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
Solving the Biggest Tech Problem in Wealth Management by Creating True Ownership of Your Firm’s Data
Jud Mackrill, Co-Founder of Milemarker joins Mike Langford for a conversation about the challenges financial firms face regarding data ownership and integration. They discuss the concept of data lakes, the mission of Milemarker to empower financial advisors with better data control, and the evolution of technology in the financial services industry.
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 Jud, shoot him an email.
Key Takeaways From This Episode
True ownership of data is a significant challenge for financial firms.
Milemarker aims to connect various systems for better data management.
The term 'data lake' has gained traction in the financial advisory space.
Having centralized data allows firms to understand their business better.
Milemarker's origin story is rooted in solving industry-wide problems.
The financial services industry is often slow to adopt new technologies due to regulations.
Data will be central to enhancing client experiences in the future.
Milemarker simplifies operational processes for financial advisors.
Private equity involvement in the industry is increasing.
Advisory firms need to prepare for data transparency and reporting. Our system actually delivers that to people and it's super fun.
You need to work on your business, not just in your business.
Adoption just never takes off or is really small because it's hard.
Milemarker is not a DIY service.
You need to own your data because you need to have your data in a way that you can control it.
You're going to be an AI company, not a matter of if, it's a matter of when.
Having that data together is going to be really imperative.
You want to be able to use the tooling that's important to you.
The war for talent is ongoing.
It helps you articulate your thoughts better.
Resources Mentioned In This Episode:
Orion - Jud Mackrill shares the story of being employee number 20 at Orion and how getting to work alongside the company's founder, Eric Clarke, shaped his career.
Skience - As part of Jud's recalling the origin story of Milemarker he reflects on meeting his co-founder Kyle Van Pelt when Kyle was still working at Skience.
Zapier - Mike mentioned how his sees some high-level parallels between what Milemarker is doing for wealth management firms and how Zapier has created the ability for businesses to connect a variety of other web services.
Holistiplan - Jud mentioned how Milemarker is working to make it easier for advisors to adopt solutions like Holistiplan, a tax planning softwares tool and
Wealth.com - An estate planning tool that benefits from deeper integration and ease of use with the advisor's existing workflow.
Stefan Ludlow - Jud mentioned Stefan and his role as the CTO at Cerity Partners as an example of what a CTO at a modern financial advisory firm hopes their job will look like versus what life is like for most tech leaders in wealth management.
The Connected Advisor - The Milemarker team are producing Podcast and Newsletter to connect with their prospects, clients, and the wider wealth management community. A side benefit is it helps them better articulate their thoughts about the space.
Chapters:
00:00 Introduction to Data Ownership Challenges
02:28 Understanding Milemarker's Mission
04:25 The Concept of Data Lakes
08:08 The Origin Story of Milemarker
14:06 The Evolution of Technology in Financial Services
19:02 Practical Applications of Milemarker
22:50 Unlocking Insights with Technology
23:19 Working on Your Business vs. In Your Business
24:18 Challenges of Technology Adoption in Advisory Firms
25:15 The Role of Milemarker in Technology Implementation
29:07 The Importance of Data Quality for AI
32:23 Preparing for the AI Revolution in Advisory Firms
36:30 Core Building Blocks for RIAs in 2025
41:29 The Value of Content Creation for Advisors
How Financial Advisors Can Build Better Client Relationships by Leveraging Technology
Patrick Spencer, Managing Director of Moneytree Software, joins Mike Langford to explore how financial advisors can enhance client relationships through technology. They discuss the evolution of Moneytree, the importance of goals-based planning and Monte Carlo simulations, and the critical role of communication in building trust with clients. The conversation emphasizes the need for advisors to understand their clients' objectives and to use technology to facilitate better engagement and decision-making.
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 Patrick, shoot him an email.
Key Takeaways From This Episode
Financial advisors can build better relationships through technology.
Money Tree has evolved significantly since its inception in 1981.
Goals-based planning has transformed the financial advisory landscape.
Monte Carlo simulations provide critical insights for financial planning.
Frequent communication is essential for maintaining client relationships.
Clients desire personalized communication about their portfolios.
Understanding client objectives is key to effective advising.
Data quality directly impacts the effectiveness of financial planning tools.
Visual tools can enhance client understanding and engagement.
The ultimate goal is to instill confidence in clients about their financial futures. Advisors should provide clients with choices within structured frameworks.
Visual communication is essential for effective client engagement.
Scenario planning helps clients envision different life paths and outcomes.
Understanding client scenarios can lead to deeper conversations and insights.
Generational differences influence how clients view retirement and financial planning.
Business ownership should be treated as a valuable asset in financial planning.
Advisors need to ask probing questions to uncover client aspirations and concerns.
Technology is reshaping the way financial advisors interact with clients.
Clients increasingly prefer interactive and visual tools for financial analysis.
The financial advisory landscape is evolving, requiring adaptability from advisors.
Resources Mentioned In This Episode:
Terry Black's BBQ - It's the best barbecue in Austin. You are welcome!
How To Grow Your Financial Advisory Business by Helping Business Owners Sell Theirs - Great episode on serving business owner clients.
Advisor - Client Communication Survey by YCharts - Patrick mentioned some insights surfaced in this survey during our discussion.
Chapters
00:00 Introduction and Personal Connections
04:29 The Evolution of Money Tree
10:20 Goals-Based Planning and Monte Carlo Simulations
18:24 Building Better Client Relationships
25:15 Conclusion and Future Directions
25:42 Client Engagement and Tools for Advisors
26:40 The Importance of Visual Communication
30:00 Scenario Planning in Financial Advisory
35:41 Understanding Client Scenarios and Life Changes
41:20 Generational Perspectives on Retirement
49:06 Business Ownership as an Asset
Strategies For Growing a Financial Advisory Business Without Adding New Clients
Sound Bites
"SMAs and UMAs are making investment solutions available to a wider range of people, not just the ultra high net worth individuals."
"Dimensional's UMA platform has allowed the firm to scale and serve a larger number of accounts with a small increase in headcount."
"The UMA platform allows advisors to offer customized solutions while also having scalability and operational efficiency."
Jon Randall of XFA.Coach joins Mike Langford for an innovative exploration of strategies for growing financial advisory businesses. The conversation delves into the unique approach of XFA, the common constraints faced by advisors, and the importance of client optimization and segmentation.
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 Jon, shoot him an email.
Key Takeaways From This Episode
XFA.Coach focuses solely on helping financial advisors grow their business.
Many advisors face constraints due to having too many clients.
Growth strategies differ significantly for practices under and over a million in revenue.
Client optimization can lead to significant revenue increases.
Segmentation of clients is crucial for effective service delivery.
Advisors must transition from client-facing roles to leadership roles as they grow.
The skills required for managing a business differ from those needed for advising clients.
Community and mentorship can accelerate growth for financial advisors.
Understanding the constraints at different revenue tiers is essential for growth.
Letting go of clients can be difficult but is sometimes necessary for business health.
Resources Mentioned In This Episode:
Most Advisors Are Not Growing Their Business - Here's Why That's A Problem and How To Fix It - Kieran Bol of PriceMetrix by McKinsey shares data that illustrates the lack of organic growth for financial advisory businesses.
How Financial Advisors Can Grow Beyond a Plateau - Jon Randall joined Aaron Hasler of SkyView Partners and Mike Langford for an episode of the Advisor Financing Forum podcast to explore strategies for growth at varies levels of business for financial advisors.
Chapters
00:00 Introduction to Financial Advisory Growth
02:14 Understanding XFA.Coach and Its Unique Approach
04:40 Common Constraints in Financial Advisory Growth
09:20 Revenue Tiers and Their Challenges
18:01 Client Optimization as a Growth Strategy
25:58 The Importance of Client Segmentation
36:23 Transitioning from Advisor to Coach
44:51 The Journey from Advisor to Performance Coach
A New Unified Managed Account Platform Making It Easy For Financial Advisors To Customize and Scale
Sound Bites
"SMAs and UMAs are making investment solutions available to a wider range of people, not just the ultra high net worth individuals."
"Dimensional's UMA platform has allowed the firm to scale and serve a larger number of accounts with a small increase in headcount."
"The UMA platform allows advisors to offer customized solutions while also having scalability and operational efficiency."
Katie Hendrix, Vice President and Director of Asset Allocation Research at Dimensional Fund Advisors, joins Mike Langford to discuss the firm's newly unveiled UMA platform, which provides access to personalized and tax-efficient investment solutions.
Sound Bites
"SMAs and UMAs are making investment solutions available to a wider range of people, not just the ultra high net worth individuals."
"Dimensional's UMA platform has allowed the firm to scale and serve a larger number of accounts with a small increase in headcount."
"The UMA platform allows advisors to offer customized solutions while also having scalability and operational efficiency."
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 Katie, shoot her an email.
Key Takeaways From This Episode
Dimensional Fund Advisors has launched a UMA platform that combines the benefits of SMAs and ETFs, providing advisors with personalized and tax-efficient investment solutions.
The UMA platform offers operational efficiency, flexible asset allocation, and multifaceted tax management, allowing advisors to outsource the day-to-day management to Dimensional.
Dimensional plans to expand the UMA platform to include mutual funds and enhance its model management capabilities.
Advisors can learn more about the UMA platform on Dimensional's website and request a demo.
Resources Mentioned In This Episode:
Planning for Charitable Giving - Katie mentioned how UMAs are great tools for helping clients plan for charitable giving. Learn more about Donor Advised Funds on this episode with Adam Nash of Daffy.
Dimensional Fund Advisors UMA Platform - This landing page offers a tremendous amount of insights into the new DFA platform for UMAs.
The Trend Toward The Personalization of Investing At Scale - In this episode of the Augmented Advisor Podcast, Katie Hendrix and Shawn Jaberzadeh joined Mike Langford and John Prendergast, CEO of Blueleaf shortly after the launch of Dimensional's SMA solution.
Chapters
00:00 Introduction to the UMA Platform
14:17 Difference Between UMA and SMA
18:05 Development Process of the UMA Platform
30:06 Future of the UMA Offering
Why Financial Advisors Need a Cybersecurity Swat Team to Respond to The Inevitable
Michael Cocanower, CEO of AdviserCyber, joins Mike Langford to discuss the importance of cybersecurity for financial advisory businesses. He highlights the increasing threats and the lack of internal resources for most RIAs to protect against cyber attacks.
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 Michael, shoot him an email.
Key Takeaways From This Episode
The SEC and other regulators are increasingly focused on cybersecurity for financial advisory businesses.
Most RIAs are not equipped internally to protect against cyber attacks.
New SEC rules include revisions to Reg S-P and new disclosure requirements.
Cybersecurity efforts should focus on prevention, detection, mitigation, and remediation.
Email-based compromise is a common type of attack, emphasizing the importance of cybersecurity training and multi-factor authentication. Multi-factor authentication (MFA) is crucial in preventing email-based attacks and should be implemented by all users.
Being cautious when clicking on suspicious links and verifying the sender's email address can help identify phishing attempts.
Ransomware attacks have evolved to include data exfiltration, making prevention and detection even more critical.
A proactive approach to cybersecurity, including detection, mitigation, and remediation, is necessary to combat cyber threats.
Engaging in ongoing education and staying updated on cybersecurity trends and best practices is essential for protecting sensitive information.
Resources Mentioned In This Episode:
How Financial Advisors Can Help Protect the Privacy, Security, and Reputation of Their Wealthy Clients - Mykolas Rambus of Hush
Protecting Your Clients And Your Firm From Financial Fraud - Andrew Crowell from D.A. Davidson shares his insights from an advisor’s perspective on cybersecurity.
SEC Reg S-D - Amendments "modernize and enhance the rules that govern the treatment of consumers’ nonpublic personal information by certain financial institutions."
Chapters
00:00 Introduction: The Importance of Cybersecurity for Financial Advisory Businesses
03:08 Understanding the New SEC Rules on Cybersecurity
09:07 The Four Pillars of Cybersecurity: Prevention, Detection, Mitigation, and Remediation
23:50 Common Types of Attacks and the Need for Cybersecurity Training
24:40 Enhancing Security with Multi-Factor Authentication
25:10 Introduction to Cybersecurity Threat Reports
27:01 The Human Element in Cybersecurity
29:41 Recognizing and Avoiding Phishing Attempts
34:16 The Importance of Communication and Verification
41:10 Shifting the Mindset: Assume Breach
46:41 Proactive Measures: Isolating Individual Computers
How An Innovative New Solution For Donor Advised Funds Is Helping Financial Advisors Build Deeper Relationships With Client Households
Adam Nash, the co-founder and CEO of Daffy joins Mike Langford to explore the power of donor advised funds for creating opportunities for your clients and their families to make the kind of meaningful impact they want on the world.
Daffy, which is short for "Donor Advised Funds For You" is an innovative solution designed to make it easier for financial advisors and their clients to collaborate on plans for charitable giving.
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 Adam, shoot him an email.
Key Takeaways From This Episode
Donor advised funds are a powerful tool for charitable giving and tax planning.
Financial advisors should incorporate charitable giving into their clients' financial plans and understand their clients' values.
Daffy offers a family plan that allows multiple generations to participate in charitable giving and have meaningful conversations about their values.
Technology can make it easier for people to give to charity and automate their giving goals. Daffy offers features for financial advisors to use with their clients, including multi-user support and the ability for advisors to perform financial actions on behalf of their clients.
Advisors are encouraged to talk to their clients about their charitable giving goals and help them create a plan.
Daffy provides content and tools to support advisors in these conversations.
The surprising benefits of Daffy include the support and collaboration from other donor advised funds and the ability to offer integrated charitable matching programs for companies.
Resources Mentioned In This Episode:
Daffy for Advisors - Learn how to provide Daffy to your clients and help them manage their families donor-advised funds.
Daffy for Work - Learn how to offer Daffy to your financial advisory firm’s team.
BNY Mellon Charitable Giving Study - Learn what clients expect from their financial advisors when it comes to advising on their charitable giving efforts.
How Financial Advisors Can Help Protect the Privacy, Security, and Reputation of Their Wealthy Clients - Mykolas Rambus of Hush
Reimagining Estate Planning As Helping Clients Make Premade Decisions For Their Loved Ones - Andrew Crowell of D.A. Davidson
What Exactly Is Sustainable Investing? And Why Are Today's Clients Demanding It? - Peter Krull of Earth Equity Advisors
Chapters
00:00 Introduction to Donor Advised Funds and Charitable Giving
02:23 The Need for Innovation in Donor Advised Funds
05:41 The Importance of Setting Goals for Charitable Giving
11:20 The Lack of Innovation in the Donor Advised Fund Industry
15:26 Engaging Multiple Generations in Charitable Giving
19:12 The Universal Value of Giving
21:06 Using Technology to Make Giving Easier
22:32 Incorporating Charitable Giving into Financial Plans
22:45 Using Daffy Features with Clients: A Guide for Financial Advisors
26:22 Incorporating Charitable Giving into Financial Planning: Tips for Advisors
32:03 Tax Strategies and Charitable Giving: A Winning Conversation for Advisors
38:38 Collaboration and Surprising Benefits in the Donor Advised Fund Industry
How Financial Advisors Can Help Protect the Privacy, Security, and Reputation of Their Wealthy Clients
Mykolas Rambus, Co-Founder and CEO of Hush and Mike Langford discuss the scale of a high net worth client's digital footprint and the potential risks associated with it. They also talk about the creation of WealthX, a database of wealthy individuals, and how it led to the development of Hush, a tool that helps individuals protect their online privacy. The conversation covers topics such as cybersecurity, social engineering, and the risks posed by family members. The episode provides valuable insights and action items for financial advisors and their 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 Mykolas, shoot him an email.
Key Takeaways From This Episode
It is important for financial advisors to help their clients keep their personal information private and secure in the digital age.
High net worth clients have a significant digital footprint, and there is a lot of information about them available online.
Cybersecurity threats often start with social engineering or phishing attacks, so it is crucial to be aware of these risks.
Family members can be a common vector for digital attacks, so it is important to educate clients and staff about the risks and precautions to take.
Tools like Hush can help individuals protect their online privacy and erase their digital footprint. Extortion, particularly sex extortion targeting teenagers, is a growing threat. Criminals impersonate young girls online and convince young boys to send explicit photos, which they then use to extort money.
Sim swapping, where criminals intercept two-factor authentication codes sent via text message, is increasing in prevalence. It is important to protect personal information and secure cell phone accounts.
Hush is a platform that helps individuals remove their personal data from the internet. It can be used to protect against identity theft and maintain online privacy.
Advisors can recommend Hush to their clients as an additional layer of security and peace of mind. It is particularly relevant for high net worth individuals and those going through liquidity events.
Resources Mentioned In This Episode:
Protecting Your Clients And Your Firm From Financial Fraud - Andrew Crowell of D.A. Davidson shared his perspective on protecting clients from financial fraud.
Wealth-X - Mykolas and Mike mentioned Wealth-X multiple times in this episode.
Chapters
00:00 Introduction
02:44 The Scale of a High Net Worth Client's Digital Footprint
04:36 The Creation of WealthX and the Development of Hush
08:22 Finding Information and Building Dossiers
11:14 The Need for Hush and Protecting Online Privacy
17:20 Cybersecurity and Awareness for Financial Advisors
21:55 Risks Posed by Family Members and Precautions to Take
25:03 Conclusion and the Importance of Online Privacy
26:03 The Growing Threat of Extortion and Sex Extortion
28:01 The Rise of Sim Swapping and the Importance of Cell Phone Security
31:20 Protecting Personal Information with Hush
45:19 Advisors and Hush: Enhancing Security for High Net Worth Individuals
Why Long-Term Care Insurance Should Likely Be A Part Of Every Client’s Financial Plan
Larry Nisenson, Chief Commercial Officer at Assured Allies and Mike Langford discusses the need for financial advisors to have conversations about long-term care insurance with their clients. As Mike emphasizes in the episode's intro, the probability of clients needing long-term care is high, and the cost of securing long-term care is also high. Larry and Mike cover statistics on the need for long-term care, the challenges of discussing it with clients, and the importance of planning for long-term care in financial advice.
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 Larry, shoot him an email.
Key Takeaways From This Episode
The probability that clients will need long-term care is high, and the cost of securing long-term care is also high.
Financial advisors often shy away from discussing long-term care insurance due to headline risk and negative perceptions of the product.
Having conversations about long-term care insurance is crucial for financial advisors to provide holistic financial advice and plan for potential long-term care needs.
Including long-term care planning in financial advice can help retain assets and build relationships with clients and their beneficiaries.
Financial advisors should document discussions about long-term care insurance to protect themselves from potential litigation. Long-term care is an important consideration in financial planning, and it is crucial to plan for the potential costs involved.
Aging in place is a desirable option for many individuals, but it requires modifications to homes and additional expenses.
Financial advisors can use projection tools and financial planning software to help clients prepare for long-term care expenses.
It is never too early to start discussing long-term care options, and advisors should consider the needs of family caregivers as well.
For child-free clients, long-term care insurance can still be a valuable asset to protect their legacy and ensure their desired level of care.
Resources Mentioned In This Episode:
"Is Your Home Ready to Age With You?" - Blog post on the Assured Allies with guidance on the steps your clients may need to take to ensure their house is ready to support their needs in the elder years.
Modern Financial Advisor Podcast episode featuring Jay Zigmont of Childfree Wealth.
goRIA with InvestmentNews - https://inpartners.investmentnews.com/goria/p/1
Zvi Bodie's website. He was my favorite professor at Boston University.
Agents.NeverStop.com - This is the site that Larry mentioned you should visit to learn more about Long-Term Care Insurance.
Chapters
00:00 Introduction: Unlocking Tied-Up Value
02:25 The Opportunity for Financial Advisors
04:21 Partnering with Financial Advisors
09:31 Understanding the Scale of Small Businesses
17:45 The Benefits of Organizing a Competitive Process
23:23 Having Conversations with Business Owner Clients
25:19 Maximizing the Outcome of Selling a Business
35:27 The Importance of Succession Planning
41:34 Building Trust as a Resource for Business Owners
How To Grow Your Financial Advisory Business By Helping Business Owners Sell Theirs
Tim Vorhoff, Vice President of CreoValo joins Mike Langford for an exploration of a growth strategy that many financial advisors are ignoring: helping private business owners sell their businesses to unlock their tied-up value. The conversation explores the opportunity for financial advisors to partner with investment banks to assist business owners in selling their companies. They discuss the scale of the opportunity, the average value of small businesses, and the importance of having conversations with business owner clients about their future plans for their businesses.
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 Tim, shoot him an email.
Key Takeaways From This Episode:
Many wealthy individuals in communities are private business owners with a significant portion of their net worth tied up in their businesses.
Financial advisors have the opportunity to partner with investment banks to help business owners sell their companies and unlock their tied-up value.
Having conversations with business owner clients about their future plans for their businesses is crucial for advisors to understand their clients' needs and provide relevant advice.
Organizing a competitive process to sell a company can result in better valuations and terms for business owners. Financial advisors can help business owners maximize the outcome of selling their businesses by providing education and guidance.
Building a strong network of professionals who can solve business owners' problems is crucial for advisors.
Succession planning and creating a transferable business are important for attracting potential buyers.
Advisors should focus on solving business owners' problems and building trust to establish themselves as a resource in the community.
Chapters
00:00 Introduction: Unlocking Tied-Up Value
02:25 The Opportunity for Financial Advisors
04:21 Partnering with Financial Advisors
09:31 Understanding the Scale of Small Businesses
17:45 The Benefits of Organizing a Competitive Process
23:23 Having Conversations with Business Owner Clients
25:19 Maximizing the Outcome of Selling a Business
35:27 The Importance of Succession Planning
41:34 Building Trust as a Resource for Business Owners
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:
Why Financial Advisors Should Teach Financial Literacy - Andrew's first appearance on the Modern Financial Advisor podcast.
Protecting Your Clients And Your Firm From Financial Fraud - Andrew's second episode of the Modern Financial Advisor podcast.
"Life's Key Moments" - This is the D.A. Davidson resource Andrew mentioned toward the end of the 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:
Chuck Failla on LinkedIn - https://www.linkedin.com/in/charlesfailla/
Sovereign Financial Group - https://www.sovereignadvisorsolutions.com/
goRIA with InvestmentNews - https://inpartners.investmentnews.com/goria/p/1
Modern Financial Advisor Podcast EP75 - When Chuck was just getting RIA Labs off the ground
Modern Financial Advisor Podcast EP108 - With Gauthier Vincent of Deloitte where we discuss end-to-end digital transformation of wealth management
Jeff Benjamin on LinkedIn - https://www.linkedin.com/in/jeff-benjamin-9427728/
AngelSpan - This is the solution Mike Langford mentioned that makes it easier for investors and private companies, like startups, to get structured financial reporting on their portfolio companies.
Beautiful AI - https://www.beautiful.ai/presentations
Saifr - An AI-powered compliance review solution launched by Fidelity Labs
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:
Jay Zigmont's Book - "The Childfree Guide to LIfe and Money"
The Fixed-Index Annuity with a Health-Activated Income Multiplier - This the annuity Jay mentioned during the show.
Long Term Care for Childfree Individuals - An article Jay wrote on the topic.
Fidelity Investments (FCAT) study on soloists - "A Family of One: The Ascendance of Solo Households"
Jay's guest article on Michael Kitces' blog - "Why Childfree People Require A Unique Financial Planning Process"
Rajini Kodialam - Mike mentioned how Rajini urged financial advisors to stop calling women a segment. "Any group that makes up over half of the population cannot be a segment."
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
Exploring The End-To-End Digital Transformation Of Wealth Management
Gauthier Vincent (GV), Senior Consulting Partner at Deloitte joins Mike Langford for an exploration of the digital transformation taking place in the wealth management industry. The conversation explores the impact of AI on wealth management, covering topics such as personalizing client experiences, efficiency, data infrastructure, compliance, and the modernization of core wealth platforms. It also delves into the challenges and considerations for wealth management firms in adopting AI and modernizing their tech stack.
Sponsored By:
PodBox - Help your guest sound as good at GV with a PodBox microphone setup.
If you would like to follow up with GV, shoot him an email.
Key Takeaways From This Episode:
The wealth management industry is undergoing an end-to-end digital transformation, impacting front, middle, and back office operations.
The urgency for modernization is driven by the need to deliver compelling digital experiences for clients and advisors, aligning with the evolving nature of advice.
AI has a significant impact on manufacturing better advice, learning faster, and knowledge, making it crucial for the wealth management industry.
The convergence of consumer finances with advice at the center has led to the democratization of holistic advice, requiring a comprehensive modernization of technology platforms.
Client sentiment and risk preference are key areas where AI can be leveraged to enhance the client-advisor relationship and improve service delivery. AI applications in wealth management include personalizing client experiences, improving efficiency, and modernizing core wealth platforms.
Regulators have a cautious view on AI in wealth management, leading to a focus on using AI in the middle and back office rather than the front office.
Wealth management firms need to carefully consider data governance, ownership, and integration when adopting AI and modernizing their tech stack.
Resources Mentioned In This Episode:
Deloitte Report - "The Digital Wealth Manager Of Today"
SkyView 1 - A fiduciary first banking solution for your financial advisory clients.
Nitrogen (formerly Riskalyze) - The comprehensive client engagement platform for wealth management firms
Chapters
00:00 The Digital Transformation in Wealth Management
11:49 The Urgency for Modernization and Impact of AI
27:17 The Impact of AI on Wealth Management
41:24 Challenges and Considerations in Adopting AI for Wealth Management Firms
49:52 Modernizing the Tech Stack in Wealth Management
How To Improve Your Financial Advisory Business One Week At A Time
Brian Margolis from Productivity Giant joins Mike Langford to discuss the importance of a simple weekly strategy for financial advisors to improve their productivity and achieve their goals. Brian emphasizes the need to focus on the right things and prioritize activities that provide the biggest return on investment.
If you would like to follow up with Brian Margolis, shoot him an email.
Key Takeaways From This Episode:
A simple weekly strategy can help financial advisors improve their productivity and achieve their goals.
Focusing on the right things and prioritizing activities that provide the biggest return on investment is crucial for success.
Effective messaging and choosing what to get better at can significantly improve an advisor's effectiveness.
Implementing a simple weekly strategy can lead to significant growth or a more streamlined business for a better work-life balance.
Resources Mentioned In This Episode:
Brian's previous episode of the Modern Financial Advisor Podcast way back in 2019.
Brian's Book - "The Index Card Business Plan For Sales Pros and Entrepreneurs"
Chapters
00:00 Introduction and Background
04:24 The Importance of a Simple Weekly Strategy
09:07 Focusing on the Right Things for Maximum ROI
28:57 Common Pain Points and Symptoms
31:20 Differentiating Between Being Good and Being Successful
39:05 Success Stories and Implementing the Simple Weekly Strategy
45:10 Conclusion
How Financial Advisors Can Use Proxy Voting As A Service To Level Up
Simon Zais, a senior manager at Egan-Jones Proxy Services, joins Mike Langford on the Modern Financial Advisor Podcast to discuss the importance of "proxy voting as a service" for financial advisors. They explore how proxy voting can help advisors deliver a higher level of service to their clients and align their portfolios with their clients' values and goals.
If you would like to follow up with Simon Zais, shoot him an email.
Key Takeaways From This Episode:
Proxy voting is an opportunity for financial advisors to deliver a higher level of service to their clients and align their portfolios with their clients' values and goals.
Proxy advisory firms provide guidance on voting and execute the voting process, making it easier for advisors to engage in proxy voting.
Proxy voting can have a significant impact on sustainable investing and shareholder activism, allowing investors to use their ownership stake to drive change in companies.
Having deeper conversations with clients about their worldview and investment stewardship can set advisors apart and add value to their practice.
The proportion of shares held by retail investors is growing, giving retail votes more weight in influencing company behavior. Proxy voting is no longer just for institutional shareholders; retail investors now have a voice in corporate governance.
Financial advisors should incorporate proxy voting into their conversations with clients to align investments with clients' values and goals.
Having meaningful conversations with clients about their values and goals can lead to stronger relationships and client satisfaction.
Advisors should take action based on these conversations and proactively engage with clients on proxy voting issues.
Resources Mentioned In This Episode:
Engine No. 1 vs Exxon - Simon mentioned this case as an example of proxy voting driving change at a company.
Simon's article titled "Hearts, Minds, and Votes: Where Smarter Wealth Managers Win"
Chapters
00:00 Introduction: Proxy Voting as a Service
06:03 Aligning Portfolios with Values and Goals
10:22 Proxy Voting and Making an Impact
23:04 The Growing Influence of Retail Votes
23:34 The Growing Influence of Retail Investors in Proxy Voting
26:01 Aligning Proxy Voting with Client Values and Goals
28:18 The Importance of Meaningful Conversations with Clients
31:38 Taking Action on Proxy Voting to Deepen Client Relationships
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:
Cross Country Race in EV Pickup Trucks - Out of Spec YouTube and Out of Spec Podcast
Book - Cradle to Cradle
DEI Episode of The Modern Financial Advisor Podcast with Laura Gregg
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:
Elementality Podcast - With Reese Harper and Carl Richards
Dentist Advisors - This is Reese's RIA which influenced his founding of Elements
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