In this episode of the Modern Financial Advisor Podcast, host Mike Langford engages in a thought-provoking conversation with Steve Lockshin, founder of AdvicePeriod and Vanilla Technologies.

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