics that assess risks on companies related to environmental, social, and governance factors.

  • Sustainable investing is not just about avoiding certain sectors, but also about investing in solutions for a cleaner, more equitable future.

  • The insurance industry plays a crucial role in pricing climate risk and is an important sector to consider in sustainable investing.

  • There is a growing demand for sustainable investing among different generations, with millennials and Gen X showing high interest.

  • Traditional advisors can explore opportunities in sustainable investing and engage with clients and prospects on this topic. Financial advisors need to understand the values and preferences of their clients, particularly the younger generations who are interested in sustainable investing.

  • The next generation of investors will have a significant amount of wealth to invest, and advisors need to be prepared to meet their needs.

  • Electric vehicles are becoming increasingly popular, and the availability of charging infrastructure is an important factor to consider.

  • Real estate can play a role in sustainable investing, as energy-efficient and environmentally-friendly buildings can attract higher rents.

  • When planning for retirement, it is important to consider climate readiness and resilience of the location.

  • Financial advisors can benefit from connecting with influencers in the sustainable investing space to expand their network and reach a wider audience.

Resources Mentioned In This Episode:

Chapters

00:00 The Role of Sustainable Investing for Financial Advisors

03:47 Debunking Myths About Sustainable Investing

12:23 The Future of the Insurance Industry in the Face of Climate Change

25:01 The Increasing Demand for Sustainable Investing Among Different Generations

29:16 Engaging with Clients and Prospects on Sustainable Investing

30:10 Meeting the Needs of Next Gen Investors

32:07 The Growth of Electric Vehicles and Charging Infrastructure

35:19 The Role of Real Estate in Sustainable Investing

43:30 Considering Climate Readiness in Retirement Planning

51:18 Connecting with Influencers in Sustainable Investing

Why Financial Advisors Should Provide Simple Financial Health Metrics To Their Clients

Reese Harper, CEO of Elements, joins Mike Langford to discuss how financial advisors can use vital signs to improve client conversations and increase their comfort level around financial advice.

Reese explains that vital signs are objective scores that measure various aspects of a client's financial health, such as liquidity, debt-to-income ratio, and savings rate. By using vital signs, advisors can provide personalized advice and help clients make informed decisions about their finances.

Reese also emphasizes the importance of specializing in a niche market and using vital signs to demonstrate value to prospective clients. Lastly, Reese shares how Elements can be used to accelerate the closing process for new clients.

If you would like to follow up with Reese Harper, shoot him an email.

Key Takeaways From This Episode:

  • Vital signs are objective scores that measure various aspects of a client's financial health, such as liquidity, debt-to-income ratio, and savings rate.

  • By using vital signs, financial advisors can provide personalized advice and help clients make informed decisions about their finances.

  • Specializing in a niche market and using vital signs can help advisors demonstrate value to prospective clients.

  • Elements, a financial vitals software, helps advisors streamline their processes and provide meaningful financial care.

Resources Mentioned In This Episode:

Chapters

00:00 Introduction and Overview

02:56 The Concept of Vital Signs

10:05 Improving Financial Behaviors with Vital Signs

28:31 Using Vital Signs in a Niche Market

35:23 The Birth of Elements and the Importance of Vital Signs

41:06 Accelerating Client Onboarding with Elements

How Advisors Can Tap the Hidden Growth Potential in Their Clients’ Communities

What if you could expand your client roster by 300% without having to spend a fortune on marketing? This week's guest Beatriz Acevedo and her team at SUMA Wealth discovered a hidden growth gem by serving the Latinx community.

It turns out, people in the community tend to bring other clients with them. And as you'll hear Beatriz discuss with Mike Langford, this growth concept is present in many communities.

If you would like to follow up with Beatriz Acevedo, shoot her an email.

Key Takeaways From This Episode:

  • Serving specific communities requires a community-first approach that understands their unique needs and priorities.

  • Using culture to explain financial concepts can help build trust and emotional connection with customers.

  • Understanding the needs and priorities of younger generations, such as Gen Z, is crucial for financial advisors and for developing effective financial products and services.

  • Adapting strategies and learning from mistakes is essential in connecting with younger generations and embracing change. Pay attention to the younger generation and their financial needs.

  • Transitioning to a new career requires taking a leap of faith and learning new skills.

  • A community-first approach is crucial in the FinTech industry.

  • Life experience plays a significant role in making smart decisions.

  • Younger generations often manage family finances and can be a valuable target audience for financial advisors.

  • Using culture can make finance more accessible and engaging.

  • Expanding the SUMA Wealth app and focusing on enterprise sales are key goals for the future.

Resources Mentioned In This Episode:

  • How I Built This - Beatriz was a guest on HIBT Lab! with Guy Raz in which she shared more about her journey that led her to starting SUMA Wealth.

  • Is Your Credit Guacaready? - This is a great example of the culturally relevant marketing that the SUMA Wealth team is using to build a community of over a million people.

Chapters

00:00 Introduction and Background

03:23 Summa Wealth's Community-First Approach

06:09 The Aha Moment for Summa Wealth

10:18 Understanding the Target Audience

13:40 Learning from Mistakes and Adjusting

22:01 Adapting to Changing Consumer Behavior

25:22 Learning from Younger Generations

26:10 The Value of Different Perspectives

27:06 The Importance of Embracing Change and Learning from Younger Generations

29:03 Transition from TV Producer to FinTech Founder

31:16 Recognizing the Lack of Financial Education in Latino Communities

33:01 The Role of Culture and Community in Fintech

36:00 The Power of Life Experience in Decision-Making

37:26 The Opportunity of Connecting with Younger Generations

43:25 Attracting Non-Latinx Users to Summa Wealth

48:39 Future Plans for Summa Wealth

Cracking The Code On Organic Growth For Financial Advisors

The lack of robust organic growth for financial advisors' businesses has been a key concern for industry leaders for years.

On this episode of the podcast Tom Rieman, CEO and Founding Partner of PracticeI ntel shares what he believes is the key to cracking the code on organic growth for financial advisors.

If you would like to follow up with Tom Rieman, shoot him an email.

Resources Mentioned In This Episode:

Appreciating How Modern The Profession Of Financial Advisor Actually Is

There are financial advisors working today who are members of the first generation of people to ever call themselves financial advisors. Think about that!

On this episode of the show, Matt Reiner returns to nerd out with Mike Langford about some of the exciting innovations that are creating new opportunities for modern financial advisors.

If you would like to follow up with Matt Reiner, shoot him an email.

Resources Mentioned In This Episode:

  • The Circle - Matt and his team have created a vibrant community to share actionable strategies, weekly, to enhance your life, elevate your business and enrich your client experience.

  • "Your Future Self" by Hal Hershfield - Matt recommended this book in the context of understanding our decision making process.

  • Harry Markowitz - The father of modern portfolio theory passed away in 2023. The guy who created the foundation for the models that financial advisors use for managing their clients' assets only recently passed away!

  • When Ideas Have Sex - A TED Talk by Matt Ridley that inspired a fun conversation in this episode.

Protecting Your Clients And Your Firm From Financial Fraud

Andrew Crowell, Vice Chairman of Wealth Management at D.A. Davidson returns to the show to share some eye popping facts about the prevalence of financial fraud. Andrew and Mike Langford also explore what financial advisors can do to protect their clients for becoming victims of fraud and how to help clients recover if they are victimized.

Toward the end of the episode Andrew and Mike dive into the mechanisms financial advisors can use to protect their firm from fraudsters. Because like the famous bank robber Willie Sutton said when asked why he robs banks, financial advisors are "where the money is."

If you would like to follow up with Andrew Crowell, shoot him an emaill.

Resources Mentioned In This Episode:

How Financial Advisors Can Help Clients Manage The Gap Between What They Think Is Happening And What Is Actually Happening

James Beam, President of TD Private Client Wealth breaks down a common challenge that clients of today's financial advisors face... information overload that often results in clients having a distorted picture of what is actually happening in the world.

Jim and Mike also explore the potential impact of artificial intelligence (AI) on the modern financial advisor's business and how the use of a goals based advice approach can serve as a foundation for advisors regardless of what future technologies may come their way.

Resources Mentioned In This Episode:

Mike referenced the concepts championed and powered by Vise in this episode. The startup has since pivoted a bit but the core of their AI powered solution is the same. Below are links to a few podcast episode Mike recorded with the founders of Vise, Runik Mehrotra and Samir Vasavada.

Want To Offer Better Financial Advice To Your Clients? Start With Checklists And Flowcharts

Michael Lecours, CFP® says that the origin story of fpPathfinder, a company he co-founded with Michael Kitces, is a bit humbling. He found that he was routinely forgetting to ask the right questions or giving slightly incorrect answers or missing timely opportunities for recommendations when meeting with his clients.

It wasn't that Michael was incompetent or lacking in financial planning skills... he is a Certified Financial Planner with over a decade of experience. It's just that there is so many things that a client might need to know about or do or not do at any given time. And the landscape is constantly changing.

So, Michael came up with a simple idea. He made a series of checklists and flowcharts that he would use during client meeting to ensure he "checked all the boxes" and kept things on track. Suddenly, he felt like he was delivering higher quality advice to his clients and he realized he was onto something that other advisors could use with their clients.

Resources Mentioned In This Episode:

If you would like to follow up with Michael Lecours, shoot him an email.