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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