In this episode, Mike and Bob dig into why integrating banking into your practice is both an offensive and defensive strategy, what it really means to be a fiduciary when you’re only managing half of your client’s financial life, and how Fispoke is enabling advisors to offer $20.5 million in FDIC insurance and a 3.56% high-yield savings APY to their clients today.

They also unpack a stat that should stop every advisor cold: 81% of heirs switch advisors after inheriting wealth. Bob explains how building a banking relationship with the next generation is one of the most powerful retention tools in an advisor’s arsenal.

Chapters:

0:00 - Cold Open: Bob’s Warning to Advisors

0:30 - Episode Intro

2:00 - Welcome Bob Clare / The Journey from Terry’s Episode to Today

3:00 - Fispoke Elevator Pitch: The Turnkey Banking Platform for Advisors

6:00 - Offense & Defense: Banks Are Actively Cross-Selling Your Clients

13:30 - The Fiduciary Blind Spot: Managing One Side of the Balance Sheet Isn’t Enough

19:00 - Business Owner Clients and the Banking Opportunity

20:30 - $20.5 Million in FDIC Insurance: The Sleep-at-Night Conversation

25:30 - From Portfolio Manager to Capital Architect

28:30 - Advisor Financing: Own Your Destiny Without Selling to Private Equity

29:30 - The 81% Problem: Banking as a Next-Gen Retention Strategy

35:00 - Getting Started with Fispoke (No Platform Fees)

38:30 - Training & Getting Comfortable with Banking Conversations

43:00 - First Mover Advantage & Closing Thoughts

47:00 - Outro

This conversation explores the intersection of AI, leadership, and human connection in wealth management. Rich breaks down how to set boundaries that make clients feel more secure, why a 99% satisfaction score might indicate you're doing too much, and how to treat AI tools as collaborative colleagues rather than robotic servants. Plus, Rich unveils Quik!'s revolutionary new product, Formstream, which promises to transform the paperwork nightmare every advisor faces.

The 4 Pillars Framework:

• Pillar #1: Love Your Customer - Why this is non-negotiable and how to know when you don't
• Pillar #2: Be Your First Customer - Solving problems you actually experience
• Pillar #3: Be On Your Customer's Team - You're the guide, not the hero
• Pillar #4: Know and Enforce Your Boundaries - How limits create love and trust

Key Topics Covered:

• Only 30% of firms are actually using AI (you haven't missed the boat)
• How to think about AI as a colleague vs. a tool
• The collaborative approach to AI that produces better results
• Why solo advisors still need leadership skills
• Teaching clients how to communicate with you through boundaries
• The danger of 100% customer satisfaction scores
• Introducing Formstream: The "TurboTax approach" to forms
• How paperwork friction costs advisors months in onboarding time

Episode Timeline:

0:00 - Cold Open: Love Your Customer

0:52 - Episode Introduction

2:00 - Welcome Rich Walker to the Show

4:41 - The 4 Pillars of Client Experience Framework

5:00 - Pillar #1: You Have to Love Your Customer

6:00 - Being Interested in Your Clients

7:48 - Shutting Down a Profitable Business (Wife's Weight Loss Company)

9:00 - Pillar #2: Be Your First Customer

11:00 - Why Rich Quit Being a Financial Advisor

12:43 - Pillar #3: Be On Your Customer's Team

13:00 - Building a StoryBrand - You're the Guide, Not the Hero

14:00 - Financial Advisors Are Relationship-Based

15:00 - Helping Your Team See the Impact of Their Work

17:40 - Pillar #4: Know and Enforce Your Boundaries

18:00 - Alamo Drafthouse: Boundaries Create Great Experiences

20:00 - Children Feel Love When They Know the Boundaries

22:23 - Teaching Clients How to Communicate With You

24:00 - The 99% Customer Satisfaction Problem

26:00 - Not Making Enough Turnovers (Basketball Analogy)

27:00 - Sarah Vogelsanger's Phone Call Feedback

28:00 - Thomas Gold Solutions: We Answer the Phone

30:43 - AI and Client Experience in Wealth Management

32:33 - Only 30% of Companies Are Actually Using AI

34:00 - SunWest Credit Union's "Sunny" AI Story

35:00 - Does AI Enhance or Replace Your Client Experience?

36:00 - Excel and Claude: Mind-Bending Capabilities

38:43 - The Two Aspects of AI: Tool Set vs. Personal Dialogue

40:00 - Think of AI Like a Human Colleague

41:00 - The M-Dash Story: Asking AI "Why?"

42:00 - Training Employees vs. Training AI

44:00 - Stop Prompting, Start Collaborating with AI

45:00 - Let AI Write Its Own Prompts

46:00 - Surfing the Trend vs. Fighting the Tide

47:00 - Video Calls Have Become Universal

48:00 - Rich's Mom Uses ChatGPT for Journaling on Walks

49:00 - What Does Quik! Actually Do?

50:00 - Introducing Formstream: Dynamically Creating Software from Forms

51:00 - The "TurboTax Approach" to Forms

52:00 - Paperwork Friction Causes 2-Month Delays

53:00 - Where to Find Rich Walker and Connect

54:00 - Episode Outro and Final Thoughts

Matt Halloran, Chief Evangelist at Zocks, joins Mike Langford to share a powerful paradox that's transforming financial advisory: the technology that was supposed to replace human connection is actually deepening it.

In this episode, you'll discover:

• How one advisor nearly missed his client's spouse mentioning a serious health issue—but his AI notetaker caught it
• Why the "tyranny of minutiae" is keeping advisors from spending quality time with clients (and how to break free)
• The surprising stat: advisors only spend 20% of their time with clients—and how to reclaim 10+ hours per week
• Why having "no baggage" makes AI the perfect listener in client meetings
• How 2 million meetings worth of machine learning is making every advisor better at their job
• The simple follow-up email strategy that's helping advisors close more business against competitors
• Why adoption rates for AI tools are skyrocketing from 10% to 90% in just 18 months
• How to attract young talent and drive organic growth in the AI era

Matt also shares a powerful Navy story about "trusting the wind at your back"—a metaphor that shaped his entire career and led him from co-founding ProudMouth (the largest podcasting company in financial services) to his new role evangelizing AI solutions.

Whether you're skeptical about AI or already experimenting with it, this conversation will shift how you think about technology's role in building deeper, more authentic client relationships.

Guest: Matt Halloran, Chief Evangelist at Zocks Learn more: https://www.zocks.io/mattgpt

In this episode of the Modern Financial Advisor Podcast, host Mike Langford sits down with Alan Moore, CEO of XY Planning Network (XYPN) and AdvicePay, for an insightful discussion at the XYPN Live conference in Austin, Texas.

They explore topics such as the challenges of organic growth in the financial advising industry, the rise of fee-for-service models, and the different phases of building a successful advisory business. Alan shares his journey from starting his own firm to managing two large companies, emphasizing the importance of finding the right business model and staying transparent with clients. Tune in to learn valuable insights from one of the industry's most inspiring leaders.

Don't forget to subscribe on Apple Podcasts, Spotify, Google Play, Amazon, or your favorite podcast platform!

Chapters:

00:00 Understanding Market Saturation in Financial Advisory

01:08 Introduction to the Modern Financial Advisor Podcast

02:56 Welcoming Alan Moore to the Show

05:14 The Origin Story of XYPN

08:36 Challenges and Growth in Entrepreneurship

15:13 Phases of Business Development

20:35 Reflecting on Rapid Growth and Challenges

21:43 The Shift to Fee-for-Service Models

22:33 Exploring the AUM Model and Market Saturation

29:30 The Origin and Growth of AdvicePay

31:56 Balancing Multiple Ventures as an Entrepreneur

33:32 Building Influence and Creating Gravity

37:09 Conclusion and Final Thoughts

In this episode of the Modern Financial Advisor Podcast, host Mike Langford sits down with Michael Kitces during the XYPN Live conference in Austin, Texas. They discuss the importance of knowing your target market, focusing on strategic planning, and the concept of 'gravity' in marketing. Michael shares insights into creating a successful, scalable financial advisory business, moving away from time-based marketing activities, and the benefits of a clear, targeted market segment.

The conversation also touches on the innovative structure and support offered by XY Planning Network to independent advisors. Michael's expertise offers transformative advice for financial advisors looking to grow and sustain their practices efficiently.

Chapters:

00:00 Understanding the Importance of Target Audience

01:14 Introduction to the Modern Financial Advisor Podcast

03:09 Welcoming Michael Kitces

04:46 The Concept of Creating Gravity in Wealth Management

06:43 Challenges in Scaling a Financial Advisory Business

13:15 Strategic Planning and Marketing for Advisors

19:17 The Flaws of Time-Based Marketing

20:12 Scaling Your Business with Brand Building

20:59 Challenges in Organic Growth

21:44 Reinventing Business with XYPN

23:21 Building Your Own Firm with XYPN

24:39 Support and Compliance Services

25:23 Tech Stack and Community Support

29:05 Flexible Business Models and Membership

31:34 The Importance of Niche Marketing

34:53 Conclusion and Upcoming Episodes

David shares his insights on the industry's archaic practices, the importance of operational efficiency, and the role of AI in future-proofing financial services. With over 400,000 users on their platform, Docupace is leading the charge in transforming back-office operations for financial advisors. Tune in to learn about Docupace's vision for intelligent automation, their strategic acquisitions, and how they are addressing the $50 billion problem of inefficiency in financial advisory firms.

Chapters:

00:00 The Archaic State of the Financial Industry

01:18 Introduction to the Modern Financial Advisor Podcast

02:44 Welcoming David Knoch: CEO of Docupace

03:54 The Evolution of Financial Advisory Operations

07:09 Docupace's Vision for the Future

10:41 The Role of Technology in Financial Services

14:19 The Human Element in Financial Planning

21:08 The Importance of Operational Excellence

25:56 Docupace's Growth and Acquisitions

27:03 Convergence of Leadership Perspectives

27:26 Acquisition Strategies and Integration

29:09 Docupace's Collaborative Culture

31:46 Balancing Independence and Integration

35:07 Build vs. Buy Decision-Making

42:42 The Role of AI in Financial Advisory

46:58 Future Vision and AI Implementation

56:14 Conclusion and Final Thoughts

In this episode of the Modern Financial Advisor Podcast, host Mike Langford sits down with Louis Retief, co-founder of Hubly, for an in-depth conversation about his entrepreneurial journey in the wealth tech industry.

Louis shares his experience of founding Hubly right out of college, the challenges and opportunities he encountered, and what it's like to have his company acquired by Docupace. They discuss the importance of efficiency and workflows for advisory firms, the role of operations managers in decision-making, and the ongoing consolidation in the wealth management tech space.

Louis also provides insights into how Hubly and PreciseFP are working together post-acquisition and the long-term vision for integrated solutions in financial advisory firms. This episode is a must-watch for anyone interested in fintech, wealth management, and entrepreneurship. Don't miss it!

Chapters:

00:00 Introduction to Hubly and Efficient Advisory Firms

00:52 Welcome to the Modern Financial Advisor Podcast

02:12 Louis Retief's Journey and Hubly's Origin

03:12 The Importance of Workflow Automation

17:13 Challenges and Solutions in Financial Advisory Firms

27:20 Understanding the Financial Advisory Market

33:27 Building for the Back Office

34:43 Lessons from Social Wear

36:38 Hubly's Strategic Pivot

37:43 Acquisition by Docupace

39:15 Research and Decision Making

47:00 Post-Acquisition Integration

49:17 Future Vision and Product Development

53:27 Entrepreneurial Insights and Challenges

56:12 Importance of Long-Term Thinking

58:37 Due Diligence in Tech Partnerships

01:02:12 Final Thoughts and Farewell

Steve shares insights on the shortcomings of the traditional AUM model, the rise of AI in financial advising, and the potential of technology to revolutionize the industry. They discuss estate planning, the importance of serving high net worth clients, and practical applications of AI and tokenization. Steve also opens up about his personal life, including his passion for wake surfing as a morning routine.

Join us for a deep dive into the future of financial advising and what advisors should do to stay ahead.

Chapters:

00:00 Introduction and Personal Anecdote

01:20 Welcome to the Modern Financial Advisor Podcast

01:25 Guest Introduction: Steve Lockshin

03:00 Morning Routine: Wake Surfing

06:47 The Importance of Estate Planning

13:46 Vanilla: Revolutionizing Estate Planning

20:06 Challenges in the Financial Advisory Industry

26:58 The AUM Model: Pros and Cons

32:42 The Importance of Fee Negotiation

33:25 Client Scenarios and Advisor Conflicts

34:44 Structuring Advisory Fees

35:26 Fee Calculators and Transparency

36:46 Client Shopping Behavior

40:46 AI and Tokenization in Wealth Management

48:33 The Future of Financial Advisory

50:20 Advisors Adapting to Technological Changes

58:03 Final Thoughts and Advice for Advisors

In this episode of the Modern Financial Advisor podcast, host Mike Langford is joined by Ian Karnell, who introduces his new company, VastAdvisor, and discusses how it aims to radically transform organic growth for financial advisors and wealth management enterprises. Ian delves into the power of AI in generating predictable, scalable lead generation systems and improving compliance for digital marketing. The episode covers the current state of digital marketing for financial advisors, the challenges, and the groundbreaking solutions VastAdvisor offers. Tune in to discover how AI can drive hyper-growth in the financial industry and make lead generation more efficient and effective.

Chapters:

00:00 Introduction to AUM Growth Strategies

00:54 Welcome to the Modern Financial Advisor Podcast

01:00 Introducing VastAdvisor and Its Promises

01:59 Subscribe and Connect with Us

02:29 Conversation with Ian Karnell Begins

03:59 The Evolution of Digital Marketing for Financial Advisors

06:56 Challenges and Opportunities in Lead Generation

14:02 The Role of AI in Modern Marketing

18:51 The Vision Behind VastAdvisor

27:26 How VastAdvisor Enterprise Works

30:51 Building Custom Audiences

31:14 Audience Targeting and Ad Builder

32:44 AI-Powered Compliance

33:57 IQ Dashboards and Reporting

35:01 Firm Growth Insights

35:36 Agentic Framework and Autopilot Mode

36:14 Challenges in Financial Marketing

40:10 Optimizing Ad Spend and Lead Generation

44:00 AI's Role in Advisor Growth

51:37 Next Generation Advisors and Clients

56:29 Conclusion and Final Thoughts

They also explore:

• Why most advisors are stuck in a comfort zone that limits growth
• The “organ rejection” risk for new CEOs and how Kyle overcame it
• How AI is both exciting and anxiety-inducing for advisors
• Why great advisors are part portfolio strategist, part therapist

Whether you’re an advisor looking to sharpen your edge or a wealth management exec planning for scalable growth, this conversation delivers actionable perspective on what it takes to thrive in the modern RIA landscape.

Chapters:

00:00 Introduction and Episode Overview

01:19 Guest Introduction: Kyle Zasky

01:52 The Human Element in Financial Advice

03:27 Kyle's Journey to CEO of VRGL

08:20 Building Trust and Rapport

14:15 VRGL's Role in Client Acquisition

24:53 The Psychology of Financial Advising

30:55 Psychology of Financial Advisors

31:56 Addressing the Shortage of Financial Advisors

32:38 Reaching Younger Demographics

33:06 Expanding Financial Services Downstream

36:07 The Role of AI in Financial Advisory

38:50 The Importance of Human Touch in Financial Advisory

40:55 Building a Sustainable Financial Advisory Career

50:02 Navigating the FinTech Landscape

55:24 Future of Financial Advisory

01:00:10 Conclusion and Final Thoughts

Dan offers fresh perspectives from his software and tech background, sharing insights on reducing advisor friction, leveraging AI for better client meetings, and the necessity of adapting sales motions for younger generations.

Key Themes:

• The strategy behind Riskalyze’s rebrand to Nitrogen
• Using Net Promoter Score (NPS) to measure advisor success
• Why risk tolerance is more than just age-based assumptions
• How AI and agentic workflows are transforming client meetings
• Rethinking referrals, sales motion, and digital trust building

Don’t miss this engaging conversation on how modern advisors can deliver clarity, confidence, and scalable growth in an ever-evolving landscape.

Chapters:

00:00 Understanding Modern Sales Motion

00:43 Introduction to the Podcast

02:14 Conversation with Dan Zitting Begins

03:13 Rebranding from Riskalyze to Nitrogen

06:10 Challenges and Opportunities in Wealth Management

15:48 The Importance of Digital Presence

22:32 Adapting to Changing Client Behaviors

30:53 Injecting Value into Client Conversations

31:47 Understanding Client Risk and Confidence

33:14 The Importance of Advisor-Client Relationships

36:11 Engaging the Next Generation of Clients

38:59 Realistic Risk Communication

48:35 AI and the Future of Financial Advising

53:56 Conclusion and Final Thoughts

From translating complex data into plain-English narratives to helping advisors deliver family-office-level service at scale, Pebble is redefining what it means to be truly client-centric. If you’ve been eye-rolling at yet another “AI-powered” solution, this one will make you rethink everything.

Key themes:

• Why most portfolio reports fall flat—and how Pebble brings them to life
• How AI can bridge the ignorance gap and strengthen client trust
• Why the future of wealth management will be won at the retail level
• The overlooked power of dynamic, advisor-branded newsletters
• How Pebble helps scale personalized conversations—without compliance headaches

Whether you’re a financial advisor, wealth exec, or fintech innovator, this conversation is packed with practical insights and big-picture thinking you won’t want to miss.

Chapters:

00:00 Introduction and Episode Overview

01:22 Guest Introduction: Justin Whitehead

01:50 The Evolution of Video Conferencing

03:29 AI in Financial Advisory: Pebble Finance

03:52 The Pandemic's Impact on Retail Investing

05:27 Justin's Personal Investment Story

11:25 Challenges in Financial Advisory

12:43 The Role of Technology in Financial Advisory

23:24 Understanding Pebble's Approach

31:30 Exploring Dynamic Newsletters for Advisors

33:29 AI in Financial Advisory: Compliance and Innovation

34:37 Ensuring Data Privacy and Compliance

39:52 Challenges and Strategies for Technology Adoption

52:38 The Future of Wealth Management

01:01:56 Closing Thoughts and Farewell

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.

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

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.

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

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.

Chapters:

00:00 Understanding Economic Perceptions

00:45 Introduction to the Podcast

02:12 Guest Introduction: Felipe Toews

03:54 Behavioral Finance 101

07:47 Challenges in Market Timing

14:40 The Importance of Proactive Communication

21:20 Historical Market Analysis

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

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.

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

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.

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

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?”

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

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!

Sponsored By:

PodBox - Help your guest sound their best on your podcast, webinar, or important Zoom call with a PodBox microphone setup.

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

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.

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

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.

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

Finding a health care plan that they can afford and that works within the framework of their overall life goals.

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 Unlocking Freedom: Transitioning Clients to Retirement

46:43 The Future of Healthcare: Insights on the Affordable Care Act

PodBox - Help your guest sound their best on your podcast, webinar, or important Zoom call with a PodBox microphone setup.

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

PodBox - Help your guest sound their best on your podcast, webinar, or important Zoom call with a PodBox microphone setup.

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

PodBox - Help your guest sound their best on your podcast, webinar, or important Zoom call with a PodBox microphone setup.

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

PodBox - Help your guest sound their best on your podcast, webinar, or important Zoom call with a PodBox microphone setup.

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

Sponsored By:

PodBox - Help your guest sound their best on your podcast, webinar, or important Zoom call with a PodBox microphone setup.

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

Sponsored By:

PodBox - Help your guest sound their best on your podcast, webinar, or important Zoom call with a PodBox microphone setup.

Resources Mentioned In This Episode:

• How Financial Advisors Can Help Protect the Privacy, Security, and Reputation of Their Wealthy Clients - Mykolas Rambus of Hush
• 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

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.

Resources Mentioned In This Episode:

• 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 DAFI 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

Sponsored By:

PodBox - Help your guest sound their best on your podcast, webinar, or important Zoom call with a PodBox microphone setup.

Related To 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

Sponsored By:

PodBox - Help your guest sound their best on your podcast, webinar, or important Zoom call with a PodBox microphone setup.

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 The Need for Long-Term Care Insurance

03:45 The High Probability and Cost of Long-Term Care

09:22 Challenges of Discussing Long-Term Care with Clients

12:14 Including Long-Term Care Planning in Financial Advice

20:37 Building Relationships through Long-Term Care Conversations

26:06 Protecting Advisors from Potential Litigation

31:22 Planning for Long-Term Care

32:18 Aging in Place

40:29 Financial Tools for Long-Term Care Planning

49:00 Starting Early: Discussing Long-Term Care Options

52:25 Long-Term Care for Child-Free Clients

Sponsored By:

PodBox - Help your guest sound their best on your podcast, webinar, or important Zoom call with a PodBox microphone setup.

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

Sponsored By:

PodBox - Help your guest sound their best on your podcast, webinar, or important Zoom call with a PodBox microphone setup.

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

Sponsored By:

PodBox - Help your guest sound their best on your podcast, webinar, or important Zoom call with a PodBox microphone setup.

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 - https://pod.co/modern-financial-advisor/episode-75-how-to-host-a-successful-online-event-as-a-financial-advisor
• Modern Financial Advisor Podcast EP108 - With Gauthier Vincent of Deloitte where we discuss end-to-end digital transformation of wealth management - https://www.finservmarketing.com/modern-financial-advisor-podcast/exploring-the-end-to-end-digital-transformation-of-wealth-management
• Jeff Benjamin on LinkedIn - https://www.linkedin.com/in/jeff-benjamin-9427728/
• AngelSpan - https://angelspan.com/
• Beautiful AI - https://www.beautiful.ai/presentations
• Saifr - https://saifr.ai/

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

Sponsored By:

PodBox - Help your guest sound their best on your podcast, webinar, or important Zoom call with a PodBox microphone setup.

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

Sponsored By:

PodBox - Help your guest sound as good at GV with a PodBox microphone setup.

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

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

Resources Mentioned In This Episode:

• MFA Episode featuring Pete Krull of Earthy Equity Advisors
• 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

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.

Resources Mentioned In This Episode:

• Earth Equity Advisors
• Pete Krull on LinkedIn
• Cross Country Race in EV Pickup Trucks - Out of Spec YouTube and Out of Spec Podcast
• Green Sage Sustainability Portfolio
• Morgan Stanley Sustainable Signals Report
• Dollars and Change Podcast and YouTube Channel
• 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

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.

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

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.

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

Resources Mentioned In This Episode:

• Bridging The Gap Podcast - Tom joined Matt Reiner on this podcast recently and we hit on one of the points from that episode to tip off our conversation.
• Data from PriceMetrix by McKinsey - Mike mentioned the study and an MFA Podcast episode with Kieran Bol.
• The Augmented Advisor Podcast - James Lee, the former President of the FPA discussed his conviction that "Financial Planner" is the 4th Great Profession.
• Fidelity Investments 2023 RIA Benchmarking Study
• SkyView Partners - Their focus on organic growth as a key driver for business valuation.

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.

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.

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."

Resources Mentioned In This Episode:

• Americans Are Not Adequately Prepared To Detect Or Prevent Financial Fraud - Scroll down about 3/4 of the way down on this page to see the results of the fraud study.
• Fraud Prevention: A Guide for Senior Investors - This is a helpful guide created by the team at D.A. Davidson
• Willy Sutton Rule - https://www.investopedia.com/terms/w/willie-sutton-rule.asp

Dr. Jean also shares some personal stories about her journey. She credits investing in herself early, even before her business was achieving real traction, as key lever for her success.

Resources Mentioned In This Episode:

• Caveman Brain - Dr. Jean's company specializes in helping financial advisors get better results in their business development.
• 6 Killer Questions - As Dr. Jean mentioned, this free resource outlines the key questions to ask a "potential client" through your funnel.
• EOS (The Entrepreneurial Operating System) - A framework for clarifying, simplifying, and achieving your vision.
• "Change Your Question, Change Your Life" by Marilee Adams - Dr. Jean recommended this book as a fantastic tool to learn how to ask better questions.

It could be important client updates or opportunities that lead to business growth.

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.

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:

• Advice Engagement Strategies: 4 Core Areas To Motivate Clients To Be More Active In The Financial Planning Process - This is a comprehensive blog post written by Michael Lecours and offers some great insight to the thought processes driving the fpPathfinder solution.
• Roger Pine and his company Holistiplan were mentioned a few times on this episode. Below are links to two podcasts featuring Roger:
• How to Increase Post-Acquisition Business Value by Adding Tax Planning Services on The Advisor Financial Forum Podcast by SkyView Partners
• Roger Pine of Holistiplan on Speeding Up the Tax Planning Process for Financial Advisors on The SoFin Podcast.

The concept is simple, write a short book that articulates the solution to a specific problem your ideal client is likely to have. Send the book to prospects. Ask them to read it prior to meeting with you. Then, have a productive initial meeting that is likely to result in closing a new client.

Mark also shares some interesting insights on what successful firms are doing to help their younger financial advisors develop their presence with HNW clients.

Kevin and his team at Broadridge recently released their 4th annual report on advisor marketing trends and there is a ton of fascinating insights for us to cover... whether you are looking to aggressively grow your business or you want to continue to run it as a thriving lifestyle business.. this is a great episode for you.

The team at Elevate is rolling out a new Tax Prep As A Services solution for the clients of independent financial advisors and RIAs. As Mike Langford explains, these value-add services are expanding the possibilities for client relationships and open the door for increased share of wallet.

Of particular interest is the adoption of outsourced solutions by independent financial advisors and RIAs and how outsourcing is helping to drive scalability.

On this episode, David shares some simple tips that RIAs and independent financial advisors can use to boost their firm's cybersecurity to better protect their clients and their business. David and Mike Langford also share a few other suggestions for upping your tech stack on a budget.

BTW: Much of this conversation is also relevant and helpful for RIAs and independent financial advisors who are considering their own transition.

In this episode of The Modern Financial Advisor podcast, Owen Dahl, Head of Professional Services at Truelytics and the original architect of the company's software, shares his insights and vision for how consultants and practice management professionals can best serve advisors by leveraging the Truelytics platform.

Dan Stickel of EstateExec joins Mike Langford to share how their solution can help advisors ensure their clients are ready when the time comes to manage a loved one's estate.

The conversation is moderated by Mike Langford.

In this episode of the Modern Financial Advisor podcast, Mike Langford is joined by recruiting expert Matthew Bassuk to explore the history of recruiting in the wealth management industry and look at where things are headed.

In this episode of the Modern Financial Advisor podcast, Mike Langford explains why now is the best time to start targeting the 99% and he shares a few strategies for how to find clients.

Shanna also shares how she is leveraging Truelytics to facilitate the acquisition of another advisor's practice.

Also, we are going to be changing the name of the Valuations Podcast to something a little broader in meaning. If you have suggestions, please send them to mike@truelytics.com

On the show this week, Mike Langford is joined by Jeff Concepcion of Stratos Wealth Partners. Jeff shares his insights into what limits many individual financial advisors and insurance agents as they try to grow their practices into larger businesses.

The conversation starts with martial arts and flipping burgers and ends with a discussion about Mike doing karaoke on Jeff's podcast.

Your competitors are constantly looking to remove friction and make it easier to do business with them. They are also exploring ways to make it easier for their advisors and agents to be productive. In this episode, Mike will shares some ideas of how you can make your business easier to work with... for everyone.