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