Modern Financial Advisor

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.

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

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.

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

Katie Hendricks, 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.

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

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.

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

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.

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

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.

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

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.

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

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.

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

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.

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

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.

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